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What power does a trustee have over real estate My father left me his home in his will and left my brother as trustee over the inheritance What privileges does this give my brother?
Wiki User
∙ 17y ago
He has to abide by the laws in the State you are in and that includes what the Will declares. If you are to get the house then you get the house. Usually Wills are probated to be sure that all personal/property taxes are paid off and this includes all creditors are paid in full. What is left is called "Residue of the Estate." You also have a right to a copy of the Will and if your brother refuses to give you one, then get a lawyer and demand one.
Wiki User
∙ 17y ago
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What happens to the estate of a trustee if the estate of a trust is insolvent?
The financial situation of the trustee should be irrelevent to the estate. Unless they have been embezzling funds, there isn't any effect.
Is there a difference between estate being willed to you or inheritance?
No. Property that you receive by a will IS an inheritance. Property received from a relative under the laws of intestacy when there was no will is also an inheritance.
Inheritance is a gift not a right?
That depends on the circumstances. An inheritance is a gift if it comes from a favorite uncle in his will. An inheritance is a right if your husband left you nothing in his will. In that case, generally, the law will give you a portion of his estate.
Can a trustee and beneficiary of a will buy a house from the estate?
Yes. As long as it is valued correctly and bought at the correct purchase price.
Why were the members of the third estate dissatisfied with life under the old regime?
The Third Estate made up 95% of the population but had little power is the general Estates and they wanted equal privileges.
What happens to an inheritance during bankruptcy?
If the inheritance is based on a death within 180 days of filing bk, the inheritance becomes part of the estate and the trustee will use it to pay your creditors.
Brother dies leaves estate to his brother but he is deceased do his children automatically get his inheritance?
Assuming the brother who died with a will was unmarried and had no children, and assuming his beneficiary brother predeceased him, his estate would pass to the children of his siblings. If he had only one brother then his brother's children would inherit his estate.
How do you relinquish your rights to inheritance and give this to your brother in AZ?
In many cases within estate documents there is a provision to disclaim your inheritance. Check the will or trust to see if this provision is in the document. However by doing so, if there are more than one sibling, your amount of inheritance may be added to the residue of estate and distributed as the document specifies. If you can not disclaim your share, you may accept it after inheritance taxes are paid and gift it to your brother under the laws of gifting, thus removing it from your estate and placing into your brother's estate. Follow gifting guidelines of your state and the IRS.
What checks can be deposited into an estate bank account?
Checks made payable to the Estate, or to the Trustee of the Estate in their capacity as Trustee, and/or to the individual for whom the Estate is named.
Is it legal to receive money from a deceased family member while in bankruptcy?
Yes, but the inheritance will become part of the BK estate, which means the money would have to be turned over to the trustee to pay off your creditors (i.e. you do not get to keep the inheritance).
How does bankruptcy affect inheritance property?
You must list an inheritance (or even possibility of inheritance) within 180 days of filing BK. So if you are to receive an inheritance, even if your BK was already discharged, within 6 months of filing, you must inform the BK Trustee (who would have the right to take the inheritance to distribute among the creditors)
What is another name for estate of inheritance?
Another name for an estate of inheritance is FEE SIMPLE. In contrast, a life estate is not an estate of inheritance because it does not pass to one's heirs at death.
Who pays for tax liens on a Estate inheritance?
There wouldn't normally be liens on the inheritance...but on the assets in the estate, which can't be distributed and become an inheritance until they are settled by the estate.
What happens to the estate of a trustee if the estate of a trust is insolvent?
The financial situation of the trustee should be irrelevent to the estate. Unless they have been embezzling funds, there isn't any effect.
If you are entitled to a large inheritance right after bankruptcy how much can the trustee take?
Your bankruptcy trustee has the right to receive your share of the inheritance within 6 months of filing your case. The trustee has the right to receive it all. Typically what happens though is the trustee receives the full amount and then makes a determination of how much is needed to satisfy your estate and debts. If you receive more than is necessary to pay off your debts, you will get a refund. It can take some time though. In rare cases, the trustee may have you cut a check for the amount and you keep the difference. But normally trustees don't trust debtors to do this.
Can you sell a real estate property titled in trustee after owner dies?
Can you sell a real estate property titled in trustee after mother and father dies
Can the trustee of a will give items of the estate to non beneficiaries and refuse an interim distribution to the stated beneficiaries?
The trustee under a will MUST distribute the estate according to the provisions in the will. The trustee does NOT have the authority to make gifts to non-beneficiaries unless that power was granted in the testamentary trust. The trustee should be reported to the court that appointed her/him for mishandling their authority and the estate. You should ask the court to appoint a successor trustee.
