Legal Question in Wills and Trusts in Maine
prize money
you have a choice of taking annual payments or cash all at once. my guestion is if I take annual payments and die what happens to the rest of the prize money i was to receive
Asked on 4/09/07, 2:21 pm
1 Answer from Attorneys
Jerome Gamache
Ainsworth Thelin & Raftice, P.A.
Re: prize money
It is unclear what prize you are referring to; all programs have their own rules, but the answer would be driven by the agreement contract that is signed detailing your decision for payout. It is not uncommon for the agreement to require that a beneficiary be named to receive the remaining payments, just as one would when setting up an IRA or life insurance.
Answered on 4/09/07, 2:34 pm
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