You must be the duly appointed fiduciary and generally, you need the court's permission.
Life insurance is not considered part of an estate and is not available to pay the decedent's bills and debts. Even if there is no money whatsoever to pay bills, the insurance is not part of the estate. The only exception would be if there were no existing named beneficiaries or if the policy is payable to the estate. But even there, keep in mind that it isn't the "insurance" money that is now available to pay the debts. It is "estate" money, because the proceeds were payable to the estate. The Federal government will include life insurance proceeds as part of the gross estate for federal estate tax purposes, but that does not mean they are actually part of the estate.
Yes, an estate can gift money to beneficiaries through a will or trust as part of the distribution of assets after the owner's death.
The Legislative Branch is the only part of the government that can authorize the borrowing of money. The Executive Branch can request the money be borrowed but cannot authorize it.
Your sister's debts are not part of the estate. The estate's responsibility is to pay the mother's debts and distribute the remainder. What your sister does with her share of the inheritance is up to her.
Money from a Payable on Death (POD) certificate of deposit (CD) typically does not go into the estate account, as it is designated to pass directly to the beneficiary upon the account holder's death. The beneficiary can claim the funds without going through probate, meaning they are not part of the estate's assets. However, if there are no designated beneficiaries or if the beneficiary predeceases the account holder, the funds may then be considered part of the estate and could be deposited into the estate account. Always consult with a legal professional for specific guidance related to individual circumstances.
The executor's fee is based on the value of the estate. Money owed is not a part of the estate, it is a claim against the estate.
If the property was part of the estate then the proceeds are also part of the estate.
Yes, it becomes a part of the estate. It can be used to pay off debts and then be distributed according to the will or the law.
That will depend on the deed and what the ownership is. If it is a right of survivorship, no, it is not a part of the estate. If they are listed as tenants in common, yes, the estate has a claim to part of the property.
Life insurance is not considered part of an estate and is not available to pay the decedent's bills and debts. Even if there is no money whatsoever to pay bills, the insurance is not part of the estate. The only exception would be if there were no existing named beneficiaries or if the policy is payable to the estate. But even there, keep in mind that it isn't the "insurance" money that is now available to pay the debts. It is "estate" money, because the proceeds were payable to the estate. The Federal government will include life insurance proceeds as part of the gross estate for federal estate tax purposes, but that does not mean they are actually part of the estate.
Yes, an estate can gift money to beneficiaries through a will or trust as part of the distribution of assets after the owner's death.
Generally: Money given to you "In Trust" is not your personal property. It is not part of your individual estate. You would hold that money as a trustee for the benefit of others.
The estate includes the house. The rental income is treated like dividends and interest - something the estate will have to file as income in the taxes, along with the deceased's last paychecks.
Cooperatives are organized groups that borrow money from the government in order to finance the installation of electrical services. This was part of the New Deal legislation.
The Legislative Branch is the only part of the government that can authorize the borrowing of money. The Executive Branch can request the money be borrowed but cannot authorize it.
When property is owned as joint tenants with the right of survivorship the property is NOT part of the estate of the first joint owner to die.
My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate