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If a decedents home is left out of their trust is the executor still liable to pay the mortgage?
The home is a part of the estate. It does not matter that it is or is not in a trust. The executor is responsible for taking care of all of the assets of the estate.
Is class action suit of deceased considered part of the estate?
It would be an assets of the estate. Any income from the suit would become a part of the estate.
Are unsold works of art which have not been appraised of a deceased person considered to be assets to his estate?
Yes, they are part of the estate. The executor is responsible to get the assets appraised. Only then can the estate be settled and distributed.
Are mineral rights considered part of an estate that have to be liquidated or executed to pay debt?
Mineral rights are a part of the estate. All assets have to be valued and distributed or liquidated. Any proceeds from the sale of assets must be used to pay off any debts.
What part of the estate is charged for a exceutor fee?
The estate is a single entity. There are no 'parts' to an estate, the bill is paid from the assets.
Is brokerage account part of an estate?
Yes, all assets of the deceased account towards their estate.
In Ohio are life insurance polocies and 401K accounts considered part of the decedants estate?
401 K assets are considered part of an individuals estate for Federal Estate Tax purposes. Life Insurance would also be includable in the gross estate if the decedent owned the Insurance Policy. However if a Irrevocable Life Insurance Trust (ILIT) owned the Insurance Policy it would be excludable from the decedent's estate if the policy was transferred to the Trust 3 years prior to the decedents death. If the policy had been transferred to the Trust within 3 years of the decedents death it would be includable in the decedeants gross estate due to the "3 year throwback rule." The way around the three year throwback rule is to have the (ILIT) be the applicant and owner of a new life insurance policy when the insurance policy is first set up. If that is not possible then be aware of the 3 year throwback rule and hold your breath.
When is a gift considered inheritance?
A gift is considered inheritance when it is received from someone's estate after their passing, typically outlined in their will or through intestate succession laws. Inheritance usually involves the transfer of assets or property to beneficiaries as part of the deceased person's estate.
What happens to the assets due to an executor if the executor of a will dies?
They become part of his estate. The executor of his estate would file the claim against the first estate.
Is it better to leave assets to estate or have a will designating recipients?
With or without a will, the assets will be a part of the estate. Better to make your own decisions about who gets things, if there is anything to distribute once debts are resolved.
Does everything a person owns is considered as part of the residue of an estate?
Not necessarily. An estate's residue typically includes assets remaining after debts and specific bequests are settled. It may include real estate, cash, investments, and personal property, but personal items like clothing or jewelry may not be considered part of the residue if they are specifically bequeathed to someone.
Does the decedent's income tax refund check belong in the estate checking account?
Yes, the decedent's income tax refund check typically belongs in the estate checking account, as it is considered a part of the deceased person's assets. However, it's always advisable to consult with a legal professional or estate administrator for guidance specific to your situation.
