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If the fiduciary has been appointed and the period when creditors may file a claim has passed the fiduciary may begin to make distribution, especially of personal property that was specifically devised, as long as there are enough funds reserved to pay claims and costs of the estate.
What else can I help you with?
Does every estate have the need for a probate lawyer?
No not every estate needs one. If the size of the estate is very modest and no one will contest it because it it straightforward then the matter can be handled in probate court where the judge will finalize matter. However if the terms are extensive and can be challenged by someone then by all means get an attorney. He may save you years of legal nightmare.
Who is responsible for expenses while a home is in probate?
The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.
Can the personal representative sell the deceased's house if the estate is still in probate in the state of Michigan?
Yes, if the sale is made according to state law. A court appointed personal representative must sell the property while the estate is "still in probate". After the probate procedure is completed the estate has been distributed and they no longer have any authority.
How can a person deed their part of some land to their children but have a life estate to the property?
Grantors X, Y and Z hereby grant the described property to X, Y and Z as joint tenants with right of survivorship and not as tenants in common, subject to a life estate for their parents A and B, measured by the joint lifetimes of A and B... You can then go on about the obligations to pay taxes and other assessments, maintain the property against the elements and against trespass, and so forth, or just go with whatever default provisions your jurisdiction has come up with for the obligations of life tenants, if any.
What is the difference between a small estate affidavit and letters testamentary?
A small estate affidavit is a legal document used to simplify the probate process for estates that fall below a certain value threshold, allowing heirs to claim assets without formal probate proceedings. In contrast, letters testamentary are issued by a probate court to authorize an executor named in a will to manage and distribute the deceased's estate. While the small estate affidavit is typically used for less complex situations, letters testamentary are necessary for estates requiring full probate administration.
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.
Can an heir buyout other heirs while estate is in probate?
If real property is involved the estate must be probated in court in order for legal title to pass to the heirs. Once the estate has been probated, the heirs can convey their interest in the real estate to whomever they wish. The property could also be sold by the court appointed administrator of the estate by a license to sell real estate issued by the probate court.
What happens if an Ex wife comes on the property and removes items from an estate while in probate?
She can be charged with theft and trespass.
How can you get an inheritance loan?
You can get an inheritance loan to get money more quickly when you are due to inherit money or get a legacy from someones estate. There is often a delay in receiving your inheritance while the estate that the money is coming from obtains probate. Companies specialising in inheritance loans will lend you money while probate is being obtained.
Can an executor who is also a beneficiary get money from the estate while still in probate?
If the estate contains enough assets to settle all of the debts, they can. Also, the executor is, by law, entitled to be paid for their time. The rate is often set by law and the probate judge has to approve the distribution. If they have properly documented their time, it is reasonable to bill the estate and collect it.
What is the difference between a living trust and an estate?
A living trust is set up for a specific purpose, with rules for what is to be done with the assets while the individual is living. They key to many is that it can also transfer the contents without going through probate. An estate is the property of a decedant that is going through probate.
Can the executor of a property raise the rent while still in probate?
There is no reason that they can't. They are responsible to maintain the estate. If the rent was below market value, they could actually be held liable for reducing the value of the estate.
