CAn the POD designee be a living trust?
Yes.
An estate includes everything that a living person owns - from physical possessions to financial accounts. Everything from clothes, jewelry, art, vehicles, antiques, homes, land, cash, checking and savings accounts, retirement accounts, life insurance, stocks, bonds, and more is considered part of a person's estate.In another sense an estate is all the property a person owns at the time of their death. It would not include any property owned as joint owner with the right of survivorship with another. This differs from the living estate which would includejointly owned property.
Yes. Any property owned at the time of death is a decedent's estate.
No. Furthermore, if SSA issues a check after the death of the recipient, they have you (the estate) pay it back -- this is what happened when my mother died.
Yes.Note that a payable on death account is paid over directly to its beneficiary and is not include in the probate estate.
Yes, unless the account has a listed Payable on Death beneficiary or the account was specifically devised in the will.
It is considered part of the estate for the purpose of determining estate tax. It is owned by the decedent if that person had the right to change the beneficiary up until the moment of his or her death. It may pass outside of a probate estate, however, if there is a valid beneficiary designation. State law should also be considered.
If solely owned by the decedent, yes.
The estate of the spouse is responsible. IF both are on the same checking account then the FULL amount of that checking account can be considered the spouses estate too. Even if the account is closed just prior or just after death, then the amount in the account months prior is still considered a portion of the estate.
Retirement Benefits after Death?NO. Retirement benefits cease once a person dies and therefore would not be part of an estate. When a person Dies, they are no longer considered "Retired", They are after death considered "Expired".Life insurance also is not part of an estate unless there is no named beneficiary. The proceeds of a life insurance policy belong to the beneficiary named on the policy, Not to the deceased nor to the deceased estate.
Some estate planning steps that can ease financial burdens after the death of a loved one are making sure your will is current, and check bank accounts and investment statements to be sure their is a transfer on death designation. Also make sure you have life insurance.
Your father's estate is responsible for his debts. If he owned any property at the time of his death (including real estate, personal property, bank accounts, etc.) his estate must be probated and that property must be used to pay his creditors. If he owned no assets then his ceditors are out of luck and you should send the bills back with a copy of his death certificate.