0
If you would die and you were a cosignor on a loan does that loan have to be paid off with the estate or does it still fall on the first person named on the loan?
It depends on how the veting was formed, if it was a Joint Tenancy with rights of Survivorship, the rights to keep the house is automatically transfered to the surviving Joint Tenant as long as that person can afford to continue to pay the mortgage payments. There are several types of vesting and you cen discuss this will your title company when you close the deal. If you want to transfer your rights to your heirs, their is also one that covers that. Glena
What else can I help you with?
Life insurance part of estate?
Life Insurance and EstatesNO, not if the named beneficiary is not deceased. The proceeds of a life insurance policy belong to the named beneficiary not to the deceased. It should not under any circumstances be included in the estate of a deceased or the probate process. If no beneficiary is named or if all beneficiaries are deceased then their is no alternative. When their is no named beneficiary then the value of the life insurance policy reverts to the insured and must then be included as part of the deceased estate
Are annuities part of an estate?
With a properly named beneficiary, the death proceeds of an annuity are outside of the estate and transfer directly to the heirs avoiding probate.
Does the person who is named Beneficiary on a Life Insurance Policy have to split the money if they are sole beneficiary on the Life Insurance Policy however in the Will states that assets be divided?
If the insured has died the proceeds from the insurance will be paid AS STATED IN THE POLICY. The proceeds of the claim are not part of the assets of the deceased's estate.
How are you informed if named in a will?
In order to open the estate, one of the key things that must be shown is that all of the beneficiaries have been informed. This is done either in person or via registered mail. Either the person putting you in the will will inform you, the surviving members of the deceased or an attourney.
Does life insurance become part of the estate?
The proceeds of a life insurance policy become part of the deceased's estate under limited circumstances: 1. If the named beneficiary on the policy is the estate of the insured; 2. If the named beneficiary and any contingent beneficiary(ies) predecease the insured or otherwise relinquish their interest in the proceeds.
Does the person who receives the life estate have to maintain the house and property named in life estate?
Generally, yes.
What happens if a person named in a life estate dies before the person making the life estate?
When a life tenant dies the life estate is extinguished. A death certificate should be recorded in the land records.
Who was the first person named sydney?
the first person named sydney is sydney pryce
Who was the first person named Cowes?
the person who named the cow was named Henry Cow
What is a sole residual beneficiary?
The residuary estate is everything not specificallymentioned as gifts. The sole residual beneficiary is that person named in the Will to receive the residuary estate.
How can one become named as the executor of an estate?
To become named as the executor of an estate, an individual typically needs to be designated as such in the deceased person's will. The executor is responsible for managing the deceased person's assets, debts, and distributing the estate according to the will's instructions. It is important to consult with a legal professional to ensure all necessary steps are taken to become the executor of an estate.
What is a person called who is named in a will?
A person named in a will is typically referred to as a "beneficiary." Beneficiaries are individuals or entities designated to receive assets, property, or specific bequests from the estate of the deceased. Their rights and entitlements are outlined in the will, and they play a crucial role in the estate administration process.
Who was he first person ever to be named Alexandra?
the first person to be named Alexandra was Alexandra its not rocket science like the 1st person named tom was tom
Life estate does your spouse have interest in it?
A life estate is based on a specific person's life. If they are not named in the life estate, they have no interest. They can claim the right to use the life estate as long as the individual is still living.
How can someone become appointed as the executor of an estate?
To become appointed as the executor of an estate, a person typically needs to be named as such in the deceased person's will. The court will then review the will and officially appoint the executor. The executor is responsible for managing the deceased person's assets, debts, and distributing the estate according to the will.
Can an estate be named as a beneficiary in a will or trust?
Yes, an estate can be named as a beneficiary in a will or trust.
What does the executor of a will do if someone mentioned in will is deceased?
They will look to the wording of the will. It should specify whether that share goes into the general estate or to the deceased named person's estate or heirs.
