Estates

No, New Jersey is not a community property state. It does however recognize Tenancy By The Entirety when it pertains to real property. Therefore the family home will pass directly to the surviving spouse and not be subject to probate unless the titling to the property is otherwise worded.

Most Executors want to get the property sold as soon as possible and it depends on the Heirs. They have a right to say whether one of them wants to buy the home or property, or if they want it sold or not. E.g. There are 3 Heirs and 2 out 3 agree that they want to sell the property. The property MUST be sold. You usually can have it sold within the year, but, if the house or property has some difficulties attached to it or is a (hard sell) it can lapse over a year. Marcy * There are not laws in the U.S. which designate how long a named executor has to liquidate exempted property after closure of probate.

No. The executor or executrix cannot be held personally responsible for the decedent's debts.

If the deceased left an estate the medical bills along with all other debts will be handled according to the state probate laws. If the deceased left no assets that can be used to pay debts, the debts become null and void. Surviving family members are not responsible for medical bills unless they signed an agreement with the hospital, physician(s) or care facility. The one exception is if the deceased left a spouse and the married couple resided in a community property state. Although in several CP states such laws will not apply to the payment medical bills directly connected to the death of of a spouse.

When a person dies intestate the distribution of assets and the payment of debts come under the jurisdiction of the state probate court. Probate laws differ in what property of the estate is exempt from seizure to pay debts. The best option would be for the involved parties to consult an attorney who is knowledgeable in the probate laws of the state where the deceased resided.

The debt you owed to the decedent will become a part of their estate and their heirs can collect as long as they have proof that you owe the money. The heirs can request that an estate representative be appointed and that person can pursue payment from you. The debt does not just go away as long as there is evidence that the money was owed to the decedent.

You didn't mention if a Will was involved. Wills are Probated and that means that the bulk of Estate is taken into consideration and to be sure all personal/property taxes are paid in full and all debts. What is left after that is called "residue" of the Estate and that's what will be left to the daughter or any other Heirs in the Will. Marcy * Yes, the designation of JTWRS on a deed allows the property to pass directly to the named person(s) leaving the property exempt from probate procedure. Therefore the "new" owners may take whatever action they choose concerning the property, including a sale. Profits from the sale of such property would not be subject to attachment by creditors for debts owed by the deceased, they would belong solely to the persons who became the owners via the JTWRS deeding.

There's not clear cut answer to such a question as state's establish laws pertaining to the actions of an executor or executrix of an estate. Such a document would more than likely not be considered an acceptable means of resolving the misuse or mishandling of estate assets. The person who committed the act may also be held accountable under the state's criminal code as well as civil penalties. It would be in the best interest of the party involved to seek legal advice from an attorney qualified in estate law. It would probably hold up, particularly if there is no intent to defraud. The Q can be read many ways....which makes answering tough. As suggested above, taking money unauthorized is probably a criminal act and something that would be seen by the court as a reason to remove or even not allow the appointment of the executor/ix. More importantly , your question leaves it as a distinct possibly that the person has not died yet, and the one expecting to be the executor is accessing the funds for his own interest with the promise early he won't take his part of the inheritance. That would be a very bad thing and you need to get others (lawyers/police) involved. What if the not yet decedant needs them? A contract concerning an illegal act, (taking the funds) is probably not enforceable..although it would act as an admission of guilt. Also, what if he can't replace them after the death when the estate needs to be split? With all the possible downfalls, it is also generally considered bad idea to have executor/ix or administrators the same as beneficiaries of the will.

Probate is the easiest way and the legal way it should go when a Will is left. Probate makes sure that all creditors (banks, charge cards, loans, property taxes and personal taxes, etc.) are paid in full. Whatever is left after the creditors is paid goes to the Heirs in the Will. If there is no money left and debt still owing then the creditors are out of luck and the Heirs are not liable for any monies owing. Marcy

If the matter concerns the joint account it is not likely any of the funds would be subject to distribution to other family members. When bank accounts of any sort are held jointly they are generally held as Joint Tenants With Rights of Survivorship (JTWRS). This means that upon the death of one account holder the funds revert directly to the surviving account holder(s) and are not subject to probate procedure. If the banking agreement/signature card does not designate how the account is held, the state's default law usually presumes the account to be of JTWRS status.

Look to the instrument that created the interests. If the instrument is silent on this point, in most cases, the decedent's wife is obligated since her name is on the mortgage. Option: If this is not desired, someone else (life estate tenant or remainderman) may refinance and pay off first mortgage.

Yes you can. Make an appointment with a loans officer at the bank your mortgage is at. They will take you through all the paperwork and answer any questions you may have. You will have to have proof of death (death certificate) and possibly the birth certificate of the deceased. Phone first and see what legal documents they require. Be sure you phone other banks and check out the prime rate of mortgages so you can dicker at the bank for a good mortgage rate. Very sorry to hear about your father passing away. Marcy

No. They are separate. Beneficiaries are those who are entitled to an inheritance. The Executor carries out the will. * A person(s) named as a beneficiary on a life insurance policy receives the money directly from the insurer. Such policies are not subject to probate procedure.

Confront him. Otherwise, the only remedy is to take him to court. Before doing so, consider a few things. How important is the stuff he is stealing? Is it more important than your relationship with him? If he is a scumbag and you don't have a good relationship nor intend to, then it probably doesn't matter what you do. The reason I warn you is because I have seen many families torn apart over estates. * Executors are directly responsible for all assets and property belonging to the deceased, and are legally bound to account for such to the probate court. When the estate is probated and there are assets and property unaccounted for the court will take the action needed to investigate the possible mishandling of the estate or illegal actions by anyone. Family members and other beneficiaries may want an accounting, but it is guaranteed that creditors and the IRS will insist on a complete and accurate audit. Any proof of wrong doing will be addressed in accordance with the state's criminal and civil laws.

You should see a lawyer for this because it isn't likely if you were lucky enough to know where the Insurance Co., was, that they would give out this private information. Your lawyer can find out about this for you. Marcy

Only if your name is on the existing lease.

The parents estate can be held responsible for damages, but the lease itself is simply void upon death if no one on the lease is left alive.

The safest procedure is to contact the attorney handling the estate, if there is none then contact the office of the clerk of the probate court for instructions on the matter. The party who received permission to open the safe deposit box should not dispose of (sell, spend, liquidate, pass to other family members, etc.) any of the contents until the problem has been resolved.

Many people who make out Wills forget to put what percentage they want to leave the Executor (male) Executrix (female) and legally it can't be more than 5%, at least in Canada. The average is usually 1 1/2% to 3% and if it goes to 4 - 5% then it can go before a court ruling. If the Estate is a small one then 1 1/2 - 2 1/2% of the entire Estate is reasonable and fair. If the Estate was a difficult one with stocks, bonds (off-shore accounts), properties, etc., then 3 - 5% is a reasonable request as well. If the Executor has to travel to resolve any problems or closures on properties anywhere in the world they have a right to take the money from the said Estate for traveling expenses, but MUST keep a record and receipts for any expenses they incur.

Absolutely not.

Why do they "know" they won't be held responsible? They believe the person who issued the POA will never find out, or ...? Being given a POA is not a license to steal/self-deal. One has a fiduciary duty to the person who issued the POA. * A POA becomes null and void upon the death of the grantor. When the deceased estate is probated any misuse of funds or mishandling of property will be discovered upon the auditing of the estate. A person abusing POA authority can be held directly responsible for such actions and said acts could result in both criminal and civil penalties.

It depends upon the way the account was established. If the account was joint then there are not legal grounds for an audit. If the account was held solely by the deceased and withdrawals or transfers were made after the person's death or during a time when the person was incapacitated by someone who did not hold a POA or conservatorship, questions will be asked.

You can, but you might have to pay off the remaining balance. The place where you want to trade the car will know if you have to pay or if it will be an even trade or not.

Property of any type whether a beneficiary is named or not can be subject to probate procedure. No property can be distributed nor disposed of in any matter until probate has been finished.

Only the person named as beneficiary on the insurance policy will receive money from that policy. Any other monies or other property in the estate would be divided up between the siblings if the parent died intestate (meaning without a will).

If the house was not properly dealt with during probate as part of your father's estate, you may be found guilty of fraud or deceit. Make sure you know the details of the transfer of the house title. The medical bills may need to be paid as part of the obligations of the estate.