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What else can I help you with?
Does a will refer to life insurance policies?
It may or may not but in general does not need to as the life insurance policies are individual contracts and would name a beneficiary who receives the death benefit outside of the will, estate and probate if properly named. Stated otherwise, the proceeds are paid to the beneficiary named in the policy. If that is a person or an entity other than the estate of the deceased, the proceeds do not become a part of the estate. However, if the beneficiary designation of the policy provides that the estate is to be the recipient, the proceeds would be included.
Does a son named as beneficiary become executor if the deceased died intestate?
You have conflicting legal terms in your question.An executor is appointed when the decedent left a will.Intestate means that the decedent died without a will. If the son was the "named beneficiary" as you stated then there must be a will.The son can petition the court to be appointed the executor of the will.If there is no will some qualified person must petition the probate court to be appointed the Administrator of the estate. The son would be a qualified person.
Does the person who is named Beneficiary on a Life Insurance Policy have to split the money if they are sole beneficiary on the Life Insurance Policy however in the Will states that assets be divided?
If the insured has died the proceeds from the insurance will be paid AS STATED IN THE POLICY. The proceeds of the claim are not part of the assets of the deceased's estate.
Does a life insurance policy have to be probated?
Not if there is a named beneficiary living. that makes it separate from theEstate of the deceased. example my mother recently passed away while she left a life insurance policy and stated me as the beneficiary, she also had one on me and she was the sole owner. Which makes that life insurance policy part of the estate since there was no other person who was named as owner hope that helps.
Can the executor of a Trust charge rent to a beneficiary of the Trust if that person has moved into the house of the deceased?
The question is a little sketchy but, yes, they probably can. The Executor has a FIDUCIARY RESPONSIBILITY to not let the estate "go to waste" (devalue or be wrongly used) until such time as the will is probated and all the property is distributed according to the stated wishes of the deceased. If you are living in the home of the deceased, and under normal circumstances, would not have done so during the deceased's lifetime - even if you ultimately wind up inheriting the home, you will have to compensate the estate for your living privileges.
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.
Does an first wife have any rights as an heir to an exhusband's estate in Arkansas?
No, not unless she is mentioned as a beneficiary in the will written after the divorce or in a will made before the divorce that specifically stated the gift was made regardless of any future divorce.No, not unless she is mentioned as a beneficiary in the will written after the divorce or in a will made before the divorce that specifically stated the gift was made regardless of any future divorce.No, not unless she is mentioned as a beneficiary in the will written after the divorce or in a will made before the divorce that specifically stated the gift was made regardless of any future divorce.No, not unless she is mentioned as a beneficiary in the will written after the divorce or in a will made before the divorce that specifically stated the gift was made regardless of any future divorce.
Can a bank provide a loan to an estate beneficiary if the will is true to what is stated within?
Yes, but only if ALL of the following are true: * The death is not contested * The will is not contested * Probate debt is clear * Beneficiaries are well defined * Beneficiaries shares are well defined The higher the amount of complexity in the estate and the will, the longer that it will take for the beneficiaries to receive their share of the estate. There are few banks that will take a risk on that complexity until there is a clear ownership of the assets and that will only be made clear during the end of the probate process.
What happens to a joint bank account when the the primary is the now deceased mother and the joint account holder is a daughter and there is a will. In this case there is no will can they do anything?
Joint accounts generally include the rights to survivorship. This means the funds in the account that belonged to the deceased automatically pass to the other account holder(s). The funds are not subject to probate procedure, nor are they subject to any terms stated in a will. It is possible that an estate tax could be levied on the portion of the account belonging to the deceased, but in most cases the amount would need to be substantial for that to occur.
When third party ownership is involved applicants who also happen to be the stated primary beneficiary are required to have?
Insurable interest in the proposed insured
What are the rights of a benificiary to money in a will if they are deceased?
People who are deceased do not inherit money. Many wills indicate alternate beneficiaries, but if there is no stated alternate, then the courts must rule on what happens to the estate.
Is a beneficiary entitled to a copy of will trust?
Before the testator dies, usually not. After death, yes, and it is often required to be filed in the local (county) probate court within a short time, where it becomes a public record to which anyone is "entitled to have a copy".
