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When real estate is in the name of the children of a deceased parent how can property be sold?
Wiki User
∙ 14y ago
Only the guardian can sell, or the children when they are 18+.
Wiki User
∙ 14y ago
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What is the purpose of an irrevocable living trust?
Generally, an irrevocable living trust is created in order to transfer assets from a parent's estate to the trust in order to avoid inheritance taxes on the parent's estate, protect assets from creditors, make charitable contributions and other purposes. The key thing about the irrevocable trust is that the trustor (the trust maker) can not later change the terms of the trust once the documents have been signed.
What is a economic responsibilities of a parent?
to provide basic economic needs of their children and to earn an income
What are the Economic effects of divorce on children?
Usually their standard of living is lowered because now there are two households instead of one which means two rents or mortgages as well as the utilities for each. In addition, many times the non-custodial parent doesn't pay child support in a timely manner, if at all. Sometimes one parent remarries and has more children, so there is even less money for the children from the first marriage.
What is a custom based economy?
In a custom based economy, goods are produced traditionally. The method of production is passed down from parent to children and rarely changes.
Who is Kmarts parent company?
Sears
What rights do biological children have in the estate of a deceased parent?
Biological and legally adopted children generally have the same rights in their parent's estate if their parent dies intestate, or, without a will. Children do not inherit an interest in property that was held jointly with a surviving spouse. However, they may inherit an interest in property held solely by the decedent. You can check the laws of intestacy in your state in the related question below.
Who is responsible for a deceased parent's bank loans?
The parent's estate is responsible for the loans. If there are no cash assets to pay the loans the lenders will take the property such as real estate or a vehicle.
Are children of deceased parent responsible for bills in ga?
In Georgia the estate is responsible for the medical bills of the deceased. Only after they are resolved can the estate be closed and any remainder distributed.
Does the children of a deceased parent have to pay collection agencies that they owe before dividing the profit made from selling the deceased parent's house?
It depends on who the collection agency is attempting to collect from. If it is the estate, yes, they must be paid. If it is the child, not necessarily, but it could be garnished or a lien placed on the property.
Are children responsible for a deceased parent in the state of Pennsylvania?
The estate is responsible for all the debts of the deceased. The children are not required to pay them from their own funds, but it will reduce the amount they inherit.
Do children of a deceased person have any rights to the deceased persons parent's estate if the deceased person preceded the parent in death?
It is certainly possible. Grandchildren can be entitled to a share of their grandparent's estate. Part of it will depend on how the will was written, or the laws for that jurisdiction. Consult a probate attorney for help!
Are adult children responsible for credit card debt of a deceased parent who had no estate and who lived in the state of Pennsylvania?
No.
What are adult children responsible for paying from a deceased parent with no Will or estate but multiple medical bills?
Probably not. The estate may be used to pay bills but the children should have no personal liabilities.
Single parent has will leaving estate to two adult children One child dies before parent Will is not changed Does estate go solely to remaining child or does estate of deceased child receive half?
That all depends on the wording in the will.Generally, there are a couple of types of devise that are commonly used in wills. If the will provides that the property shall go to the siblings or to the survivor of them, the surviving sibling will take all. However, if the will says the property shall go to the siblings or the issue of a sibling who predeceased the testator then the deceased sibling's share will go to her children, if any.On the other hand, if the will is silent as to the distribution in the case of a deceased child of the testator then the deceased siblings share will pass as intestate property to the legal next of kin of the testator. In your case that will be the child of the deceased sibling.You should consult with an attorney who can review the situation and determine what the law is in your state. In most cases, an attorney should be handling the probate of the estate if there is property in the estate that was solely owned by the testator.
Who has the right of the inherited property from the deceased parent?
Usually the spouse. "Unlike a spouse, a child generally has no legally protected right to inherit a deceased parent's property. The law does protect children when an unintentional omission in a will occurs, however."
Are grandchildren entitled to part of an estate after death if no will is written?
When someone dies without a will the state laws of intestacy provide for the distribution of their property. Generally, if your parent is deceased you would inherit your parent's share of your grandparent's estate. If your parent is not deceased then you have no right to a share of your grandparent's estate. If your grandparent left a will and the will is allowed you have no other right to their estate. You can check the intestacy laws of your state at the link in the related question below.
When a parent dies having no will and leaves a house who gets the house?
The parent is deemed intestate and their estate must be probated. Any estate that contains real property must be probated in order for title to pass to the heirs legally. The property will be distributed to all the legal heirs will inherit according to the laws of intestacy in your particular jurisdiction. Generally, if there is no surviving spouse the property goes the decedent's children and the children of any deceased child. See related question link.
