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Who will get the assets of a deceased parents if children are underage and there is no will and testament in state of Florida?
The state will open the estate. The assets will go into a trust for the use of the children. The state will appoint a trustee for the assets and a guardian for the children. They may be the same person.
Do you have to pay inheritance tax in Florida?
In Florida, there is no state inheritance tax, so beneficiaries do not have to pay inheritance tax on assets they receive.
What happens if someone dies without a will in Florida?
The laws of intestacy will be applied. It will specify the distribution of the assets.
Are surviving children responsible for deceased parents debts in the state of Virginia?
The estate is responsible for the debts. If the estate has no assets, the creditors will not get paid. If there are not enough assets to pay the debts, the beneficiaries will not receive anything.
Can a sibling be held liable for another sibling's debts if the deceased sibling was not married had no children and left no assets or any estate?
No, a sibling will not be responsible for the debts. The estate is responsible for the debts. If the estate has no assets, the creditors will not get paid. If there are not enough assets to pay the debts, the beneficiaries will not receive anything.
What are legal rights when parent dies and leaves no will in Arkansas?
In Arkansas, when a parent dies without a will (intestate), the state's intestacy laws determine how their assets are distributed. Generally, the deceased's children inherit the estate equally if there is no surviving spouse. If there is a surviving spouse, they typically receive a portion of the estate, and the children share the remaining assets. It's advisable for heirs to consult with an attorney to navigate the probate process and understand their specific rights and obligations.
Father just died leaving his wife and 6 children whom are adults. They are both my parents. Will the father sometimes leave the children some money after his death or not til mother passes?
In most cases, a deceased person's assets are distributed according to their will or, if there is no will, according to state intestacy laws. If the father left a will that specifies how his assets should be divided, the children may receive their inheritance immediately. However, if the mother is the sole beneficiary or if the assets are held in a trust for her benefit, the children may not receive any inheritance until after her death. It's essential to review the will and consult a legal professional for specific guidance.
In the state of Tennessee when a spouse dies in intestate who is the benificiary of assets?
That will depend on whether they had children or siblings. If there are no heirs under the intestacy laws, the state of Tennessee will receive the property.
Are assets in a 401k in Florida protected from a foreclosure sale?
Yes
What assets will you get out of your divorce?
You will receive half of your assets in most cases but it all depends on where your at as laws are differnet in different areas.
Are prepayments nonmonetary assets?
Yes. You will receive / provide no cash or cash-equivalents. You will get / provide some assets for the prepayments.
What happens when a person named in a will to receive cash is dead?
It varies based on state law, but generally a dead person is disqualified from receiving from the will. Typically, a will includes a residuary clause which names a person or entity that is to receive any remaining assets. The cash would be included with those remaining assets. If there is no further person named or they are dead, then the estate would be treated as if the person died intestate (without a will). Each state has rules for who would inherit in this event. Generally, it is first spouse, then children and goes on from there.
