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Probate
Probate is the process and the type of court that handles the evaluation of an estate. This includes the inventory and the subsequent liquidation through settling debts and the transfer of property.
2,421 Questions
What can be done if executor mis handles funds?
An executor is held to a much higher standard than others, known as a fiduciary standard. If you have written evidence of the mis-deed, this person can be held liable. You should be able to find an attorney that will review your case, and assess the strength or weakness of your position. Many times, they'll take a case on a contingency fee basis, if they think it is a strong case. This means they won't charge you anything if they lose, and will charge you a certain percentage of the winnings, usually 20-33%.
What is an example of a signature guarantee letter?
UBS AG 100 Half Day Rd. PO Box 1547 Lincolnshire, IL 60069-1547 To Whom It May Concern, Name: Nancy Louise Lane Address: PO Box 4847, Fayetteville, AR 72702 SSN: 420-66-0559 Date of Birth: Nov. 13, 1951 Telephone: 479 935-4270 re: Signanture Guarantee Letter Sincerely, Nancy L. Lane
What are the UK laws regarding the debts of a deceased person Who pays them off?
The estate of the deceased is responsible for paying all the deceased's lawful debts.
Practical application of Section 59 of Trustee Act 1949?
Other than this one obscure reference I can find no other mention of this Act other than cross-references to the nation of Malaysia. "To administer a trust, a trustee has a variety of powers. These powers are derived from the trust deed and the Trustee Act of 1949. Trustee needs these powers to carry out acts in relation to beneficial interest, to trusteeship and to trust property. Power of a trustee may include the power to invest, to pay trust money into bank, to sell the trust asset, etc."
Does the executor of the will have authority over how the beneficiary spends the insurance money?
No, executors are only involved in determining who to give money to, but they can't control what is done with the money by the people who receive it. Once you inherit money it is yours, to do with as you will.
Sometimes wills have conditions attached to them. For example, my son will inherit $50,000 but only after he gets married. That restricts his ability to inherit the money, by placing a condition on the inheritance. However, once he does get married and does inherit the money, he can still spend it any way he chooses.
If I were to say "My son will inherit $50,000 but I require him to spend it wisely" there is no way to enforce that. I might advise him to spend his money wisely, but in the end he will spend it the way he wishes, wisely or foolishly.
Do you by law have to probate a will?
Yes, you do have to probate a will. The court is going to insure that the will is executed and protect the desires of the deceased. They also want to make sure that the state gets the appropriate taxes.
In the Uk the current Court fee for those attending court in person is £105.00 (August 2012) plus £1 for each additional copy of probate requested at the same time as the application.
If a person dies without a will, in the United States, state law determines who inherits the estate. In one case, if there is a wife and no children, she gets it. A wife and one child each get half. A wife and 2 children each get 1/3. If there is wife and more children, the wife gets 1/3 and the children split the rest. If there is no wife or children, the parents get it. Next siblings split it. Next Aunts & Uncles, then first cousins, and finally second cousins split it. So it gets split in the order of relationships with the closest related getting it and splitting it. If there is no one real close then the more distant spilt it. Third cousins get nothing. At that point it goes to the state.
In case there is no Nomination in the policy bond be it spouse or any one else, Insurance Company as per law, will only pay the maturity/survival proceeds to the legal heir of the policy holder only.
You should visit the court immediately and ask for instructions on how to file a petition to compel the administrator to account for his actions regarding the estate. You should also contact the attorney who is handling the estate. Stealing the proceeds from an estate is a criminal offense. You have waited too long already.
You should visit the court immediately and ask for instructions on how to file a petition to compel the administrator to account for his actions regarding the estate. You should also contact the attorney who is handling the estate. Stealing the proceeds from an estate is a criminal offense. You have waited too long already.
You should visit the court immediately and ask for instructions on how to file a petition to compel the administrator to account for his actions regarding the estate. You should also contact the attorney who is handling the estate. Stealing the proceeds from an estate is a criminal offense. You have waited too long already.
You should visit the court immediately and ask for instructions on how to file a petition to compel the administrator to account for his actions regarding the estate. You should also contact the attorney who is handling the estate. Stealing the proceeds from an estate is a criminal offense. You have waited too long already.
When you dont agree on intestacy distribution?
Intestacy distribution is governed by state law. The formula is easily followed when the property is cash or the proceeds from sale of property. However. if the heirs-at-law cannot agree on a fair division of personal property then the settlement of the estate can become more difficult and more expensive.
The administrator has the power and the responsibility to make distribution of the property. In a "friendly" administration where everyone co-operates the family can usually decide on how the property will be divided. If the heirs disagree, the distribution process becomes more costly. The property must be appraised. The administrator can then make a fair distribution based on the fair market value of the property or the property can be sold and the proceeds divided equally according to statutory provisions. If the last method is used, the cost of the appraisel will be deducted from the proceeds and the sale of the property may not yield a very high return. Items of sentimental value will be sold.
The bottom line is that refusal to co-operate will result in a diminished value of the estate. The family needs to meet and the realities must be understood and discussed by all. Perhaps the attorney who is handling the estate can act as the moderator or suggest a mediator who could act as a disinterested third party. However, everyone should keep in mind that the court appointed administrator can choose to go above the squabbling and divide the property as fairly as possible.
Is a living trust EXEMPT FROM BANKRUPTCY?
Sometimes, parts of a living trust can be exempt from bankruptcy such as exemptions for a homestead, but even that isn't always the case. How a living trust is treated in a bankruptcy varies depending on how the laws of the state treat this type of trust as a whole. Typically though, living trusts are not fully exempt from bankruptcy.
If you inherit money can the executor pay it as an annuity?
It may be worked out that way in the will. Or if a trust were set up that way, it is often done to protect assets.
What do executors do when beneficiaries refuse to collect chattels in England?
In England, chattels are goods capable of being transferred by delivery. If the beneficiary refuses to collect their inherited property then you should send it by currier to be delivered with a signed receipt and charge the cost to the estate for that service. Or, you should petition the court for guidance.
Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.
Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.
Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.
Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.
Where do you view a will in probate?
Most states require that all beneficiaries receive a copy of the will when the probate process is started. If not, the will is public record once it is probated. Contact the court where the estate is being administered and ask for a copy.
How should an estate be divided in a family?
Wills are often a source of contention amongst the beneficiaries. However, there are many reasons the gifts may be unequal and there is no set rule since property division by a will is the prerogative of the testator and it can be affected by many factors such as:
- One child may have been more helpful to a parent and after death the parent wants to reward that child.
- One child may be more fortunate in their life through their superior abilities, career opportunities or marriage and they may not need as much as another child.
- One child may have been given more during the life of the decedent.
- One child may have been more of a problem during the parent's life and their behavior has resulted in less of an inheritance.
If a parent dies without a will their property will be distributed according the the state laws of intestacy. You can check the laws in your state at the related question link.
The executor IS the owner of the property, for the purpose of probate.
How are cash disbursements from a deceased's estate taxed?
Generally, they are not. If any of the money includes interest, dividends, or capital gains earned after death, that income may be taxable to the beneficiaries when distributed. If you inherit a retirement account, such as an IRA, distributions therefrom will be at least partially taxable unless transferred into an IRA for the beneficiary. The rules are complex, and will not be addressed here.
How much is the executor fee in Oklahoma?
http://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=72389
Oklahoma Statutes Citationized
Title 58. Probate Procedure
Chapter 10 - Accounts and Payments
Section 527 - Commissions and Fees
Cite as: O.S. §, __ __
A. When no compensation is provided by the will, or the executor renounces all claim thereto, he must be allowed commissions upon the amount of the whole estate accounted for by him, excluding all property not ranked as assets, as follows:
1. For the first thousand dollars, at the rate of five percent (5%);
2. For the next Five Thousand Dollars ($5,000.00), at the rate of four percent (4%); and
3. For all amounts above Six Thousand Dollars ($6,000.00), at the rate of two and one-half percent (2 1/2%); and the same commission must be allowed administrators.
In all cases such further allowance may be made, as the judge of the district court may deem just and reasonable, for any extraordinary service. The total amount of such allowance must not exceed the amount of commissions allowed by this section.
B. Co-executors and co-administrators shall be entitled, as a unit, to the same fee allowable to a single executor or administrator, which shall be divided among them as the court may determine, unless they agree to a different division and the division is approved by the court.
C. An executor or administrator who does not serve during the entire administration of an estate shall be entitled to only a portion of the fee provided in subsection A of this section, and such portion shall be determined by the court in its discretion.
What does proceeded in death by mean?
I think you mean "preceded in death" which means "died before" .
