Estates

If the man died intestate in any state, the state has rules for dividing his property after debts are paid ( the first purpose of the probate law is to pay debts, then you got an estate to divide) each state is slightly diffierent, but generally, the living spouse is entitled to a certain interest, or division of his property after debts are paid, and then his children or their heirs.

Next, frequently forgotten when people with spouses die and die intestate, is the spousal 'years support' provission which provides for special treatment for one year for the widow or widower.

Each state is diffiernet...each state is diffierent.

and if he had a will, it depends on what he wrote on his will.

First of all, there should be an estate opened with the probate court. Otherwise the debt is going to hang around. The estate is supposed to settle debts before property can be distributed. Consult a probate attorney in your state for the details.

Belgian Congo

Nothing. I believe it's Guaranty Bank not "Guarantee Bank."

Federal state taxes are taxes to be paid to the federal government on owned property. Theses taxes are to be paid once a year.

Yes. The spouse usually has priority over adult children. It is also dependent upon what the will says. If there is no will, the intestacy laws of the state will specify who gets what.

The remaining executor will be responsible for taking care of the duties. If they wish, they can also ask the court to appoint someone else. The biggest thing is to keep accurate records so that the court knows what is going on. Consult a licensed attorney in your state for more details.

Form 1099-C is issued when an amount of debt of at least $600 is forgiven. This means that the debt collector understands that you owe the debt but is willing to accept a negotiated amount as part of a settlement.

If the amount was disputed and removed through no fault of your own, then a 1099-C should not have been issued. You must generally clear this up with the debt collector and provide proof to the Internal Revenue Service if necessary.

Even though the joint owner is now the sole owner, it was still part of the deceased's estate when he died in debt. Creditors can apply for an Insolvency Administration Order to try to force a sale and take a cut of the proceeds, along with the joint owner.

Everyone is in complete agreement.

Yes, although you will get options that give you some (limited) flexibility with regard to WHEN you take the distributions and pay the taxes.

The house has to be put up for sale and the profit will be divided between the children. You may also let the bank repossess the house if it has little value.

cash inheritances are not taxable. property inheritance is however. Cash is most certainly an asset of an estate, cash being "property". That is why, for example, in New York, a bank will seal a safe deposit box if it finds out that the box holder has died and another box holder (or an heir) will have to go to court to get an order opening the box (so the tax authorities can make sure the decedent did not have a lot of "taxable" cash or other assets, like jewelry,there). That being said, unless the cash and other assets of the decedent (excluding joint assets, like those in a spouse's name too) exceed $2,000,000 (for a decedent who died in 2008) , there is no federal estate tax. There may be a state estate tax (if the aount is large enough) since New York, for example, only allows an estate of less than $1,000,000 to be exempt from the estate tax. (You would have to check the law in the state where the decedent lived to know the amount). Of course, since it is "cash", who would know?

None. A chain is a measure of length in 1-dimensional space while a square mile is a measure of area in 2-dimensional space. The two measure different things and, according to basic principles of dimensional analysis, any attempt at conversion from one to the other is fundamentally flawed.

my brother was very grave with liver cancer,and the doctors only gave him a couple of days to live. he went into the hospital on nov.2,2007 and by nov.5,2007 he was put into the hospic ward,where on nov.11,2007 he died. on nov.5,2007 his attorney came in his room with a will and trust for him to sign. my brother didnt even know what day it was or who the presentdent of the u.s. was.itold the lawyer not to let him sign anything because he was on a double dose of morphine.but his lawyer had him to sign the trust anyway being under the double dose of morphine.the trust was sign on nov.5,2007 the same day that he was put in the hospic ward and he died on the nov 11,2007.do you think the irrevocable trust can be turn around,because my brother did not read what he sign or could not understand at that time what he was signing,because he was on a double dose of morphine and than when he got to the hospic ward they put him on hydrochlophine which is stronger than the double dose of morphine,and the doctor gave him an i.v drops every 10 min. so can you tell me if this irrevocable can be contested?

The estate must be probated and the title to the real estate will pass according to the provisions of the will or according to the state laws of intestacy if there was no will. Any estate that holds real estate must be probated in order for title to the real estate to pass to the heirs at law. After the probate process is completed the heirs can keep or sell the property and divide the proceeds. The attorney who handles the estate can assist in drafting a new deed in the names of the heirs at the proper time in the probate process if they wish to keep the property. You should consult with an attorney who specializes in probate.

The answer depends upon which State your spouse was a legal resident of, and also, wether or not the car was in your spouse's name only. Foir instance, in NJ, if a person dies intestate (without a will), all possessions owned solely by the deceased person must be split 50/50 between the spouse and any children of their marriage. Possessions owned jointly with the spouse go directly to the spouse. Check with your local county offices on your State's law. Good luck.

Depends on how this home was passed down to you. Need more info on whether it was a will, a trust, etc.

But if it really is valued at 67, your GROSS proceeds are 68, your gain would be 1k.

The general answer is that the individual or group of individuals that step forward to make a claim on the estate will be accountable for the debt. The lack of a will makes assignments of the assets (and the debt) more difficult, but not impossible. The court has been down this road before. And the court is obliged to protect the individual(s) who have a claim on the estate because the deceased fairly owed them a debt. A simple and straightforward example would be a house in the name of the deceased that had not been paid off. A car that had been purchased with a loan and had not been paid off would be another one. If a person passes on, the debts don't just disappear if assets are left behind. That's a no brainer. The individual(s) who claim and are ended up being awarded the assets of one who is now gone get the debts, too. The laws governing the redistribution of the assets of one deceased vary from one jurisdiction to another, but are fundamentally the same. Do not construe any of this as legal advice. Two final things. First, a will is a simple and inexpensive extension of one's wishes into a time beyond his own life. Anyone who has any appreciable assets should make one out. Lastly, do not sell a specialist's abilities short. Consult a legal professional in any matters of consequence. There are many legal professionals, and they frequently provide counsel free or at little cost, at least upon an initial visit. If I cut my finger, I wash it and apply a band aid. If I break my leg, I go to the doctor (or emergency room physician) for assistance. If none of the family members, friends or acquaintances come forward on the death of the deceased, and files for administration to the estate of the deceased, this side of matter ends. The person who the debt is owed to can file for letters of administration before a court of law. He can realize the assets of the deceased and take what the debt owed to him is. The remaining assets remain with the custody of the court till any legal heir or other claimant claims, through the court. The unclaimed residue of estate will go to the state, means the government coffers. ===Clarification/Simplification=== When a person dies, all assets owned by them in their individual name become part of their estate. The estate is responsible for any debts owed by the decedent. This is true whether the decedent died with or without a will. This is also true whether or not a probate proceeding is filed. In order for title to real property to pass to the heirs the estate must be probated. Bank accounts or investment accounts cannot be accessed except by a court appointed estate representative. As part of the probate process notice of the death is published providing creditors with the opportunity to come forward and file a claim. If all outstanding debts are not paid and the assets are distributed to heirs they will be received subject to the debts of the decedent and the creditors can pursue the recipient.

To get bonded to oversee an estate, you will need to first have a background check through a bonding agency. You will pay a fee and you will need to have your credit checked. In some cases you will also need collateral for the bonding agency.

All the filings in an estate are a matter of public record. All you would need is the name of the deceased to acccess the file number. You can go to the court where the probate was filed and request to examine the file. If that is not possible, you could telephone the court and inquire about having copies sent to you. They charge up to $1 per page and a clerk would probably count up the pages for you so that you could send a check in the correct amount. They are usually very helpful.

Beneficiary = benefits from Benefits from the execution of a will / payout from an insurance policy etc.

Take the Title for the car along with the documentation showing you as the inherited owner to your local Motor Vehicle office and explain the situation. They will be able to help you do this.

I'm sure they would be more than willing not to pay you but really why would you want to refuse it. If you have to receive it you could just bank it or donate it to a worthy cause.

I think that would be paid out of the estate and not by the child.