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If you want to close things out and keep the creditors from bothering you in the future, an estate is a good thing. And if there is real property involved, it is pretty much required.
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∙ 16y ago
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When a life tenant dies with a will and property is willed the children is that property part of the estate?
A life estate expires when the life tenant dies. A life tenant doesn't own the property, it doesn't become part of their estate and therefore they cannot leave it to their heirs in their will. When a life estate is set up in a deed or will there is also a 'remainderman' who will own the property when the life tenant dies.
When to set up an estate?
An estate should be set up as soon as possible. Any one can pass on anytime and the estate needs to be set up.
In the state of Texas if a parent dies with no will no estate real estate are the children liable for credit card debt or outstanding medical bills?
Only if they guaranteed the bills or debts. The estate needs to be set up to handle the debts. If there are no assets in the estate, it can close the debts.
You have no children Can you make a will that ensures that if you die first charity A receives the residue of your estate after your spouse dies?
It is possible to set it up. Consult a probate attorney in your jurisdiction.
What are the procedures to collect a debt of a deceased person when there was no will and no estate has been set up?
Debts are one of the primary reasons someone should open an estate. A debtor can ask the court to set up an estate to handle such things. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
In tennesseegrandma wants estate divided but everything is in sons name and there no will?
If grandma dies then son will be the sole owner of everything. That is what grandma set up when she put everything in his name.
Do an estate have to be set up if you do not have a benefiary?
The state will set up the estate, since there are no beneficiaries, the state will take over all property.
What has to be paid after a person dies?
From the estate of the dead person:- All outstanding debts, All outstanding taxes, The funeral costs. Then after these have been settled the estate must pay any death duty or inheritance taxes due on it. After all these are settled the estate can be divided up between the heirs as prescribed by the will (if there is one).
How do I set up a database for real estate?
You can set up any database for real estate. If you have large data, better go for no-sql database.
What makes up an estate?
All the property a person owns makes up their estate.
Is it illegal to dig up dead people?
It is because when a person dies that property becomes the property of that persons estate, The distribution of which is set out in that persons will or by the law of the land.
Are checking accounts with more than one person on the account frozen when one person on the account dies?
It would normally be frozen until the deceased person's estate has been wound up. It's done simply to establish how much of the balance in the joint account belongs to the deceased person's estate. Once all the numbers have been crunched - the account is usually unfrozen.
