The declaration of a beneficiary or list of beneficiaries for an estate can be a difficult undertaking. The estate is typically given to the spouse. However, if this person is unable, one should list their closest relative who is capable of caring for the estate.
You have a very good question. If you are the cash beneficiary of the estate and the other beneficiary receives an annuity, the costs of settling the estate will come out of the cash. You should frame a motion to have the court review the matter and render a decision regrading the issue. The court may decide the other heir should pay a portion of the costs.
You should ask the attorney who is handling the estate. If it is a small estate there may not be any tax consequences either way.
Yes. There is a lot of work and responsibility involved in being the executor of an estate. The one sibling/beneficiary who is appointed should not be reqired to work for the other beneficiary for free. In some cases the executor may not charge the statutory fee, however, they should not be expected to work for free. The executor fee should be paid from the estate. If one of two sibling is inheriting real estate then they should make a cash contribution equal to one-half of the executor's fee.
If life insurance is payable to a beneficiary other than "the estate of ...[the decedent]", proceeds are payable directly to the named beneficiary and do not normally become part of the estate. However, if the designation of beneficiary of the life insurance policy is the estate of the decedent, proceeds do usually become part of the estate.
Any one with an interest in the estate. That can be an heir, a named beneficiary or a debtor.
Yes! Income in respect of a decedent must be included in the income of one of the following: * The decedent's estate, if the estate receives it; * The beneficiary, if the right to income is passed directly to the beneficiary and the beneficiary receives it; or * Any person to whom the estate properly distributes the right to receive it.
No a beneficiary is not responsible. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
You should seek guidance from the court where the probate was filed. A beneficiary cannot hold up the estate by refusing to sign something such as a final account. Generally, the court will allow you to publish a notice rather than obtain a signature.
Any one with an interest in the estate. That can be an heir, a named beneficiary or a debtor.
Any one with an interest in the estate. That can be an heir, a named beneficiary or a debtor.
If there are no stipulations in the will as to what should be done in the event one of the beneficiaries should die, then the state probate succession laws apply. The executor should contact the probate court for instructions as to the manner in which the deceased beneficiary's share of the estate is to be distributed.
It will go to the alternate beneficiary, if one is listed if not it will be paid to the estate to be distributed in the same way as any other money in the estate.