It is an estate, but it isn't a legal entity until it has been registered with the court and an executor appointed.
Yes, they are part of the estate. The executor is responsible to get the assets appraised. Only then can the estate be settled and distributed.
It would be an assets of the estate. Any income from the suit would become a part of the estate.
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.
The executor of the estate is able to sell assets of the estate.
Yes, all assets of the deceased account towards their estate.
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.
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.
If there is any other property such as real estate then it must be sold to pay the debts. If there are no assets the estate will be deemed insolvent by the court and the creditors are out of luck.
In most cases, adult children are not personally responsible for paying the foreclosure debts of their deceased parents. Debts of the deceased are typically settled using the assets within their estate before any inheritance is distributed to beneficiaries. However, it is advisable to consult with a legal professional to understand the specific obligations in your jurisdiction.
A decedent's estate is made up of any property they owned at the time of death.
You can apply to the estate for your money. If there are no assets in the estate, you aren't going to be successful. Consult an attorney in your jurisdiction for help.
The estate has to pay off all of the debts of the deceased if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.