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What else can I help you with?
Life estate put in more then one name can home be sold?
A property that is encumbered by two life estate cannot be sold or refinanced without the written consent of the life estate holders.
Can someone other then the life estate holder take a mortgage out on the property without the life estate holders permission?
No. Only the fee owners can mortgage the property and they can only do so with the written consent of the life tenant.
Who is entitled to proceeds if all life estate heirs agree to sell property?
If the life estate holders agree to allow the property to be sold then they mush sign the deed and by doing that they will relinquish their life estates. The proceeds from the sale will go to the remaindermen who own the fee interest in the property. In order to encourage the life estate holders to relinquish their life interest the remaindermen may offer a part of the proceeds as an incentive.You should seek the advice of an attorney who can review your situation and explain the options.
What is listed in a decedent's estate when he already had an irrevocable trust?
Any property owned by the decedent in his individual capacity would be included in his estate. Any property that was transferred to a trust during life would not be included in the estate.
Is life insurance considered an asset in an estate?
Yes, life insurance is considered an asset in an estate because it is included in the total value of the deceased person's assets when calculating their estate's value for inheritance and tax purposes.
Who gets the money from crops of a farm when the person having the life estate dies?
You have to look at the arrangements that were made when the life estate was created. Usually, the life estate reverts to the original owner, or to whomever the original owner named as heir. There is no fixed answer. But what should be clear is that the life estate, whatever it included, ends at the death of the person who holds it.
If you have a life estate on a house and you decide to sell it and do the holders have to sign off first v?
You may need to go to a real estate lawyer and change the status of the house. Also, get advice on the property tax status.
Life insurance part of estate?
Life Insurance and EstatesNO, not if the named beneficiary is not deceased. The proceeds of a life insurance policy belong to the named beneficiary not to the deceased. It should not under any circumstances be included in the estate of a deceased or the probate process. If no beneficiary is named or if all beneficiaries are deceased then their is no alternative. When their is no named beneficiary then the value of the life insurance policy reverts to the insured and must then be included as part of the deceased estate
Is term life insurance considered part of a deceased persons estate if the deceased person is being sued. I was his wife and benificary of the term life insurance?
In your case, no, the proceeds will not be included in the estate of the decedent. Since you were the named beneficiary the proceeds pass directly to you. Of course, upon your death they will be included in your estate. Whether or not a judgment against your husband will allow the other party to go after your assets is obviously a more complicated question. But the life insurance is not part of his estate.
What kind of estate establishes the ownership of property for only the life of the owner?
A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.
What happens to your mortgage when the person holding it died but the deed is in both of your names and you pay the taxes?
The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.
Does estate value include real estate?
Yes. Estate values are being determine by license appraisers and they conduct the necessary evaluation and assessment of a certain estate property about it's value. Any estate property is included in real estate. Any land resource that is directed for valuable use is included in real estate, for sale or not.
