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Answer: In Massachusetts, if a person dies intestate (having no will) the property passes according to the laws of intestacy. (Check your own state laws.)
What else can I help you with?
What are the implications of having a transfer on death deed with a mortgage on a property?
Having a transfer on death deed with a mortgage on a property means that upon the owner's death, the property will transfer to the designated beneficiary without going through probate. However, the mortgage on the property will still need to be paid off by the beneficiary or the property may be subject to foreclosure.
Can a beneficiary of an IRA name a successor beneficiary in the state of Colorado?
No. A beneficiary has no authority to name a beneficiary of another's property. Only the principal can name the beneficiary. Generally, if the primary beneficiary declines to accept the inheritance then the gift will lapse and the property will be included in the estate.
What if the property is in a trust and I am the beneficiary of that trust?
Under UK Law: The trustee's must authorise the release of the property to the beneficiary(s) The beneficiaries under certain trust law can demand the property of the trust, but the trust deed must state a legal 'absolute' entitlement to that property. If the beneficiary has an absolute right to that property and has attained the stated age at which he or she should receive that property then the trustee's must authorise the payment to the beneficiary. IF it is a discretionary trust then you are only a 'potential' beneficiary and have no legal right to demand the property
Can executor own property if he is not beneficiary and beneficiary dies?
No, he cannot own the property. His job is to distribute it according to the will or the state laws for intestacy.
Does estate money belong to both husband and wife?
An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.
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.
Can you will someone your home if it is not paid for?
Yes. You can leave your property to a beneficiary. However, the beneficiary must pay off the mortgage or the lender will take possession of the property by foreclosure. When you grant a mortgage you are granting the lender an interest in your property. Your beneficiary would take the property subject to the bank's interest.
Can a beneficiary sell the estate?
A beneficiary does not have the right to sell the estate. Only the executor can sell property.
Can you explain how a beneficiary deed works in estate planning?
A beneficiary deed is a legal document that allows a property owner to designate who will inherit their property upon their death. This can help avoid the property going through probate and allows for a smooth transfer of ownership to the designated beneficiary.
Can a trust property be refinanced by a sibling to pay off another in California?
Upon contract a beneficiary and secondary beneficiary are chosen. A sibling can refinance only if their name is initially included on the trust property's contract. If they are not secondary beneficiary, it is very difficult but not impossible if primary beneficiary can not comply.
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 a spendthrift trust be used to purchase property?
Yes, a spendthrift trust can be used to purchase property. The trust holds assets for the benefit of a beneficiary while protecting those assets from the beneficiary's creditors and from the beneficiary's own financial mismanagement. The trustee can acquire property on behalf of the trust, and the property will be owned by the trust rather than the beneficiary directly, ensuring it remains protected under the terms of the spendthrift provision.
