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What else can I help you with?
WHAT IF Residuary beneficiary owes money to estate?
The estate can require that the beneficiary pay the money back. Or they may offset the amount against what they get. If there is anything left over, there shouldn't be a reason to make them pay it back.
Can a beneficiary to property remove their name?
A beneficiary does not have to accept an inheritance. Their share or that item will go back to the estate to be distributed in another manor.
Does the beneficiary pay from life insurance pay the IRS if you die?
Ideally no, however there are scenarios. If the deceased named you as his life-insurance beneficiary, the money goes straight to you, without passing through probate. Even if the estate can't cover his back tax debt, you get to keep the money. If the estate is the beneficiary or the deceased didn't name a beneficiary, however, the death benefit becomes part of the estate. The IRS can then seize it for unpaid debts, just as it can seize other estate assets. So can other creditors. If you're the deceased's spouse and you filed joint tax returns, the law makes you liable for each other's tax bills. *The exception is possible, if you can claim "innocent spouse" protection: if you show you weren't responsible for the debt and didn't know about it, you may escape paying. Also in cases of estate tax, its upto the executor on how to manage and who sees the pennies, this depends on various scenarios on a case to case basis.
If the beneficiary of an IRA dies and then the IRA holder dies and there is no contingent beneficiary what happens next?
I believe it reverts back to the owner, and thus becomes part of his estate.
Can an executor deny a beneficiary access to the deceased property?
No they can't. However, if the beneficiary is being unreasonable, then the Executor has the right to ask the beneficiary to deal with him through their lawyer. Answer An executor can deny a beneficiary access to property in an estate. Once again though, you must check the laws of the jurisdiction which govern that estate. Most states have laws that say that an executor is entitled to possession and control of all estate assets during administration. Many also provide that if an executor demands that a beneficiary give back an asset that the beneficiary has taken, the beneficiary must give it back. This is necessary for the orderly administration of every estate. You can imagine the chaos that would ensue if every beneficiary had full access to everything in the estate while administration of the estate is going on. Don't forget that the other parts of settling an estate may involve the sale of some items in order to pay debts owed by the deceased. It is often more easily and efficiently done if you let the executor--named by the deceased--complete the job.
If a beneficiary dies first and then the insured dies which relatives of whom inherits?
If a beneficiary dies before the insured, their share typically goes back into the insured's estate and is distributed according to their will or state intestacy laws. The relatives who inherit would depend on the insured's estate plan or the laws of the state where they reside.
A friends father died and she was the beneficiary of his life insurance policy She is in debt so can creditors garnish that money since she has court orders to repay creditors?
They have a court order to obtain the money. They could garnish the income from the life insurance. She doesn't get a free ride, she has to pay it back somehow.
If you are left a sum of money but die before the person who has named you in the will - who gets the money?
That depends on the drafting in the will. Sometimes a gift "lapses" if the beneficiary predeceased the testator. In that case the gift goes back into the residuary estate (the undevised or leftover portion). Sometimes the will names an alternate beneficiary. Sometimes the will provides that the gift shall go to that person's heirs. That's why it is so important for your will to be drafted by a professional.
My brother dies in Texas and has no assets am I responsible for his credit cards and other personal debts?
Your brother's estate is responsible for payment of his debts. If there is no estate then his creditors are out of luck. You could send any bills back along with a copy of his death certificate.
How do you get a deed for land that is being given to you?
A will that transfers real property must be probated in order for title to the real estate to pass to the beneficiary legally. The beneficiary doesn't have to arrange to have a deed in their name, the probate is a public record and can be cited as the legal source of title. If the beneficiary wishes to obtain a deed in their own name that can be accomplished after the estate has been probated. It should be done by the attorney who handled the estate. The beneficiary, as the legal owner, would convey the property to a straw. The straw would convey the property back to the beneficiary and the beneficiary would become the record owner of the property in the land records. This transfer should be done under the supervision of an attorney who specializes in real estate and probate law.
Is the beneficiary obligated to pay decease debt?
I'm confused... Your the benficiary of what? Life Insurance or a Will? The deceased left debts...and taxes? If you are the beneficiary of a life insurance policy...the proceeds go to you..in full (after paying back any loans taken against the policy), no matter what. Independent of the "estate" of the deceased. If your a beneficiary as in a Will of the decedent...then his bills of whatever type get paid before whatever your supposed to get is available. (If he owes other people they must get paid. It kind of makes sense that he can't leave you money he doesn't really have). Answer2: No. Any debts are paid out of the estate left by the deceased. If the estate is not large enough to cover the debts it ends there. The beneficiary gets nothing but does not assume the debts.
What if a life insurance policy is left to a trust and the trust is dissolved would it naturally go to his wife?
it would fall back to his estate. as long as the wife inherits the estate she will get it, but the amount will then be taxable. if she was the beneficiary of the policy or if the trust was still solvent the money would be tax free.
