Kiritsis & Associates
By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Generally, it refers to the party (ies) entitled to receive a benefit from a trust. It should be noted, that a contingent beneficiary has conditions attached to this right, and often it involves that someone dies prior to the contingent beneficiary. Also, there are certain restrictions on the beneficiary which may be prohibited either by statute and/or by public policy. It’s important to note that the beneficiary could be an individual or a group of individuals. The person who created the trust (often referred) to as the grantor or trust creator will designate the beneficiaries, as well as appoint a trustee to manage the trust property on behalf of the beneficiaries as specified in the trust agreement. The rights of a beneficiary are mostly a matter of state law. The irrevocable trust, would usually file its own tax returns (this is usually one of the main jobs of the trustee). If a beneficiary is suspecting that a trustee may be in breach of his fiduciary duties, then he may be able to bring a legal action; however, depending on the jurisdiction, the action may be subject to being barred based on a statute of limitation.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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