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Well, if you're exceptionally stupid, you go on the internet and take the advice of some Yahoo there, trusting that "if it's on the internet, it must be true."
If you have some moderate amount of sense, though, you consult a tax preparer or attorney.
That said, in the US bequests are handled differently from income as far as taxes are concerned. If you haven't been required to file in previous years, you probably won't be required to file because of the estate either.
If you were supposed to file in previous years and you just didn't do it, that's eventually going to catch up to you, and that attorney is looking like a better idea every moment.
What else can I help you with?
Are certificates of Deposit part of the residuary estate?
They are a part of the estate. Whether they are residual or not will depend on whether the CDs have a beneficiary named on them or are specifically left to someone.
What does half share in residuary estate mean?
The residuary estate is that part of the decedent's estate that remains after all debts, expenses, taxes, and specific bequests have been satisfied. Therefore, you have a half share in anything that is left over.
What items are part of the residuary estate?
Assets that are not specifically devised, a devise that fails for some reason and assets that come into the estate after the death of the testator, such as an award in a lawsuit, make up the residuary estate. For example, if the testator simply left all her estate to be equally shared by her three children, they will share the entire residuary estate. She could also leave her real estate to one daughter and direct that all the rest of her estate be shared by her other two daughters. In that case, the real estate is not part of the residuary.
Can the spouse become the administrator of the estate if there is no will left?
Yes, if there is no will, the spouse can typically become the administrator of the estate, often referred to as the personal representative or executor in intestate succession. The laws governing this process vary by jurisdiction, but in many places, the spouse has priority over other potential heirs. They may need to file a petition with the probate court to be appointed as the administrator.
What is the money that is left over after all of the business expenses are paid called?
ProfitMoney that is left after all business expenses are paid is called profit.
Do you have to probate a will if no estate was left in the decendants name only?
Generally, if there is no estate then the will need not be probated especially since the fees for probating a will have been rising in recent years. Most jurisdictions have a process by which a will can be filed without petition. In that case the will is archived for posterity and no other action is taken. There may be a nominal fee.
What happens when an estate administrator dies?
If the person left a Will the Will will identify who the administrator (executor) of the estate is to be - only this person can anministor the estate. If there is no Will then the state will appoint an administrator (there will be country specific laws relating to how this happens).
What happens to the money left in a estate when one beneficary cannot be found?
It should be held in the registry of the court. If it remains there for a certain period of time (could be seven years), it escheats to the state.
What happens with a life estate when the property is sold while the property owner is still alive. Is it automatically revoked?
Nothing happens to the life estate. The life estate remains as long as the person who holds it is still living. Any sale is based on the existence of the life estate. However, if the life estate has not vested, as in the life estate was to be left in a will and they haven't died yet, then the life estate is void.
What happens if the estate and money left in a will of a deceased is in percentage?
In fact, this is how most wills are set up. They pay out a percentage of the estate. For example, if the estate was worth $100,000.00 and a beneficiary was to receive 15% of the estate, they would receive $15,000.00.
How do you find out if someone left you money?
You should receive a notice from the executor or the attorney who is handling the estate as long as your address is known. If you are speaking of a particular decedent, you can check the decedent's name in the local probate court records to see if an estate was filed. If there is an estate, you can visit the court and read the will.
What happens if a parent dies and they left the estate to their children and some of the children take over not sharing with the others?
They can be sued.
What happens to your money when you die in the UK?
If you die without having any relatives, and have not left a will - your estate goes to the treasury.
How can you find out if a person left you something in their will?
You can find out if a person left you something in their will by requesting a copy of the will from the executor of the estate or the probate court where the will was filed. If you believe you may be a beneficiary, you can also contact the deceased's lawyer to inquire about any bequests to you.
What happens when your parents are deceased and there is no money left in the estate to pay for medical bills?
If there is any other property such as real estate then it must be sold to pay the debts. If there are no assets the estate will be deemed insolvent by the court and the creditors are out of luck.
My Grandfather passed away recently and I know that I am a beneficiary to his estate. How do I find out what assets are in the trust and exactly what I am a beneficiary to?
If your grandfather left a will and the will has been filed in probate you can request the file and review any documents that have been or will be filed by the executor. The executor, and the trustee if a testamentary trust was created, will be required to file an inventory of all the real and personal property owned by your grandfather at the time of his death. Once a will has been filed in probate the estate becomes a public record.
What happens if large sum of undeclared cash is left but no will?
It goes to the estate and is then distributed according to the intestacy laws for your state or country.
