0
What else can I help you with?
Does that mean the secondary executor of the estate lost control even if the will states joint executors?
Any executor must be appointed by the probate court. If joint executors are named in the Will they must petition to be appointed by the court. They can only be removed by the same court.
Will that mean the secondary executor of the estate lost control even if the will states joint executors?
Any executor must be appointed by the probate court. If joint executors are named in the Will they must petition to be appointed by the court. They can only be removed by the same court.
Will a secondary executor of an estate after a death lose control even if the will states joint executors?
Any executor must be appointed by the probate court. If joint executors are named in the Will they must petition to be appointed by the court. They can only be removed by the same court.
What is the difference between probate assets and non-probate assets?
Probate assets are part of a deceased person's estate that go through the probate process, while non-probate assets pass directly to beneficiaries outside of probate. Probate assets include property solely owned by the deceased, while non-probate assets include assets with designated beneficiaries or joint ownership.
What is the joint heir definition and how does it relate to inheritance rights?
Joint heir refers to a person who inherits property or assets alongside others, typically through a will or legal arrangement. Inheritance rights for joint heirs involve sharing ownership and responsibilities for the inherited assets, with each heir having a claim to a portion of the estate based on the terms set forth in the will or legal agreement.
Can a joint tentant sell half of a condo?
No. The purpose of a joint tenancy title is to designate ownership easily should one tenant die.
Does it eliminate estate and probate when heirs are on all accounts as joint owners of deceased?
If the only assets owned by the decedent were joint accounts then those accounts would be owned by the surviving joint owner. Real property, if not held in a joint ownership with right of survivorship, would need to be probated to vest title in the heirs.
Do joint executors of wills have the same power?
Generally a joint executor would have as much power as any other joint executor, meaning they had BETTER get organized and communicate about what needs to be done and who will be doing it.
You are a co-executor of a will you believe each can act independently you want all assets in bank account withheld until you can do an audit Does the bank have to follow your wishes?
exeutors are trustees, and where there is more than one must act together, unless the instrument creating the trust specifies that they may act separately. The bank should only act on joint instructions from both executors.
Are joint executors liable for any debts unpaid from the estate?
The executors are responsible for the payment of the debts according to the payment scheme required by state law, however, if they do their jobs properly only the estate is responsible for the debts of the deceased. You need to be careful when there are debts and not enough money to pay them all. Certain creditors have the legal right to be paid first and the debts must be paid before any property is distributed to the heirs. You should seek the advice of an attorney who specializes in probate.If there are no assets in the estate to pay debts the creditors are out of luck.
What is an earn in type joint venture?
An earn-in type joint venture is a partnership arrangement where one party contributes assets, typically in the form of minerals or property, while the other party earns an ownership stake by funding exploration or development activities to meet specified milestone targets. The party earning into the joint venture gradually increases its ownership stake as it meets these milestones, allowing it to share in the benefits of the project's success.
Does a joint account rule out any will by one party?
A joint account typically means that both parties have equal access and ownership of the funds. However, the existence of a joint account does not necessarily rule out the provisions of a will made by one party. The assets in a joint account usually pass to the surviving account holder upon death, but other assets specified in a will can still be distributed according to the deceased's wishes. It's essential to consult legal advice for specific situations, as laws can vary by jurisdiction.
