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Who is responsible for property taxes the beneficiary or the person with a life estate interest in the property?
Wiki User
∙ 13y ago
You must consult with an attorney in your state. Generally, the life tenant is legally responsible for the property taxes but state laws vary.
Wiki User
∙ 13y ago
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Who is responsible for homeowners insurance the beneficiary of the trust or the person with a life estate interest in the property?
Q. Who is responsible for homeowners insurance the beneficiary of the trust or the person with a life estate interest in the property? A. If the property is a (personal residence, family farm, rental property or even a vacation property) held in trust.Regardless of a life estate for a named beneficiary. The property tax payable would be the responsibility of the owner of the property listed on the property deed. In this case it appears that the owner of the property is the trust. Therefore the trust would be responsible for the tax. The remainderman beneficiary nor the current beneficiary enjoying a life estate in the property would owe the property tax.
Is the estate responsible for upkeep of the property?
Yes. Unless there was some other arrangement made in the will such as a life estate where the life tenant is responsible or the beneficiary is made responsible.
Can a beneficiary sell the estate?
A beneficiary does not have the right to sell the estate. Only the executor can sell property.
Would a beneficiary Deed to property be legal in the State of Ga?
Generally, in order for title to real estate to pass to the heirs or devisees the estate must be probated. If a person inherited an interest in real estate a quitclaim deed from them would convey their interest in the property IF the estate had been probated. If the estate was not probated then they are not a legal owner of the property and their deed would convey nothing.
If two people are on a home deed and one passes away what happens to that person's interest in the home?
The answer depends on the deed by which the two acquired their interest in the property. If the property was acquired as tenants by the entirety or as joint tenants with the right of survivorship, the survivor automatically owns the property. If the property was acquired as tenants in common, the interest of the decedent will pass to her heirs at law under the laws of intestacy and her estate must be probated providing she didn't name a beneficiary by will. If there was a will and a named beneficiary the estate must be probated for title to pass to the beneficiary.
Can a beneficiary be liable for any estate debt?
A beneficiary cannot be made responsible. However, they may not get anything from the estate, because it is responsible for ending all debts.
Can a beneficiary to an estate enter into a new lease agreement?
If the beneficiary inherited the property and the estate has been probated then she is the new owner and can execute a new lease agreement.If the beneficiary inherited the property and the estate has been probated then she is the new owner and can execute a new lease agreement.If the beneficiary inherited the property and the estate has been probated then she is the new owner and can execute a new lease agreement.If the beneficiary inherited the property and the estate has been probated then she is the new owner and can execute a new lease agreement.
Can executor ask beneficiary to return keys?
Yes, the executor is responsible to the court to preserve the estate. Securing the property by preventing others from accessing the property is a step in that direction.
Does a Beneficiary have the right to enter a willed home?
Not until authorized to do so by the executor. The property belongs to the estate and the executor must protect the property.
Can a beneficiary stay at a property without paying rent to other beneficiaries?
They are not responsible to the other beneficiaries, they are responsible to the estate. It is up to the executor to make sure things are done fairly.
Can a beneficiary rent out estate real property and keep the proceeds to himself at the expense of other beneficiaries?
If that beneficiary inherited the property by himself- yes. If that beneficiary inherited the property along with other beneficiaries- no. Remember that the estate must be probated if it includes real estate in order for legal title to pass to the beneficiaries.
Is a CD part of the estate when it's found after the closing?
Yes. If the CD is the sole property of the decedent with no beneficiary listed the estate must be reopened with a newly appointed estate representative to collect and distribute the remaining property.Yes. If the CD is the sole property of the decedent with no beneficiary listed the estate must be reopened with a newly appointed estate representative to collect and distribute the remaining property.Yes. If the CD is the sole property of the decedent with no beneficiary listed the estate must be reopened with a newly appointed estate representative to collect and distribute the remaining property.Yes. If the CD is the sole property of the decedent with no beneficiary listed the estate must be reopened with a newly appointed estate representative to collect and distribute the remaining property.
