Estates

Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.

Asked in Loans, Mortgages, Home Equity and Refinancing, Estates, Money Management

Can the executor assume the mortgage of the deceased?

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The executor must discuss that with the lender. If the executor is going to inherit the property the lender may agree to allow an assumption of the mortgage.
Asked in Loans, Mortgages, Estates, Money Management

Are adult children liable for parents mortgage debt?

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No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
Asked in Credit and Debit Cards, Debt Collection, Estates

What is vesting assent in an estate of a deceased?

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A vesting assent is given by a personal representative of an estate in the UK to convey legal ownership of property that is the subject of a bequest or devised to a tenant-for-life of 'settled property'. 'Settled property' is a complex feature of UK property law. You can read more about it at the link provided below.
Asked in Property Law, Estates, Probate

Can an executor remove property before probate?

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The named executor or family can secure the property and must immediately file the will and commence the probate procedure. Until appointed by the court, an executor has no legal authority over the estate. If necessary, there is en expedited process by which a temporary executor can be appointed by the court until the executor can be appointed.
Asked in Estates, Deeds and Ownership

What are life tenant responsibilities once he gives up tenancy and continues to live in property?

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Once a life tenant releases their life estate they have no rights in the property and no responsibilities regarding the property. It is up to the fee owner to determine the terms for the continued use of the property. The owner may serve notice for the former life tenant to vacate the premises or the owner can require the tenant to sign a lease and pay rent. It is up to the owner.
Asked in Banking, Estates

Is stop cheque payment a offense?

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It Depends: Yes - If you gave the check to someone to who you owned some money and need to pay that person for the service he provided you. Since a stop payment results in no-payment the person who got the check can get you arrested No - If the check was lost or stolen. You can always issue a stop payment to ensure that even if the check is misused by anyone to whom you did not intend to give it, the bank won't pay the check.
Asked in Estates

Can beneficiaries to a trust act jointly and severally?

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The beneficiaries of a trust are not usually the "actors". Acting jointly or severally generally pertains to entities that perform the same functions such as trustees. A trust can provide that the trustees can act jointly or severally. That means, one trustee can take any action allowed by the provisions of the trust without the consent of the other trustee. You need to add more details regarding how you think "jointly and severally" would apply to beneficiaries.
Asked in Estates, Deeds and Ownership

Can a codicil amend a deed?

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No. Codicils are not associated with deeds of conveyance. Generally, once a deed has been executed it cannot be amended except by agreement of the parties. If the parties agree then corrective deeds will need to be drafted. For example, if the wrong property was described in the deed several outcomes are possible: If the grantor owned the property that was inadvertently conveyed that land is gone. If the owner wants that land back it must be conveyed by the new owner to the former owner. If the grantor didn't own the land conveyed in the deed then the grantee got nothing. Errors are often made in naming the grantees or conveying proportionate interests: If the owner intended to convey a half-interest but conveyed all their interest the land is gone and the new owner would need to convey the property back in order to correct that error. If the land was conveyed to the wrong person or was intended to transfer to two or more and only one was named, the new owner must convey the land back to the former owner and a corrective deed must be executed. If the owner forgot to reserve a life estate, it's too late unless the new owners agree to grant a life estate to the former owner. The bottom line is that deeds should always be drafted by a professional. Errors in deeds can be expensive to correct if they can be corrected. If an error was made and the grantee will not agree to make a correction then the matter must be decided by a judge. Minor errors can sometimes be corrected by a scrivener's affidavit. You should consult with an attorney who can review the situation and explain your options.
Asked in Home Equity and Refinancing, Estates, Deeds and Ownership

My father died without a will and I inherited his property. His estate was not probated. Do I have legal title?

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The property is still in your father's estate and his estate must be probated. You are not the legal owner. In order for title to real property to pass to the heirs-at-law in an intestate estate (no Will) or under the terms of a Will, the estate must be probated. Title is passed to the heirs by the probate process. You cannot "title" the property in your name until the estate has been probated. You cannot sell or mortgage the property until the estate has been probated. Until you probate the estate you only have what is called equitable title. You should consult with an attorney who specializes in probate who can review your situation and explain your options.
Asked in Probate, Life Insurance, Estates

How Can a beneficiary view a will in probate?

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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.
Asked in Estates, Probate, Power of Attorney

Does guardian of estate have more power than administrator of estate?

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No. A guardian of an estate is the person appointed by the court to manage the property of a living person (the ward) who is incapable of managing their own property. The guardian's power and authority expire immediately upon the death of the ward but the guardian must file a final account with the court that details any assets that came in to the ward's estate since the last account and any that went out. The administrator of an estate is the person appointed by the court who has the authority to settle the estate of the decedent, or the person who has died. The administrator has the responsibility and authority to file an inventory of the decedent's estate with the court and has the legal standing to file a motion to compel the guardian to file their final account.
Asked in Estates, Deeds and Ownership

Does a life estate override a fee simple absolute deed?

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Yes. If property is subject to a life estate and then it's conveyed by deed, the property remains subject to the life estate until the life tenant dies or releases their life estate in writing.
Asked in Estates

Who is the Grantor in a testamentary trust?

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The grantor is the person who declares the trust and then transfers property to the trustee. In a testamentary trust the decedent is the grantor. That person can also be called the testator.
Asked in Estates, Probate

How can a beneficiary challenge the executor of a will?

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You can file an objection to the appointment of the executor during the period reserved for such objections in your jurisdictions. If you think the court appointed executor is not performing their duties properly you can file a motion with the court to have the matter reviewed.
Asked in Estates, Probate

Can a beneficiary force an executor to release monies left to them after all probate requirements have been met?

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Yes. If the executor has refused to make distribution then you should complain to the attorney who is handling the estate and to the probate court immediately. They can be compelled by the court to act or they can be replaced.
Asked in Estates, Stocks

How do you transfer common stock to your children?

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By assignment. If it is a publicly traded company, you contact the company's transfer agent for the appropriate forms. If it is not publicly traded, a simple assignment will do. You should also notify the company secretary.
Asked in Taxes and Tax Preparation, Estates, Columbus (Ohio)

Are bartenders fees taxable?

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While I am not exactly certain what you mean by "bartenders fees", presumably either - 1) Wage paid to a bartender where tips are expected on top - (hence sometimes allowed to be below minimum wage - like waitresses) - 2) Tips/gratuities 3) A flat fee paid to a bartender for services, typically, at an event (like a wedding, etc). All are absolutely, without a question, taxable income to the recepient, virtually always as wages, (and frankly hard to envision how anyone could think they may be anything else).
Asked in Mortgages, Estates, Deeds and Ownership

Does a will trump a joint tenancy with right of survivorship?

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Absolutely not. The purpose of a joint tenancy is to bypass probate. Property that was held as joint tenants isn't included in the decedent's estate and is not subject to probate.
Asked in Cheating, Estates

Can trust be rebuilt?

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in some instances. yes trust can be rebuilt .because even if that some1 cheats on you or betray you or hurt you so much if that some1 really begging you to trust him or her you need to accept because putting trust to some1 is the best way you can do you need to forgive and to forget.... ANSWER; Can it? it depends on individual and how bad the situation is. Trust is hard to get back after the first time it happen. It also painful to the betrayed person The person that hurt you will need to prove himself or herself that patience is the one that can be done. MY NAME IS JACOB LOESCHER, I CHEATED ON KAYLA MANGRUM AND IT WAS A TERRIBLE MISTAKE, AND SHE STILL HASNT FORGIVEN ME TO THIS DAY... I MISS HER AND LOVE HER. I'D NEVER DO IT AGAIN.
Asked in Estates, Probate

If a single parent dies intestate do the children have to file probate?

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If the parent is the sole owner of any property at the time of death their estate must be probated.
Asked in Estates, Probate, Debt Responsibility

How long after someone dies can bill collector demand money from an Estate in Ohio?

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See the related section from the Ohio Probate Code: (B) Except as provided in section 2117.061 of the Revised Code, all claims shall be presented within six months after the death of the decedent, whether or not the estate is released from administration or an executor or administrator is appointed during that six-month period. Every claim presented shall set forth the claimant's address. (C) Except as provided in section 2117.061 of the Revised Code, a claim that is not presented within six months after the death of the decedent shall be forever barred as to all parties, including, but not limited to, devisees, legatees, and distributees. No payment shall be made on the claim and no action shall be maintained on the claim, except as otherwise provided in sections 2117.37 to2117.42 of the Revised Code with reference to contingent claims.
Asked in Estates

Is your mother your next of kin?

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If you mean for purposes of inheritance or medical treatment then yes, your parents are your next of kin as long as you are not married. If you're married your next of kin would be your spouse. For purposes of inheritance the term is heirs-at-law. See related question links provided below.
Asked in Estates

Can you refuse to be a trustee?

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Yes. When a person is named as a trustee there is generally an acceptance executed by the trustee and filed with the trust. You only need to make if known you do not wish to serve and the trustor can name a different trustee.
Asked in Estates

Is an irrevocable trust terminated if beneficiary dies before the trustor?

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You need to review the terms of the trust to determine how it must be managed. A well drafted trust will include a provision for an alternate beneficiary if the primary beneficiary dies or it will include a provision for the termination of the trust and distribution of any remaining trust property.
Asked in Divorce and Marriage Law, Estates

Can your ex wife get any of your trust fund money?

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If you have a trust fund, you should be able to hire a lawyer, and I suggest you do. Even if the trust is not paying out at present, she may be able to collect on future payments. Especially if you have children in common. Answer/Clarification Any financial obligations you owe your ex-wife, such as child support or consideration for transfer of an interest in real estate, should be set forth in your separation agreement and court orders accompanying your divorce decree. Generally, as part of a divorce proceeding the parties execute a mutual general release agreement resolving all past and future claims and obligations between them. You should review any documents provided by the court at the time of your divorce. If you don't have copies you can visit the court and request the file. You can obtain copies of the decree and agreement. You should also contact the attorney who represented you at the time of your divorce. If you were not represented by an attorney at the time of your divorce and/or if you did not disclose your income from the trust, you need legal advice now. You should contact an attorney who specializes in divorce in your area who can review your situation and explain your options.