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Estates

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

6,325 Questions

How does a surviving spouse cash a deceased spouse's check if it says to the estate of?

To cash a check made out to "the estate of" a deceased spouse, the surviving spouse typically needs to open a bank account in the name of the estate. This may require obtaining a death certificate and a court-issued document, such as Letters Testamentary or Letters of Administration, which appoints the surviving spouse as the executor or administrator of the estate. Once the account is established, the surviving spouse can deposit the check into that account. Consulting with a probate attorney can provide guidance on the specific steps and legal requirements involved.

What are disadvantages of a trustee?

Disadvantages of a trustee can include potential conflicts of interest, as they may prioritize personal interests over beneficiaries' needs. Additionally, trustees may face legal liabilities if they fail to manage the trust properly, leading to financial losses for beneficiaries. The complexity of trust management can also result in high administrative costs and require significant time and effort, which may not be feasible for all individuals. Lastly, a lack of transparency can lead to distrust among beneficiaries if they feel inadequately informed about the trust's management.

If an heir dies before the inheritance is dispersed who gets their portion?

If an heir dies before the inheritance is dispersed, their portion typically passes to their own heirs, known as "descendants," unless specified otherwise in a will or by state law. This process, known as "per stirpes," ensures that the deceased heir's share is distributed among their children or other beneficiaries. If there are no descendants, the share may revert to the estate and be divided among the remaining heirs according to the terms of the will or intestate succession laws.

Does an adminstrator have to notify all beneficiaries?

Yes, an administrator is typically required to notify all beneficiaries of the estate or trust. This notification is important for transparency and allows beneficiaries to be informed of their rights and interests in the estate. The specific requirements for notification can vary by jurisdiction, so it's essential to follow local laws and regulations regarding estate administration.

Who is next of kin brother or daughter?

In legal terms, a daughter is typically considered next of kin over a brother. Next of kin refers to the closest living relative, and in most jurisdictions, children have priority over siblings when it comes to inheritance and medical decision-making. Therefore, a daughter would generally take precedence over a brother in these contexts.

How does an executor of a living trust get paid?

An executor of a living trust, often referred to as a trustee, is typically compensated through a fee outlined in the trust documents. This fee can be a percentage of the trust's assets, an hourly rate, or a flat fee, depending on the trust's terms. If the trust does not specify compensation, the trustee may negotiate payment with the beneficiaries or follow state laws regarding reasonable compensation for trustees. It's important for the trustee to maintain transparency with beneficiaries regarding their fees.

Does a parent of the deceased or the kids of the deceased get the ashes?

In most cases, the ashes of a deceased individual are typically given to the next of kin, which is usually the spouse or children. If there is no spouse or children, the ashes may go to the parents or other close relatives, depending on the deceased's wishes and local laws. It's important for families to discuss and document their preferences regarding ashes in advance to avoid conflicts. Ultimately, the distribution of ashes can vary based on individual circumstances and legal considerations.

Does Alabama have a state inheritance tax?

No, Alabama does not have a state inheritance tax. However, it does impose an estate tax on estates that exceed a certain threshold, but this is based on federal estate tax laws rather than a separate state tax. As of now, individuals receiving inheritances in Alabama do not have to pay state taxes on those inheritances.

What is this cartoon stating about trusts (in this case the Standard Oil trust)?

The cartoon likely critiques the Standard Oil trust by highlighting its monopolistic practices and the negative impact on competition and consumers. It may depict the trust as a powerful entity that stifles smaller companies and manipulates markets, reflecting concerns about the concentration of economic power. Overall, the cartoon suggests that such trusts undermine fair business practices and can lead to corruption and inequality in the marketplace.

What happens after trustee sale?

After a trustee sale, the property is typically sold to the highest bidder, which may be the lender or another buyer. The new owner receives a trustee's deed, transferring ownership. If the borrower still occupies the property, they may face eviction proceedings. Additionally, the borrower might be liable for any remaining mortgage balance if the sale price was less than the owed amount.

What is irrevocable payment order?

An irrevocable payment order is a directive issued by a payer that cannot be altered or canceled once it has been initiated. This type of order ensures that the specified funds are transferred to the designated recipient without the possibility of reversal, providing certainty for both parties involved. Irrevocable payment orders are commonly used in financial transactions, such as wire transfers, where finality is crucial to the transaction's integrity.

Who are the queens heir apparent?

The queen's heir apparent is typically the eldest child of the reigning monarch. In the British monarchy, for example, King Charles III's heir apparent is his eldest son, Prince William, Duke of Cornwall and Cambridge. In other monarchies, the title and order of succession may vary, but the heir apparent is usually designated as the next in line to the throne.

Can a trustee be an agent to the beneficiary?

Yes, a trustee can act as an agent for the beneficiary, but this is typically limited to certain circumstances where the trustee is authorized to do so. The trustee's primary duty is to manage the trust assets in the best interest of the beneficiaries, and any actions taken as an agent must align with that fiduciary duty. However, the relationship and responsibilities of each role should be clearly defined to avoid conflicts of interest.

What banks participate in providing a medallion signature guarantee in Wisconsin?

what credit unions in wisconsin participate in a medallion signature guarantee?

What does decedent mean?

A decedent refers to a person who has died, particularly in legal contexts such as estate planning or probate proceedings. The term is often used to describe the individual whose assets, liabilities, and affairs are being addressed after their death. In this context, the decedent's wishes regarding their estate may be outlined in a will or determined by applicable laws.

Who inherited Julia Child's estate when she died?

When Julia Child passed away in 2004, her estate was inherited by her husband, Paul Child. The couple had been married for over 60 years, and Paul was a significant figure in Julia's life and career. After his death in 1994, Julia's estate was managed by a trust, which included her culinary legacy, such as her books and television rights.

Can contents be removed from deceased house before will is filed with court?

Yes, contents can generally be removed from a deceased person's house before a will is filed with the court, but it’s important to proceed with caution. If you're a family member or heir, it’s advisable to wait until the will is probated to avoid potential legal issues. Removing items without proper authorization may lead to disputes among heirs or claims of theft. Consulting with an attorney can help clarify your rights and responsibilities in this situation.

Can you trust stubhub?

Yes, StubHub is a reputable ticket resale platform that operates under eBay's ownership, providing buyer guarantees and a secure transaction process. They offer a money-back guarantee if tickets are not valid or if the event is canceled. However, as with any resale site, it's essential to exercise caution and verify seller ratings and ticket authenticity before purchasing. Always read the terms and conditions to understand the policies in case of issues.

What is Trust is the mother of deceit meaning?

"Trust is the mother of deceit" suggests that when people place their trust in others, it can create opportunities for betrayal and manipulation. It implies that trust can be exploited, leading to situations where deceit flourishes because individuals feel safe to act dishonestly. Essentially, the phrase highlights the vulnerability that comes with trusting others, indicating that trust can be a fertile ground for dishonesty.

Who is Mary Pearl Felty heir to hunt trust?

Mary Pearl Felty is my grandmother, and died in 1990 from Alzheimer's . She had ten children and 20 grandchildren. Their are only two of her children left one girl and one boy.

If you have the revocable trust form can you just fill in the blanks and make a legitimate trust?

While filling in the blanks of a revocable trust form can create a legitimate trust, it's crucial to ensure that it complies with state laws and accurately reflects your wishes. Trust laws can vary significantly by jurisdiction, and minor errors or omissions can lead to complications. It’s often advisable to consult with an attorney or estate planning professional to ensure that the trust is valid and meets your specific needs.

Can the spouse of the deceased be the executor of his will?

Yes, the spouse of the deceased can serve as the executor of their will, provided they are named as such in the will or the court appoints them if no executor is specified. Being the spouse often makes them a suitable choice due to their familiarity with the deceased's wishes and affairs. However, it's important to check the laws of the jurisdiction, as there may be specific requirements or restrictions.

What is the belief that deceased family members bring you luck?

The belief that deceased family members bring you luck is often rooted in cultural or spiritual traditions, where ancestors are seen as protectors or guides for their living descendants. This concept is prevalent in many cultures, including certain Indigenous practices and aspects of ancestor veneration in religions like Buddhism and some African spiritual systems. The idea is that the spirits of the deceased can influence the fortunes of their family members, providing blessings and support in times of need. This belief fosters a sense of connection between generations and emphasizes the importance of honoring one's ancestors.

What is a Semi Revocable Trust?

A semi-revocable trust is a type of trust that allows the grantor to retain some control over the trust assets while also providing certain protections and benefits to the beneficiaries. Unlike a fully revocable trust, the grantor may have limited ability to alter or revoke the trust once it is established. This type of trust can offer flexibility in asset management and distribution while still providing some level of security and permanence for the beneficiaries. It can be particularly useful in estate planning, allowing for specific conditions to be set for beneficiaries while maintaining some oversight by the grantor.

Is the spouse the surviving issue of the beneficiary in a will?

No, the spouse is not considered a surviving issue of the beneficiary in a will. "Issue" typically refers to direct descendants, such as children, grandchildren, or great-grandchildren, while a spouse is a separate legal relationship. In estate planning, the term "beneficiary" usually refers to someone designated to receive assets, which can include a spouse, but they do not fall under the definition of "issue."

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