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Can a property from probate estate be rented out indefinitely?
Wiki User
∙ 15y ago
The estate must be probated in order for legal title to the property to pass to the heirs. The property cannot be insured until there is a legal owner. You have no right to enter into a rental agreement unless you are the legal owner. Any contract you sign would be void and further, it would be fraudulent. The tenant has the right to know who the legal owner of the property is. Property from a probate estate cannot be rented out indefinitely. Property that is in a probate estate is within the sole possession and control of the executor but only until administration of the estate is completed. The executor is obligated to administer the estate promptly then distribute the property to the rightful beneficiaries. Since only the executor may rent out property that is in the estate and since the executor's authority over the property is only temporary, it goes without saying that an executor may not rent estate property out for an indefinite period of time.
Wiki User
∙ 15y ago
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Can a property under probate be let?
Yes, property under probate can be rented or leased. The executor has the power to preserve the estate and this is one way of obtaining money to pay debts.
Can a property from probate estate be rented out monthly if there are creditor claims?
In most cases, a property from a probate estate can be rented out monthly even if there are creditor claims. The income generated from the rental can be used to satisfy those claims after other expenses related to the property have been paid. It's important to consult with an attorney or probate professional to ensure you are following the proper legal procedures.
Can a house in an estate be rented?
The executor can rent the house. They are responsible for making sure the estate stays solvent and the property is taken care of.
Can life estate home be rented if the parent is in a nursing home and will never return to the home?
No. The life estate belongs to her as long as she is alive. If she granted a power of attorney and it is still valid, the attorney in fact could consent to a sale of the real estate or release the life estate. If there is no valid POA and the individual is not of sound mind, a petition to sell the real estate free of the life estate could be brought before the probate court.A life estate means that someone else gets the property at her death. Who gets the property on her death? They can only sell it subject to the life estate, which reduces the value to the buyer.
Are the contents of a house part of an estate when a person is deceased?
Generally yes. If the contents belonged to the decedent then they would be part of the estate. All the contents may not belong to the decedent if the property was rented to the decedent or rented by the decedent to someone else. If another person lived with the decedent some of the propery may belong to that companion.
Are adult children responsible for bills with an estate?
When you die leaving your estate to your children they are liable to pay the tax or mortgage etc and if the property is then rented to another by your children they are still liable for the taxes on that property and not the tennant as they pay the rent to the children for the privelidge of having full use of the property but the property remains under the ownership of your children and it is the owner that is liable for the payment of taxes mortgage etc
What part of speech is the word rented?
It can be a verb (in past tense), as in, "We rented a room last year." It can be used as an adjective as in, "It isn't our property; it is rented."
Can an executor place a house for rent that is still in probate?
This question has two potential answers depending upon whether the executor is the one renting the property or the beneficiary designated to receive it under the will is renting the property. If you mean rented by the executor, it may be at any time as soon as the will is probated and an executor is appointed to act. (Or an administrator if there is no will.) Most states have a statute taken from the Uniform Probate Code that gives the executor possession and control over every asset of the estate during administration of the estate even to the exclusion of beneficiarires who are designated to receive the property. During administration only the executor may rent it out, but the executor retains the discretion to decide if renting it is beneficial to the estate. Thus, even though an executor has the power to rent it out, he or she does not have to do so and cannot be forced to do do by a beneficiary unless a court orders it. If you mean rented by the ultimate beneficiary, the beneficiary cannot rent it out until the executor formally transfers the property from the estate to the beneficiary even if the will explicitly gives the house to that beneficiary. Once it is transferred, it is no longer part of the estate and the executor has no legal right to possession or control, therefore no right to rent it out or refuse to rent it out. The transfer to the beneficiary might have to wait until final settlement of the estate just to make sure that it does not have to be sold to pay for debts or expenses. On the other hand, if an executor is reasonably certain that it is not needed for that, the executor may in his discretion transfer the property before finalizing the estate. I believe it is best to transfer the house as quickly as possible during administration as long as it is clear that there are sufficient liquid assets to pay for everything. That way the executor is no longer responsible for the safety of the asset and he or she has a happy beneficiary.
Where can one purchase insurance for rented property?
There are a number of companies one can purchase insurance for a rented property from. One can purchase from 'Allstate', 'American Modern' and 'State Farm'.
I lied to a real estate that i have not rented can they find out?
they can't find out if you rented or not, but they can find out if you told them you have not rented because you own. They can just check the public records tax rolls and see if you really owned or not.
Damage to premises rented to you?
Damage to Premises Rented to You - formerly known as Fire Legal Liability Coverage - covers your liability to others if you occupy leased or rented property for which you could be held legally liable for damage to the property due to fire or explosion.
Can you leave a rented property to someone else?
No. Your only interest in the property is as a tenant. Your rights to occupy the property would die with you.
