In this specific case, yes, but it can vary. If it can be proven that the daughter had lived only seconds longer than the mother the estate would go to daughter's and thence to her heirs. In this case, two weeks, it would become part of the daughter's estate. However this can have a devastating effect on the estate, subjecting it to inheritance taxes twice, or Generation Skipping Tax. The Uniform Simultaneous Death Act provides that if two individuals have died within 120 hours, each is considered to have pre-deceased the other. About half the states have enacted this either explicitly or by adopting the Uniform Probate Code. http://en.wikipedia.org/wiki/Simultaneous_death A will can specify a longer time for simultaneous death to be considered.
No. A beneficiary has no authority to name a beneficiary of another's property. Only the principal can name the beneficiary. Generally, if the primary beneficiary declines to accept the inheritance then the gift will lapse and the property will be included in the estate.
inheritance
inheritance
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
The type of tax that is levied on the beneficiary share of an estate is known as inheritance tax. This will be assessed based on the legacies the beneficiary receives.
The question is asked a little awkwardly. Most people intend to ask how the deceased individuals assets are dealt with not the recipients/beneficiaries. However, the assets of a beneficiary's estate should increase since they are receiving assets from a deceased individual. Also, if a beneficiary is deceased their assets, including any inheritance, will pass to their own beneficiaries under the terms of their will.
A beneficiary does not have to accept an inheritance. Their share or that item will go back to the estate to be distributed in another manor.
An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.
No. The beneficiary who wants to disclaim an inheritance should contact the attorney who is handling the estate for the proper way to waive their rights in the estate. It may be more complicated if real estate is involved.
fiscal policy
If the estate is so large that an inheritance tax is due it must be paid to the IRS and to the state where the decedent's estate was probated. The tax obligation has nothing to do with where the beneficiary lives.
That information should be included in the initial petition for probate.The interested parties should consult with an attorney or with the attorney who is handling the decedent's estate. Depending on the language in the will, the inheritance may have lapsed or may have passed to the estate of the beneficiary. The situation needs a review by an attorney who can determine whether the executor has failed to perform their duties and also determine the legal status of the inheritance.That information should be included in the initial petition for probate.The interested parties should consult with an attorney or with the attorney who is handling the decedent's estate. Depending on the language in the will, the inheritance may have lapsed or may have passed to the estate of the beneficiary. The situation needs a review by an attorney who can determine whether the executor has failed to perform their duties and also determine the legal status of the inheritance.That information should be included in the initial petition for probate.The interested parties should consult with an attorney or with the attorney who is handling the decedent's estate. Depending on the language in the will, the inheritance may have lapsed or may have passed to the estate of the beneficiary. The situation needs a review by an attorney who can determine whether the executor has failed to perform their duties and also determine the legal status of the inheritance.That information should be included in the initial petition for probate.The interested parties should consult with an attorney or with the attorney who is handling the decedent's estate. Depending on the language in the will, the inheritance may have lapsed or may have passed to the estate of the beneficiary. The situation needs a review by an attorney who can determine whether the executor has failed to perform their duties and also determine the legal status of the inheritance.