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How can an estate beneficiary know about the whole estate and how it is distributed to himself and others?
All the filings in an estate are a matter of public record. All you would need is the name of the deceased to acccess the file number. You can go to the court where the probate was filed and request to examine the file. If that is not possible, you could telephone the court and inquire about having copies sent to you. They charge up to $1 per page and a clerk would probably count up the pages for you so that you could send a check in the correct amount. They are usually very helpful.
What else can I help you with?
Can executor ask beneficiary to return keys?
Yes, the executor is responsible to the court to preserve the estate. Securing the property by preventing others from accessing the property is a step in that direction.
Does a couple have to be legally married to be a beneficiary for each others life insurance beneficiary for their policies?
No. You can name who you choose as your beneficiary.
Do you have to pay federal taxes on money you get from an estate?
No. Estate taxes are paid by the estate of the dead person. The person who receives the property or money does not pay the tax.Were it as easy as that!Frequently, especially when the inheritance comes from a 401k or other plan, the amount is taxable. There may be an estate tax ( and may not) dependning on the size of the estate, and some taxes mat be a credi against others (like gift taxes against inheritance taxes). There are many taxes involved in any inheritance, estate &/or gift.On something like a 401 k you would have a beneficiary. In that case the 401 k does not become part of the estate, unless the estate was named beneficiary.
Who is responsible if parents die and their home has forclosed?
If you're in the US... Their estate is responsible...meaning that expense (along with others) gets paid before any funds are distributed to their heirs.
Can the executrix put their name on the deed when the property was left to eight people in the Will?
Not unless the executor is also a beneficiary of the property along with the others. The estate must be probated in order for title to be transferred to the heirs legally. You should consult with an attorney who specializes in probate law. An executor has no legal authority until they have been appointed by the court.Not unless the executor is also a beneficiary of the property along with the others. The estate must be probated in order for title to be transferred to the heirs legally. You should consult with an attorney who specializes in probate law. An executor has no legal authority until they have been appointed by the court.Not unless the executor is also a beneficiary of the property along with the others. The estate must be probated in order for title to be transferred to the heirs legally. You should consult with an attorney who specializes in probate law. An executor has no legal authority until they have been appointed by the court.Not unless the executor is also a beneficiary of the property along with the others. The estate must be probated in order for title to be transferred to the heirs legally. You should consult with an attorney who specializes in probate law. An executor has no legal authority until they have been appointed by the court.
What if the insured of a life insurance policy does not own an estate?
Normally an insured person on a life insurance policy lists another person as his beneficiary. If that person dies first, then when the insured person dies, it goes to his estate. In that case, the term estate does not refer to a piece of land. Estate refers to all of his property: Bank accounts, Insurance policies, unused IRAs, etc. Some of them may be designated and others not. Whatever he owned when he died is his estate as far as the law is concerned.
What happens if you do not accept what was left to you in a will?
It is legally called a "disclaimer" and it means you do not have any legal possession of it, it cannot be seized from you, it remains part of the estate and it can be distributed to others by the estate. This is sometimes used when an heir has a debt that would completely consume the inheritance, so it is disclaimed rather than be forfeited to the creditor.
Is the beneficiary of a life insurance policy responsible for bills of the deceased?
An individual buys life insurance for a variety of reasons, some of which may include Love, Character (to provide financial security for others), or because of a court order (such as for divorce) requires it. There are other reasons, too. Unless the beneficiary of the life insurance policy has agreed to answer for the debts of the deceased, he/she is not ordinarily responsible for them. The Statute of Frauds of the US jurisdiction in which he/she/the deceased resides will probably address this issue. Under the Statute of Frauds, an agreement to pay the debt of another usually has to be in writing to be enforceable. If the beneficiary of the life insurance policy is also the executor/administrator of the estate, he/she has to follow the statutory law regarding notice to creditors (usually by publication) of the insured's death, and see to it that claims timely filed are paid from available estate assets. If the life insurance proceeds are payable to the estate, those proceeds would generally become an estate asset. However, as your question is stated, the named beneficiary is someone other than the estate. Therefore, based on the scope of the question, the beneficiary is entitled to the funds and is not responsible for the debts of the deceased. Regardless of one's view on the moral or ethical issues of the matter, the beneficiary has no legal obligation to use the funds to pay the debts of the deceased. This is a general response to your question and is based only on the information given. No attorney-client relationship is created or intended.
Should owner of vehicle have a beneficiary named?
If you are talking about someone who will inherit your vehicle once you die, all your vehicles are part of your estate, once you die, (depending on the county's legislation), your estate will be divided between your spouse and children, this is if you do not leave a last will and testament, if you do, you may leave your car to a specific person. In some countries you are allowed to disinherit people, in others you are not, but your car, is part of the estate, as is your home and any other asset you may have, since (for example in Chile) you can only inherit 25% of your estate freely, the rest is divided equally based on the law, 50% to your spouse and the other 50% between your children, so you should consult with a lawyer to do this according to the law in your own country. BTW, if you mean a beneficiary for the insurance in case of your death in a car accident, that is part of the insurance policy and has nothing to do with your car.
Can the executor of an estate make a loan to one of the beneficiaries with the understanding that the loaned amount will be deducted from that beneficiary's final distribution?
The answer depends on the laws of the state of probate, because not all states have the same such laws. In general though, the executor can make such a loan, but with some limits. An executor has complete control and possession over all the assets of the estate and has the duty to invest those assets so that they earn the estate income during administration. In that sense, it is possible that an executor could make a loan to a beneficiary at an interest rate higher than what could be gotten if the funds were kept in an estate account. The loan would have to be made with a competitive rate of interest, because those monies would be in the estate account earning interest but are instead in the pocket of the beneficiary. The executor must make absolutely sure that the loan is protected from loss or he will have to pay for any losses. All states have laws which are referred to as prudent investment acts or some similar wording. They describe the types of investments that executors may make. Some states might specifically prohibit such loans. Others might allow them, but may require more security than just the anticipated inheritance. Those laws must be reviewed first. There are many dangers in making such loans so they are usually not done. Sometimes beneficiaries lose their rights to inherit or have their rights attached by creditors. If that happens, the executor cannot claim that he has given the beneficiary the inheritance ahead of time. The executor could find himself in the position of having a worthless loan with no security.
What are the tax implications of naming an estate as a beneficiary?
Your own estate? Poor planning for life insurance anyway....life insurance would go to a named beenfificary tax free and virtually instantly upon death/certiification..simple, easy, basically unchallenged and protected from others claims. Once it becomes part of the estate, it just increases the estate..and any inheritance/transfer taxes, administration fees, etc will be charged/increased because of it (like any other asset/cash in the estate)....plus just it becomes an asset that anyone who wants to challenge the other beneficiaries, or feels they were due something for any reason...has to go after.
Can you rent a life estate in west Virginia?
Yes, the holder of a life estate can rent that estate. It is theirs to do with as they wish until their estate ends. That will be when they pass away. And because that is not known, such agreements are usually less expensive then others.
