Want this question answered?
Yes, with a but. As long a a beneficiary is named for the policy and that beneficiary is alive then creditors cannot touch the proceeds. If a beneficiary is NOT named or has died, then the benefits are paid to the INSURED persons estate. A persons estate will go to their next of kin, but NOT before creditors take what is owed to them.
No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.
Generally, no. So long as a beneficiary is designated the Policy does not need to be and should not be included as part of an estate. The Policy proceeds or "death benefit" is the property of the named beneficiary, they are not the property of the deceased and therefore not a part of the decedents estate. Only when the Insured failed to designate a beneficiary or no eligible beneficiary is available would the Life Insurance Policy proceeds revert to the named insured and then be included in the Estate.If the policy was owned by someone other than the deceased, the insurance proceeds will not be part of the estate.Since estate taxes (when applicable) can be as high as 55% and the claims of creditors can take an entire estate, it is very important to consult an experienced lawyer prior buying any life insurance policy to ensure that the proceeds go to the heirs and not to pay taxes or the deceased's creditors.
There is a period during which creditors can make a claim. It varies in different jurisdictions. The simplest way for you to get an answer is to call the solicitor and ask her when you can expect to receive a check.
usually a chare off happens after 7 years
No. Not as long as the decedent's estate was probated and you are the legal owner now. The deed doesn't need to be changed as long as the probate file shows the estate was properly probated. You do not need to have a new deed drafted and recorded although you can have one drafted by the attorney who handled the estate.If the estate was not probated then you are not the legal owner and you need to rectify that problem.No. Not as long as the decedent's estate was probated and you are the legal owner now. The deed doesn't need to be changed as long as the probate file shows the estate was properly probated. You do not need to have a new deed drafted and recorded although you can have one drafted by the attorney who handled the estate.If the estate was not probated then you are not the legal owner and you need to rectify that problem.No. Not as long as the decedent's estate was probated and you are the legal owner now. The deed doesn't need to be changed as long as the probate file shows the estate was properly probated. You do not need to have a new deed drafted and recorded although you can have one drafted by the attorney who handled the estate.If the estate was not probated then you are not the legal owner and you need to rectify that problem.No. Not as long as the decedent's estate was probated and you are the legal owner now. The deed doesn't need to be changed as long as the probate file shows the estate was properly probated. You do not need to have a new deed drafted and recorded although you can have one drafted by the attorney who handled the estate.If the estate was not probated then you are not the legal owner and you need to rectify that problem.
If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.
There is no definitive answer to a question such as this - depending on the simplicity or complexity of the estate being probated, it takes as long as it takes.
After a person dies with a will and the estate is probated how long does the executor have to wait until assets are distributed to the beneficiaries?
When a person dies owning real estate their estate mustbe probated in order for title to the real estate to pass to the heirs legally. Once the estate has been properly probated the heir is the new legal owner. The probate records are proof of ownership for the heir even though there is no deed in their name. The deed doesn't need to be changed but the attorney who handles the estate can draft a new deed if the new owner wants to have the property registered in their own name in the land records. But remember, it's not necessary as long as the estate was probated.When that heir dies, their estate must be probated and the property will pass legally to their heirs under their will or the laws of intestacy if there is no will.
It will depend on the complexity of the estate. There is no time limit on the execution of the estate.
Yes, with a but. As long a a beneficiary is named for the policy and that beneficiary is alive then creditors cannot touch the proceeds. If a beneficiary is NOT named or has died, then the benefits are paid to the INSURED persons estate. A persons estate will go to their next of kin, but NOT before creditors take what is owed to them.
They have to wait until the debts are settled. That may be as short as about 4 months. It can take years on a really complex estate.
Your mother's estate must be probated in order for title to the real estate to pass to the heirs. In New Jersey a spouse cannot be disinherited. Your mother's husband may be entitled to a one-third portion of her estate even if she left the real estate to you in her will. You need to discuss the situation with an attorney who specializes in probate law and who can explain your options.
If that person died owning real estate the estate must be probated in order for legal title to pass. You should consult with the attorney who handles the estate about drafting a new deed.
6 months after the issuance of the letters of testamentary/administration.
You need to consult with an attorney and arrange to have your parent’s estate probated. An estate that contains real estate must be probated in order for the heirs to acquire legal title. As long as your parent’s estate remains unprobated you are not the legal owner of the property. The situation creates a cloud on the title.