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If you would die and you were a cosignor on a loan does that loan have to be paid off with the estate or does it still fall on the first person named on the loan?
Wiki User
∙ 15y ago
It depends on how the veting was formed, if it was a Joint Tenancy with rights of Survivorship, the rights to keep the house is automatically transfered to the surviving Joint Tenant as long as that person can afford to continue to pay the mortgage payments. There are several types of vesting and you cen discuss this will your title company when you close the deal. If you want to transfer your rights to your heirs, their is also one that covers that. Glena
Wiki User
∙ 15y ago
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Life insurance part of estate?
Life Insurance and EstatesNO, not if the named beneficiary is not deceased. The proceeds of a life insurance policy belong to the named beneficiary not to the deceased. It should not under any circumstances be included in the estate of a deceased or the probate process. If no beneficiary is named or if all beneficiaries are deceased then their is no alternative. When their is no named beneficiary then the value of the life insurance policy reverts to the insured and must then be included as part of the deceased estate
Are annuities part of an estate?
With a properly named beneficiary, the death proceeds of an annuity are outside of the estate and transfer directly to the heirs avoiding probate.
Does the person who is named Beneficiary on a Life Insurance Policy have to split the money if they are sole beneficiary on the Life Insurance Policy however in the Will states that assets be divided?
If the insured has died the proceeds from the insurance will be paid AS STATED IN THE POLICY. The proceeds of the claim are not part of the assets of the deceased's estate.
How are you informed if named in a will?
In order to open the estate, one of the key things that must be shown is that all of the beneficiaries have been informed. This is done either in person or via registered mail. Either the person putting you in the will will inform you, the surviving members of the deceased or an attourney.
Does life insurance become part of the estate?
The proceeds of a life insurance policy become part of the deceased's estate under limited circumstances: 1. If the named beneficiary on the policy is the estate of the insured; 2. If the named beneficiary and any contingent beneficiary(ies) predecease the insured or otherwise relinquish their interest in the proceeds.
Does the person who receives the life estate have to maintain the house and property named in life estate?
Generally, yes.
What happens if a person named in a life estate dies before the person making the life estate?
When a life tenant dies the life estate is extinguished. A death certificate should be recorded in the land records.
Who was the first person named sydney?
the first person named sydney is sydney pryce
Who was the first person named Cowes?
the person who named the cow was named Henry Cow
What is a sole residual beneficiary?
The residuary estate is everything not specificallymentioned as gifts. The sole residual beneficiary is that person named in the Will to receive the residuary estate.
Life estate does your spouse have interest in it?
A life estate is based on a specific person's life. If they are not named in the life estate, they have no interest. They can claim the right to use the life estate as long as the individual is still living.
Who was he first person ever to be named Alexandra?
the first person to be named Alexandra was Alexandra its not rocket science like the 1st person named tom was tom
What does the executor of a will do if someone mentioned in will is deceased?
They will look to the wording of the will. It should specify whether that share goes into the general estate or to the deceased named person's estate or heirs.
When a disease is named for the person who first discovered it it is known as?
When a disease is named after the person who first discovered it, it is known as "eponymous."
What does legatee mean?
LegateeAlso known as a beneficiary, a legatee is a person or organization who is named in a will to receive a portion of the decease's estate.
Are retirement benefits the same as life ins on an estate?
Retirement Benefits after Death?NO. Retirement benefits cease once a person dies and therefore would not be part of an estate. When a person Dies, they are no longer considered "Retired", They are after death considered "Expired".Life insurance also is not part of an estate unless there is no named beneficiary. The proceeds of a life insurance policy belong to the beneficiary named on the policy, Not to the deceased nor to the deceased estate.
Can a person be executor and beneficiary of insurance policy and sole right to the insurance money?
Yes. Insurance proceeds, unless the beneficiary is the estate, are payable directly to the person who is named as the beneficiary beneficiary. As such, the policy proceeds pass "outside" of the estate and do not become a part of it. If the same person who is the named beneficiary of the policy is also the executor of the estate, he/she is required to carry out the directives of the Will. This includes paying legal debts of the deceased, ensuring protection of the value of the assets of the estate, and distributing the assets as directed in the Will.
