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What else can I help you with?
Do i need executors permission or probate to sell my share of inherited property?
You have to have the rights in the property before you can sell them. Being a named beneficiary does not give you the right to transfer title, though you could quit claim your rights.
What happens is a beneficiary die's but there are other beneificiaries before an estate is settled?
The beneficiary's share goes into their own estate.
What happens when one of a group of beneficiary dies before the property is settled?
Their share goes into their estate.
Does an executor need signatures from his siblings to release his property share?
The person named as the executor of a will does not need the signature of siblings to perform this function UNLESS they too are named as executors in which case the signatures of ALL the executors are required to dispose of the estate.
What happens if the beneficiary absolute of a will dies before the testator?
If a beneficiary named in a will dies before the testator, the treatment of their share depends on the will's provisions and state law. If the will includes a substitution clause, the share may pass to a contingent beneficiary or the deceased beneficiary's heirs. If there are no such provisions, the share may be distributed according to the laws of intestacy, potentially leading to a redistribution among other beneficiaries or the estate. It's essential to consult legal advice to understand the specific implications in such cases.
What type of tax is levied on the beneficiary share of an estate?
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.
Does the person who is named beneficiary on a life insurance policy have to share the money if the other two beneficiaries die but have children living?
Possibly yes. That depends on whether a tenancy was also recited. Generally, if the three who were named as beneficiaries were to take as "joint tenants" then the share of any deceased beneficiary would pass to the other beneficiaries. If the document was silent as to a tenancy then generally, the share of a deceased beneficiary would pass to their own heirs.
Can a beneficiary get his share of the Trust before age 25 if the Trust says that his share will remain in the Trust until he is 25?
Generally, if the Trust document explicitly states that a beneficiary's share will remain in the Trust until they reach the age of 25, the beneficiary cannot access their share before that age unless there are provisions for early distributions. Trustees may have discretion to make distributions for specific needs, but this typically requires a legitimate reason and adherence to the Trust's terms. It's essential to review the Trust document for any specific clauses that might allow for exceptions.
What type of tax is levied on the beneficiary and share of an estate?
The tax levied on the beneficiary and share of an estate is typically referred to as an inheritance tax. This tax is imposed on the value of the property or assets received by the beneficiary from the deceased. In some jurisdictions, the estate itself may be subject to an estate tax before distribution to the beneficiaries. The specifics can vary significantly based on local laws and regulations.
What happens to the per stripes share of a beneficiary in a trust who never had children but was survived by his wife?
That person's share (who died without issue) would go to his parents first, or to his siblings next, or to his siblings' children.
What type of tax is levied on the beneficiary's share of an estate?
inheritance
What type of tax levied on the beneficiary share of an estate?
inheritance
