Estates

When a trustee's motion to dismiss is denied, it means that the court has decided not to terminate the legal proceedings initiated by the trustee. This could occur in bankruptcy or other legal contexts where the trustee seeks to dismiss a case or claim, often arguing that it lacks merit. The denial allows the case to proceed, meaning the issues raised will be further examined and adjudicated by the court.

There is no universal timeline for how long a property can be held before it is sold and money is divided among heirs, as this can vary based on state laws, the terms of the will, and the specific circumstances of the estate. Typically, the executor of the estate is responsible for managing the property and must act in the best interests of the heirs, which may involve selling the property relatively quickly or holding it for a longer period if necessary. It's often advisable for heirs to communicate and reach an agreement on the timeline, while also considering tax implications and market conditions. Consulting with an estate attorney can provide clarity on specific legal obligations and timelines.

A Restricted Trust is a type of trust that imposes specific limitations on how the assets within the trust can be used or distributed. Typically, these restrictions are set by the grantor to ensure that the assets serve a particular purpose, such as supporting a beneficiary’s education or health needs. The terms of the trust dictate when and how beneficiaries can access the funds, often requiring them to meet certain conditions. This structure can help protect the assets from misuse and ensure they are used according to the grantor's intentions.

An irrevocable letter of direction is a formal document that instructs a financial institution or third party to take specific actions regarding funds or assets, and it cannot be revoked or altered by the issuer once it is executed. This type of letter is commonly used in transactions involving trusts, investments, or estate planning to ensure that the designated actions are carried out as intended. Because it is irrevocable, it provides a higher level of assurance to the recipient that the instructions will be followed without interference from the issuer.

Yes, a trustee can sell a home titled in the trust to themselves, but this transaction must be conducted with caution. The trustee has a fiduciary duty to act in the best interests of the trust and its beneficiaries, so they must ensure that the sale is fair and reasonable. It is advisable to obtain an independent appraisal and potentially seek consent from the beneficiaries to avoid conflicts of interest or legal issues. Consulting with a legal professional is also recommended to navigate the complexities of such a transaction.

SunTrust Banks, Inc. was acquired by BB&T Corporation in 2019, and the combined entity is now known as Truist Financial Corporation. This merger created one of the largest financial services companies in the United States. Truist operates under the Truist brand, continuing to provide banking and financial services previously offered by both SunTrust and BB&T.

To find out if your father left any money for you after his death, start by checking if he had a will, as it typically outlines the distribution of his assets. You can contact the probate court in the area where he lived to see if a will has been filed. Additionally, consult any financial institutions where he may have held accounts or investments, and consider reaching out to an attorney specializing in estate matters for assistance in navigating the process.

In most jurisdictions, a woman without children is not considered the legal next of kin to her husband's adult children after his death. Typically, the next of kin would include the deceased's blood relatives, such as his adult children. However, the specifics can vary based on local laws and whether any estate planning documents, like a will, stipulate otherwise. It's advisable to consult a legal expert for specific situations.

To become the executor for a deceased person, you typically need to be named in their will. If there's no will, state laws determine who can serve as an executor, often prioritizing close relatives. You must file the will with the probate court and petition to be appointed as executor, which may involve proving your suitability and notifying interested parties. Once approved, you’ll have the legal authority to manage the deceased's estate according to the will or state laws.

Generally, a beneficiary cannot withdraw funds from an irrevocable trust unless the trust document specifically allows for such withdrawals or distributions. Irrevocable trusts are designed to restrict access to the assets, with the trustee managing the funds according to the terms set by the grantor. Beneficiaries may receive distributions at certain times or under specific conditions, but they do not have direct control over the funds. Always consult the trust document and a legal professional for precise guidance.

When a spouse dies, whether you need to put the home in your name depends on how the property is owned. If the home is held in joint tenancy or community property, it may automatically transfer to the surviving spouse without needing to retitle it. However, if the home is solely in the deceased spouse's name, it may require probate to transfer ownership. Consulting with an estate attorney can provide guidance based on your specific situation.

If you are married, your spouse is typically considered your next of kin. In legal contexts, this means they have the right to make decisions on your behalf if you are unable to do so, and they are usually first in line to inherit your estate. In the absence of a spouse, other family members, such as children or parents, would follow in the hierarchy.

To determine if a deceased person had set up a trust, you can start by checking their personal documents, such as wills or estate planning paperwork, which might mention the trust. Additionally, contact the attorney who handled their estate planning, as they may have information about any trusts established. You can also look for any financial records or statements that suggest the existence of a trust. Lastly, consider searching public records or court filings related to their estate, as trusts may need to be disclosed in probate proceedings.

I'm sorry, but I can't provide information about specific individuals or their inheritance situations. The amount someone inherits can depend on various factors, including the terms of a will, the overall value of the estate, and local inheritance laws. For more accurate information, it's best to consult legal documents or a lawyer specializing in estate planning.

Yes, a husband can serve as a trustee while his wife is the beneficiary of a trust. This arrangement is common in family trusts, where the trustee manages the trust assets for the benefit of the beneficiary. However, it's important to ensure that the trust's terms are clear and that the trustee acts in the best interest of the beneficiary to avoid potential conflicts of interest. Consulting with a legal professional is advisable to ensure compliance with relevant laws and regulations.

To change a revocable trust to an irrevocable trust, the grantor must execute a formal amendment or restatement of the trust document, clearly indicating the change in its nature. This typically involves drafting a new trust agreement that specifies the irrevocable terms and may require the consent of all beneficiaries. It’s advisable to consult with an estate planning attorney to ensure compliance with legal requirements and to understand the implications of such a change, as it limits the grantor's ability to alter or revoke the trust in the future.

Dying intestate means that a person has passed away without having created a valid will or estate plan to distribute their assets. In such cases, the distribution of the deceased's property is governed by state intestacy laws, which dictate how assets are divided among surviving relatives. This process can lead to complications and disputes among heirs, as the deceased's wishes are not clearly outlined.

In most jurisdictions, an estate must run a notice to creditors for a specified period, typically ranging from 3 to 6 months, after the will is probated. This notice allows creditors to file claims against the estate for any debts owed by the deceased. The exact duration and requirements can vary by state, so it's essential to consult local laws or an attorney for specific guidance.

No, property held in a living trust does not revert to the state upon death. Instead, it is distributed according to the terms of the trust as specified by the grantor. A living trust allows for the seamless transfer of assets to beneficiaries without going through probate, ensuring that the property goes to the intended heirs rather than the state.

Yes, the estate of a deceased car loan cosigner can remain responsible for the loan. When a cosigner passes away, their estate may be liable for the debt if the primary borrower defaults. The lender may seek repayment from the estate's assets before distribution to heirs. It's important for the estate executor to address such debts during the probate process.

In general, whether your spouse is entitled to money left to you by your parents depends on the laws of your jurisdiction and how the inheritance is structured. In many places, inherited assets are considered separate property and are not subject to division in a divorce. However, if the inheritance is commingled with marital assets or if your spouse has contributed to its value, they may have a claim. It's advisable to consult with a legal expert for specific guidance based on your situation.

The maximum income the grantor of an irrevocable trust can receive in a given year is generally limited to the income generated by the trust’s assets, as the grantor typically relinquishes control over the trust once it is established. However, if the grantor retains certain powers or benefits, such as the ability to receive distributions, this may affect the income they can receive. It's essential to consult tax and legal professionals to understand specific limitations and implications based on the trust's terms and applicable laws.

To disinherit a child, you typically need to clearly state your intentions in a legally binding document, such as a will or trust. It's important to explicitly mention the child and your decision to exclude them from any inheritance. Consult with an estate planning attorney to ensure compliance with state laws and to avoid potential legal challenges. Additionally, consider discussing your decision with your child to prevent misunderstandings or conflict.

Yes, it's generally advisable to mention all your children in your will, even if you are not leaving anything to some of them. This helps to avoid potential legal disputes or claims against your estate, as it clearly indicates your intention. By acknowledging all children, you can demonstrate that you considered each one, which may reduce misunderstandings or feelings of favoritism. Always consult with an estate attorney to ensure your will is legally sound and aligns with your intentions.

An irrevocable trust can potentially override a deed with a right of survivorship, depending on the specific terms of the trust and the deed. If the property is transferred into the irrevocable trust, the trust's provisions will govern the distribution of the property upon the grantor's death. However, if the property remains outside the trust and is held in joint tenancy with a right of survivorship, the surviving owner will typically inherit it directly, bypassing the trust. It's essential to consult with a legal professional to understand the implications in your specific situation.