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What else can I help you with?
Do you have any equity interest as beneficiary of a will?
You have whatever interest is bequeathed you under the Will. If that's an "equity interest" (whatever that is), then, yes. You only acquire your interest upon the death of the testator. Until that happens you have no interest in any property devised to you in a will. Clarification: If you are asking whether you have an expectancy under the Will of a testator who is still alive, no. The Will can be revoked as long as the testator has capacity. An exception would be in a situation in which the testator has obligated himself by contract to make you his beneficiary.
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.
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 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.
How do you find the beneficiary who purchased a foreclosure property?
The purchaser of a foreclosed property is not a beneficiary. All purchases have to be recorded in the registry of deeds for that county, or whatever system is used in your state.
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.
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.
How is a land held on trust for someone who has equitable interest?
When land is held on trust for someone with an equitable interest, the legal title of the property is held by the trustee, while the beneficiary possesses the equitable interest. This means that the trustee has the responsibility to manage the property according to the terms of the trust and for the benefit of the beneficiary. The beneficiary can enforce their rights regarding the property, including receiving profits generated from it or forcing a sale if necessary. This arrangement ensures that the beneficiary's interests are protected, even though they do not hold the legal title.
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.
Is your trust fund marital property?
Generally no. A beneficiary's interest in a trust created by someone else would not be marital property. A grantor's interest in a trust that is revocable should be the same character as if the trust did not exist.
If property is left to a beneficiary in fee simple can the executor sell it?
If property is left to a beneficiary in fee simple, the executor generally cannot sell it without the beneficiary's consent. A fee simple interest means the beneficiary has full ownership rights, including the right to occupy or sell the property. The executor's role is to manage the estate and distribute assets according to the will, but they do not have the authority to sell property that has already been transferred in fee simple to a beneficiary. However, if the will allows for it or if the estate needs to settle debts, the executor may seek court approval to sell the property.
Does a Qualified terminable interst property trust qualify for a marital deduction?
A QTIP trust (a.k.a. C trust), which is typically created at the death of the first spouse to die, grants the surviving spouse a lifetime right to the income of the trust (at least annually) while transfering the remainder interest to individual(s) of the grantor's choosing. This qualifies for the unlimited marital deduction even though the spouse does not receive outright access to the assets in the trust. Even though this IS a terminable interest (usually disqualifying the marital deduction), the QTIP will qualify for the unlimted marital deduction since the surviving spouse will be required to include, in his/her gross estate, the fair market value, at the surviving spouse's date of death, the assets of the trust. The assets are taxed later in the surviving spouse's gross estate, but they will pass to the beneficiary of the trust, chosen by the first-to-die-spouse, at the surviving spouse's death.
What properties cannot be claimed for the marital deduction?
The marital deduction cannot be claimed for certain properties, such as properties held in a non-marital trust or those owned by only one spouse but not subject to community property laws. Additionally, property transferred to a spouse in a non-qualified terminable interest property (QTIP) trust may not qualify for the deduction if it doesn't meet specific requirements. Moreover, any property given to a non-citizen spouse may also be subject to limitations under the marital deduction rules.
Who is responsible for property taxes the beneficiary or the person with a life estate interest in the property?
You must consult with an attorney in your state. Generally, the life tenant is legally responsible for the property taxes but state laws vary.
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.
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.
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
