If the decedent died owning property the estate must be probated.
If there is a will the person who has it is obligated to produce it in a timely fashion. If the will does not surface, a qualified person can petition the court to be appointed the Administrator of the estate. The Administrator will have the sole authority under the supervision of the court to take possession of the estate, pay the debts of the decedent and distribute the property according to the laws of intestacy as if the decedent die without a will.
A Petition for Administration is often a motivation for the person who has the will to produce it. If they don't, the property will be distributed fairly to all the heirs-at-law according to law. You can check the laws of intestacy for your state at the related question link provided below.
Yes, they certainly can. If they have a legitimate debt against the deceased, they file it with the executor. This will get paid before anything is distributed to the beneficiaries.
The proceeds of a life insurance policy are paid directly to the beneficiaries without going into the estate of the person. The only way that life insurance proceeds become part of an estate is if the the beneficiary is listed as "Estate of the Insured". In this case any expenses of the estate are to be paid out before the heirs receive a share. If there are beneficiaries on the policy, the life insurance company will pay the beneficiaries directly.
The court will appoint an executor. That is often an attorney or a bank.
The works of the apostles are listed in The Acts of the Apostles book in the New Testament. It is the fifth book in the New Testament.
No one is an executor until they have been appointed by a court. Until the court appointment they have no legal authority to collect any assets owned by the decedent. The executor is required to file an inventory of all the property owned by the decedent or owed to the estate.If the insurance policy listed named beneficiaries then it won't be part of the estate. You really need to know the policy number to check to see if the policy was surrendered for payment and also to determine the identity of the payees.No one is an executor until they have been appointed by a court. Until the court appointment they have no legal authority to collect any assets owned by the decedent. The executor is required to file an inventory of all the property owned by the decedent or owed to the estate.If the insurance policy listed named beneficiaries then it won't be part of the estate. You really need to know the policy number to check to see if the policy was surrendered for payment and also to determine the identity of the payees.No one is an executor until they have been appointed by a court. Until the court appointment they have no legal authority to collect any assets owned by the decedent. The executor is required to file an inventory of all the property owned by the decedent or owed to the estate.If the insurance policy listed named beneficiaries then it won't be part of the estate. You really need to know the policy number to check to see if the policy was surrendered for payment and also to determine the identity of the payees.No one is an executor until they have been appointed by a court. Until the court appointment they have no legal authority to collect any assets owned by the decedent. The executor is required to file an inventory of all the property owned by the decedent or owed to the estate.If the insurance policy listed named beneficiaries then it won't be part of the estate. You really need to know the policy number to check to see if the policy was surrendered for payment and also to determine the identity of the payees.
Any debts owed to you are listed as personal property in the estate inventory. As long as they are evidenced in writing they will become part of your estate. Your executor will have the authority and responsibility to demand payment. Any proceeds collected will be distributed according to the provisions of the will or the state laws of intestacy if they were not addressed in the will.
No one automatically becomes an executor. The executor must be appointed by the court. The first executor will need to be removed by the court and a successor must be appointed. However, the court will do nothing until a petition is filed requesting the changes.
Yes, the executor can also be a beneficiary of the Will. Also, in most jurisdictions the executor can be paid from the estate for their services up to a certain amount that is generally set forth in the probate laws.
Yes, she can petition the court to be the sole executor. If there is conflict, the court may very well appoint a third party, a bank or attorney, without a vested interest in the estate. This typically costs the estate money in the form of compensation to the executor.
One of the most important jobs of the executor is to list all the assets and their values. It is critical in order to liquidate the estate and resolve taxes.
You contest the executor named in the petition by filing an objection on the basis of anticipated failure of the executor's ability to perform fiduciary duty. You would have to file the appropriate objection with the court where the petition for probate of the will was filed. It is rare that a court will refuse to appoint the named executor just on suspicion of future improper behavior or animosity between the executor and the beneficiaries; however there are instances when it is appropriate. State laws provide that executor may be removed from their office (after appointment) for breaching their fiduciary duties to the estate and beneficiaries. If the executor loses estate money, fails to invest estate assets, fails to preserve estate assets, fails to obey court orders or does anything detrimental to the estate, the court will remove the executor.
No. If the trust was created to hold the real property then the trustee of the trust will be listed as the owner. If the beneficiaries are listed in a deed as the owners the property will no longer be held in trust. The property must be held in the name of the trust OR the name of the beneficiaries of the trust as individuals.