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What happens if the house burns down and you live there under the life estate law?
The fire would not affect the life estate which is a right to the real property. However, whether the property will be habitable again depends on whether the dwelling was insured. If it is rebuilt the life tenant has the right to occupy for the duration of their natural life. Responsibilities regarding insurance may be governed by state law and by any life estate agreement. You should consult with an attorney who can review your situation.
What else can I help you with?
What happens if you gift a your house to someone but the person dies before you do?
If you have made a valid gift under your state's laws on gifts, the house belongs to the person you donated it to even if that person dies before you do. Once a valid gift is made, the transfer of ownership is complete. You no longer own the property.
Can an HOA prohibit an estate sale?
Read the CCR's - generally they can. If it is done differently from that of a yard/garage/jumble/tag sale it could be allowed (e.g.: private showings of the house contents by appointment while all is kept inside the house).
If an individual passed away and left an estate worth 1.2 million what percentage of the assets would be subject to an estate tax under current law?
Under current 2021 federal estate tax laws, estates worth over $11.7 million for individuals would be subject to estate taxes. Since the estate in question is valued at $1.2 million, it falls below the threshold and would not be subject to estate taxes.
How is the length of a life estate measured?
Generally, the life estate is for the duration of the life tenant's natural life. Other arrangements can be made if specifically recited in the grant or reservation such as a life estate until the life tenant is transferred to a long term care facility. An attorney should be consulted who can review the situation and explain the consequences of a life estate under state laws and tax laws.
How do you find out how much is in someones estate?
Unless you are related to the estate in some way, you may not be able to. However, the estate is required to file taxes and those can be obtained from the IRS under the freedom of information act. And the estate is required to file an accounting with the court, which can also be obtained.
When real estate under an estate for years is sold what happens to the lease?
lease is subject to termination with proper notice
When a house is sold that is in an estate trust does the money from the sale of the house go into the estate?
Of course! The assets of the estate stay in the estate until properly distributed under the terms of the will or intestacy laws. The sale of the house is going to be subject to any mortgage or liens that may be in place.
My uncle has died and his house is part of the estate under probate. can we rent it out when it is still under probate?
Yes, the executor of the estate may do what they can to insure the value of the estate doesn't lose value. But the estate will need to file a tax return for the rental income.
What happens if house arrest is not revoked?
Then the person would still be under house arrest.
How do you differentiate a condominium from a guest house?
Condominium is a form of real estate ownership whereby all owners share ownership of the real estate assets, and own some assets individually. A guest house is a structure that can be owned under any form of real estate ownership .
Is a house lien still active when the owner dies?
A lien does not go away with the death. It remains against the estate of the deceased. The debtors will likely file their claim with the estate and make sure they get their money one way or another.
If a house is in probate what happens if one of the heirs dies?
The gift to the beneficiary will become part of the beneficiary's estate. Generally, the interest of the deceased heir will pass to their own heirs according to the provisions in their will or to their heirs-at-law under the state laws of intestacy. Also, their estate will need to be probated. The attorney who is handling the original estate can explain what needs to be done in order to clear the title to the property.
Can you sell your interest in a house that is lived in by a person covered under a life estate?
I bet you can, as long as the buyer understands that "your interest" includes the honoring of the life estate. You can sell what's yours, and not what isn't, obviously.
What happens to a retirement annuity when a member passes away and no beneficiary has been nominated but someone has been appointed to handle estate?
The proceeds would be paid over to the decedent's estate and pass under the Will or according to the laws of intestacy if there is no Will.The proceeds would be paid over to the decedent's estate and pass under the Will or according to the laws of intestacy if there is no Will.The proceeds would be paid over to the decedent's estate and pass under the Will or according to the laws of intestacy if there is no Will.The proceeds would be paid over to the decedent's estate and pass under the Will or according to the laws of intestacy if there is no Will.
What if your mother passed away on June 24th Her house started the foreclosure process on June 10th Since foreclosure began before her death is the estate responsible for her debt on the house?
Any heir wishing to keep the house must pay off the debt. However, if no heirs desire to keep the property, then the estate will not be liable for a deficiency if the house is being sold under a trustee's sale. If the foreclosure is court ordered, then the estate and heirs can be held liable for a deficiency.
How do you use seller and cellar in a sentence?
The seller showed the real estate agent how to show off the wine cellar on the side of the house and the furnace and air condition units in the cellar under the house.
If you inherit a house is there a time limit To sell it The estate is under the dollar requirement for taxes IN CA?
No. Once inherited, it is yours to do with as you wish...same as if you bought it.
