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In bankruptcy, it means any property that belonged to the bankruptcy estate is yours again. Usually because your case ended, was dismissed or the trustee decided to abandon the property as not worth the cost of converting to cash.
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What happens if life estate is terminated?
The remainderman has full vested rights in the property.
Who can open an estate?
Anyone with a vested interest in the estate can petition the court to open the estate. That would be anyone named in a will, anyone that is owed money by the estate or any natural heir.
What does bom mean in real estate?
In real estate, the term bom used as the acronym for Back On the Market.
What does the vest term mean?
Vested is defined as acquired by law or contract. Vested is having possession of a person. Vested can also mean entitled or earned. For a retirement program, vested means the amount of time and work required for the employee to complete before they are entitled to their retirement funds.
Can a property left in a will be disposed of without vesting?
No. The deceased owner's estate must be probated in order for title to vest in the heirs legally. Until title is vested they cannot execute a deed that conveys good title.No. The deceased owner's estate must be probated in order for title to vest in the heirs legally. Until title is vested they cannot execute a deed that conveys good title.No. The deceased owner's estate must be probated in order for title to vest in the heirs legally. Until title is vested they cannot execute a deed that conveys good title.No. The deceased owner's estate must be probated in order for title to vest in the heirs legally. Until title is vested they cannot execute a deed that conveys good title.
Can anyone file for testamentary letters in probate proceeding?
No, not everyone can file for the letter. It must be someone with a vested interest in the estate.
In the constitution what is the power vested in the courts mean?
judicial power
What happens with a life estate when the property is sold while the property owner is still alive. Is it automatically revoked?
Nothing happens to the life estate. The life estate remains as long as the person who holds it is still living. Any sale is based on the existence of the life estate. However, if the life estate has not vested, as in the life estate was to be left in a will and they haven't died yet, then the life estate is void.
What does Vested Balance mean?
Balance in your investment account before tax
What does unitary mean in social studies?
When all the power is vested in the centrel government
Is probate court Mandatory without will in Georgia?
Yes, if the estate has any value, or any debts, it has to go through probate. The state has a vested interest in making sure the estate is properly distributed, as without a will, the default is the property goes to the state.
What does vesting mean in relation to real estate?
Vested means you own the land unconditionally. For example, if your grandfather died and left his land to you in his will you have an equitable right to the property. To perfect (and protect) your right, his will must be probated. Once the will has been proved and allowed by the court the title to the real estate will vestin you. You would then be the legal owner.
