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Is life insurance exempt from creditors in state of Iowa?
Yes, with a but. As long a a beneficiary is named for the policy and that beneficiary is alive then creditors cannot touch the proceeds. If a beneficiary is NOT named or has died, then the benefits are paid to the INSURED persons estate. A persons estate will go to their next of kin, but NOT before creditors take what is owed to them.
When my mother died she had a equity loan on her house if you make the payments can the bank take the house?
No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.
How long does a creditor have to make a claim against an estate in NY?
In New York, a creditor generally has seven months from the date of the decedent's death to file a claim against the estate. If the estate is being administered under the Surrogate's Court Procedure Act, the executor or administrator must provide notice to creditors, which can shorten the claim period. However, if the claim is based on a judgment, the creditor may have a longer time frame depending on the specifics of the case. It’s advisable for creditors to act promptly to ensure their claims are considered.
How long do you have to repay loan to deceased estate?
The timeframe to repay a loan from a deceased estate typically depends on the terms of the loan agreement and local laws. Generally, creditors must file claims against the estate within a specified period, often ranging from a few months to a year after the death. The estate's executor will determine the repayment schedule based on available assets. It's important to consult with a legal advisor for specific guidance based on jurisdiction and the estate's circumstances.
Is life insurance considered part of an estate?
Generally, no. So long as a beneficiary is designated the Policy does not need to be and should not be included as part of an estate. The Policy proceeds or "death benefit" is the property of the named beneficiary, they are not the property of the deceased and therefore not a part of the decedents estate. Only when the Insured failed to designate a beneficiary or no eligible beneficiary is available would the Life Insurance Policy proceeds revert to the named insured and then be included in the Estate.If the policy was owned by someone other than the deceased, the insurance proceeds will not be part of the estate.Since estate taxes (when applicable) can be as high as 55% and the claims of creditors can take an entire estate, it is very important to consult an experienced lawyer prior buying any life insurance policy to ensure that the proceeds go to the heirs and not to pay taxes or the deceased's creditors.
Is it illegal to live in a house with a deceased person's name on the deed?
No. Not as long as the decedent's estate was probated and you are the legal owner now. The deed doesn't need to be changed as long as the probate file shows the estate was properly probated. You do not need to have a new deed drafted and recorded although you can have one drafted by the attorney who handled the estate.If the estate was not probated then you are not the legal owner and you need to rectify that problem.No. Not as long as the decedent's estate was probated and you are the legal owner now. The deed doesn't need to be changed as long as the probate file shows the estate was properly probated. You do not need to have a new deed drafted and recorded although you can have one drafted by the attorney who handled the estate.If the estate was not probated then you are not the legal owner and you need to rectify that problem.No. Not as long as the decedent's estate was probated and you are the legal owner now. The deed doesn't need to be changed as long as the probate file shows the estate was properly probated. You do not need to have a new deed drafted and recorded although you can have one drafted by the attorney who handled the estate.If the estate was not probated then you are not the legal owner and you need to rectify that problem.No. Not as long as the decedent's estate was probated and you are the legal owner now. The deed doesn't need to be changed as long as the probate file shows the estate was properly probated. You do not need to have a new deed drafted and recorded although you can have one drafted by the attorney who handled the estate.If the estate was not probated then you are not the legal owner and you need to rectify that problem.
How long can mineral rights go without being probated in ND They were in a estate in which the lady died in 1989 and never has been probated?
If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.
How long is probate in Michigan?
There is no definitive answer to a question such as this - depending on the simplicity or complexity of the estate being probated, it takes as long as it takes.
What is the time limit to probate a will in Alabama?
After a person dies with a will and the estate is probated how long does the executor have to wait until assets are distributed to the beneficiaries?
If a house is left in a will and the persone does not change the deed can they will it to someone or does it go back to the original will of the person on the deed?
When a person dies owning real estate their estate mustbe probated in order for title to the real estate to pass to the heirs legally. Once the estate has been properly probated the heir is the new legal owner. The probate records are proof of ownership for the heir even though there is no deed in their name. The deed doesn't need to be changed but the attorney who handles the estate can draft a new deed if the new owner wants to have the property registered in their own name in the land records. But remember, it's not necessary as long as the estate was probated.When that heir dies, their estate must be probated and the property will pass legally to their heirs under their will or the laws of intestacy if there is no will.
How long does an executor have after a will has been probated to disperse the estate to the named heirs A home has to be sold also and money derived fro sale also divided in boise id?
It will depend on the complexity of the estate. There is no time limit on the execution of the estate.
Is life insurance exempt from creditors in state of Iowa?
Yes, with a but. As long a a beneficiary is named for the policy and that beneficiary is alive then creditors cannot touch the proceeds. If a beneficiary is NOT named or has died, then the benefits are paid to the INSURED persons estate. A persons estate will go to their next of kin, but NOT before creditors take what is owed to them.
In NJ your mother dies you inherit the house does your stepfather have the right to stay there and for how long?
Your mother's estate must be probated in order for title to the real estate to pass to the heirs. In New Jersey a spouse cannot be disinherited. Your mother's husband may be entitled to a one-third portion of her estate even if she left the real estate to you in her will. You need to discuss the situation with an attorney who specializes in probate law and who can explain your options.
After a person dies with a will and the estate is probated how long does the executor have to wait until assets are distributed to the beneficiaries?
They have to wait until the debts are settled. That may be as short as about 4 months. It can take years on a really complex estate.
How long can you wait before changing the name a deed after a person pass away?
If that person died owning real estate the estate must be probated in order for legal title to pass. You should consult with the attorney who handles the estate about drafting a new deed.
In Texas how long do creditors have after being notified of death to respond against an estate?
6 months after the issuance of the letters of testamentary/administration.
How do you change property title for parent deceased 10 years with no will?
You need to consult with an attorney and arrange to have your parent’s estate probated. An estate that contains real estate must be probated in order for the heirs to acquire legal title. As long as your parent’s estate remains unprobated you are not the legal owner of the property. The situation creates a cloud on the title.
