If all property was jointly owned then ownership automatically passed to the surviving spouse. There is no need to open an estate proceeding.
The obligor is the decedent's estate. If assets are distributed without paying the estate tax, the personal representative is on the hook. In addition, recipients can be required to pay up to the value of assets received.
For the estate assets you would have estate taxes.
REAL aSSETS
Assets in Accounting is all cash, accounts receivable, inventory, merchandise, property, equipment that is owned by a business and/or company.According to investorwords.com the meaning of Assets in Accounting is...Any item of economic value owned by an individual or corporation, especially that which could be converted to cash. Examples are cash, securities, accounts receivable, inventory, office equipment, real estate, a car, and other property.
A physical asset is a tangible resource that has intrinsic value due to its substance and properties. Examples include real estate, machinery, vehicles, and inventory. These assets can be seen and touched, and they typically play a crucial role in a business's operations and financial health. Unlike intangible assets, such as patents or trademarks, physical assets can often be depreciated over time for accounting purposes.
To insure that the estate is settle correctly and efficiently to maximize the heirs inheritance and to provide clean title to property. A full accounting of the estate and its assets must be produced.
That is one of the duties of the executor. They have to inventory the assets and debts of the estate. Then they will be able to liquidate the debts and distribute the assets.
Tenancy in common; joint tenancy; tenancy by the entirety; tenancy in partnership; life tenancy.
The obligor is the decedent's estate. If assets are distributed without paying the estate tax, the personal representative is on the hook. In addition, recipients can be required to pay up to the value of assets received.
estate at will
It depends on the extent of the estate. It may be required to settle the debts. The assets may have to be retained to pay taxes on the property until it is sold.
There is no formal reading of the will. The executor must inventory and value all assets of the estate. They have to provide an accounting to the court.
If a person who has life tenancy is institutionalized and never intends to live at the property that he has life tenancy does that person still have life tenancy.
The executor must file both an inventory of the estate assets at the beginning of the probate procedure and a final account at the end. You can visit the court and review the file at any time.
The executrix is responsible to distribute the assets according to the will or the laws. The consent of the beneficiaries is not required.
If by indigent you mean completely without assets, then no, an estate is not necessary. An estate is necessary if a decedent has assets that are to be transferred to another person, whether by will or intestacy. In fact, since a decedent's "estate" consist of his/her assets nd if there are no assets, there is no "estate."
Unless you are related to the estate in some way, you may not be able to. However, the estate is required to file taxes and those can be obtained from the IRS under the freedom of information act. And the estate is required to file an accounting with the court, which can also be obtained.