0
What else can I help you with?
Who own assets after someone dies but before the assets are transferred to the heirs via a will?
The assets of an estate are held by the trustees of the estate. After all debts and testamentary dispositions have been satisfied the residue may be distributed
What if the insured of a life insurance policy does not own an estate?
Normally an insured person on a life insurance policy lists another person as his beneficiary. If that person dies first, then when the insured person dies, it goes to his estate. In that case, the term estate does not refer to a piece of land. Estate refers to all of his property: Bank accounts, Insurance policies, unused IRAs, etc. Some of them may be designated and others not. Whatever he owned when he died is his estate as far as the law is concerned.
When a co signer on a business loan dies is the estate responsible or is the other business owner liable for paying the loan?
It depends on how the business and the loan are titled. If the business is a partnership, the business may be responsible for paying the loan. If the borrowers signed as individuals the surviving signer may be able to make a claim against the estate. You should consult with an attorney who can review the loan and any business documents and explain your responsibilities and options.
Will the business continue if the owner dies in a sole trader?
In a sole trader structure, the business typically does not continue automatically if the owner dies. The business is legally tied to the owner, and upon their death, it may cease operations unless arrangements have been made in advance, such as transferring ownership or creating a succession plan. The assets and liabilities of the business may be handled as part of the owner's estate, which could complicate matters for any potential successors.
What is the importance of partnership business?
The first being one partner may have one set of talents, but when there's two or more there will be alot of talents and flow of ideas, the business will be safe and will run smoothly even if someone pass out or unable to work unlike sole proprietor when the owner dies the business also dies to. (SANDILE 50CENT MBHELE)
What happens if someone dies and has no will?
Their estate is held by the court and people are invited to make their case for a part of that estate.
What is included in an estate when someone dies?
When someone dies, their estate typically includes all their assets, such as property, money, investments, and personal belongings. It also includes any debts or liabilities they may have. The estate is then distributed according to the deceased person's will or state laws if there is no will.
Is it legal to change the address of someone who dies if you are next a kin?
Not if you are the fiduciary of the estate.
Who is responsible for paying estate tax?
A person who inherits goods when someone dies.
Who is responsible for paying an estate tax?
A person who inherits goods when someone dies.
What is the difference between an estate tax and gift tax?
Estate has to do with when someone dies. Gift tax has to do with when someone makes a gift of larger than a certain value.
Who pays the attorney when someone dies in Alaska?
The debts of the deceased are the responsibility of the estate. The estate would pay the cost of an attorney. If the estate has no assets, the attorney would require someone to pay them for their services.
What happens to uncashed checks when someone dies?
When someone dies, uncashed checks they received may need to be included as part of their estate and distributed according to their will or state laws.
what happens when someone dies and his estate never goes through probate and then the executor of his estate dies ?
You should seek official legal advice, but the online consensus seems to be that the 2nd person in line to be executor becomes in charge of the estate.
When someone dies who decides if there is an estate to execute?
The creditors and heirs at law generally decide whether the decedent's estate requires probate.
What does it mean if someone dies and you don't feel anything?
It probably means you didnt have strong feelings for that person, or you just didnt really care or know them very well. Something like that happened to me at school. A girl died that everyone knew and I didnt know her so I didnt really care but I still felt bad for the ppl that did know her
When someone dies in Alabama do you have to pay estate tax?
yes you have to pay 15 dollars more
