Wipe out clause in CCF

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How to wipe out clause in CCF

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- The settlement contingency is just, itamp;#39;s very straightforward. Itamp;#39;s used if the buyeramp;#39;s already marketed his or her property, theyamp;#39;ve already accepted a contract, they have a contact in hand, they had a settlement date on the calendar. Now just because the property isnamp;#39;t truly sold until the settlement date, you know, when everybody signs on the dotted line and everybody exchanges money, that doesnamp;#39;t mean that this is a bullet proof contract. Things still happen. Just because a home is under contract doesnamp;#39;t mean itamp;#39;s guaranteed to close. Having said that, if Iamp;#39;m trying to buy another house and my current home is on the market and itamp;#39;s under contract, and I make somebody an offer and I say yes, I do need to sell my house first in order to afford to purchase your home, but Iamp;#39;m not gonna be put in a position where you have the ability to market my property and as Iamp;#39;m working through the proc

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What is the Armageddon clause in a will?

A final clause that many estate planners recommend is known as the Armageddon or Titanic clause. Also known as an all dead clause, this provision essentially functions as a catch-all in the unlikely but possible event that all of your primary and contingent beneficiaries die before receiving your assets.

What is an example of a disaster clause?

Examples of Common Disaster Clauses in Wills Specifying Survivor: In the will of John and Mary Smith, a common disaster clause stated that if both died in a common disaster, Mary would be considered to have survived John.

What is the doomsday clause in a will?

One such provision is the doomsday or catastrophe clause. This provision addresses the rare, unlikely event that none of your named beneficiaries, or their eligible heirs, survives you.

What is the common tragedy clause?

A Common Tragedy Clause sets out what would happen to a persons estate should the beneficiaries die either before the benefactor or at the same time as the benefactor.

What is a total failure clause?

A common disaster clause, or total failure clause, is an important fail-stop used in the will to address this very unlikely scenario. Typically, charities or other alternate beneficiaries are named in a total failure clause to ensure that the bequests do not fail for lack of a beneficiary.

What is a total failure?

the fact of someone or something not succeeding: complete failure The meeting was a complete/total failure.

What is the disaster clause in a trust?

A disaster clause in a Will is simply a clause which provides who will get your estate if all of the named beneficiaries in your Will do not survive you.

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