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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Yes if she isn't named in the will the wife of the deceased is entitled to a share of the residues left after the will has been executed unless the will clearly specifies that she will not receive anything then this will override her legal entitlements.
Do you have to have a trustee for an estate?
In order for there to be an estate, there must be a trustee. You don't have to name one in your will, the court will appoint one. And many banks will serve as a trustee.
In most estates no trust is created and therefore no trustee is appointed. Generally, the only fiduciary needed is an executor (with a will) or administrator (without a will). The court will issue either Letters Testamentary or Letters of Administration and the fiduciary will have the authority to settle the estate.
What happens if the executor dies before the estate is distributed?
Usually the next of kin will be sought after by a company "In Trust". Children of the deceased will be sought out, or if there are no existing children it can go to a sister, brother, parent of the deceased.
AnswerThe court will appoint a new executor. The residual amount then goes into the estate of the person who was to get the remainder and then their estate will distribute as appropriate.
Answer
The court will appoint a new executor. As to the residuary legatee, it depends on when they died. If they were deceased at the time of the death of the testator the gift will lapse unless there is language to the contrary in the Will. If the gift lapses and there is no successor residuary legatee, the residuary will be distributed according to the laws of intestacy as though there is no Will.
If a man dies who is next of kin his daughter or his mother?
Generally, if both parents are deceased the siblings or issue of any deceased siblings would be next of kin. If there are no siblings or issue of siblings the next of kin would be collateral kindred and that can get more complicated. There are charts that show how to determine collateral kin and the state laws of intestacy control who inherits in an intestate estate. You can see more at the links provided below.
Can life estate home be rented if the parent is in a nursing home and will never return to the home?
No. The life estate belongs to her as long as she is alive. If she granted a power of attorney and it is still valid, the attorney in fact could consent to a sale of the real estate or release the life estate. If there is no valid POA and the individual is not of sound mind, a petition to sell the real estate free of the life estate could be brought before the probate court.
A life estate means that someone else gets the property at her death. Who gets the property on her death? They can only sell it subject to the life estate, which reduces the value to the buyer.
Can power of attorney and main beneficiary borrow money from estate?
No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.
If the principal is deceased the power of attorney is extinguished.
No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.
If the principal is deceased the power of attorney is extinguished.
No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.
If the principal is deceased the power of attorney is extinguished.
No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.
If the principal is deceased the power of attorney is extinguished.
When does a revocable trust become an irrevocable trust?
There are all kinds of trusts and no single answer. Briefly:
A revocable trust can be revoked by the maker (grantor or trustor) during their life. Most trusts automatically convert to an irrevocable trust upon the grantor's death when used in place of a will to transfer property to heirs. Testamentary trusts set forth in a Will are irrevocable after the death of the testator. The provisions can be changed during the life of the testator but cannot be changed after the testator has died.
A living person can also create an irrevocable trust. What makes a trust irrevocable is that provisions cannot be amended by the grantor and the grantor cannot revoke the trust and regain possession of or control of the trust property.
Anyone contemplating a trust should consult with an attorney who specializes in trust law and who has a good reputation. Trust law is one of the most complex areas of law and is entertwined with tax law.
If you are co-owners of property and one dies who owns the property?
What happens to real property upon the death of a co-owner must be set forth in the deed by which the parties acquire their interests.
If you own property as joint tenants with the right of survivorship or tenants by the entirety, when one dies, the survivor automatically becomes the sole owner of the real estate bypassing probate. The only responsibility of the survivor is to record a death certificate in the land records to clear the title. Tenancy by the entirety is reserved for legally married couples in those states that allow T by E ownership.
When two people own property as tenants-in-common, when one dies their half interest will pass to their heirs by their will or by the state laws of intestacy if there is no will.
The term "joint tenancy" should be reserved for a joint tenancy with the right of survivorship. Although many sources refer to tenants in common as a form of joint ownership that is a misuse of the term and is misleading. Joint tenancy and tenancy in common are properly referred to as different forms of co-ownership or concurrent ownership.
What am I entitled to if I am married and not in my spouse's will in California?
California is a community property state. Generally, anything that a married couple accumulates during the marriage is considered community property, that is, both spouses own an undivided share of the whole. Community property courts start with a strong presumption that anything acquired during marriage is a community item, the spouse claiming a particular item is not community property has the burden of proving otherwise. It is important to note that anything obtained before the marriage, kept separate, and a few other notable exceptions will not be considered community property
Can a beneficiary sue an executor?
He CAN, but why bother. The word "sue" just means ask, but in legal terms. When you sue someone, you're asking the court to make you pay. Rather than have someone else make you pay, why not just pay it if it's a legitimate debt? If you're unsure about the validity of the debt, why not seek legal advice.
Do adult children have any rights after parent dies leaving survivor deed to spouse?
I am assuming that the "marital home" was in the husband's name alone. Yes. In Massachusetts there is a provision where a spouse can waive the will and take her share as if there was no will. I am sure other states have the same provision, at least I hope so. Those statutory provisions make it difficult for a man to disinherit his wife.
Can the executor and alternate executor share duties?
Of course the alternate can volunteer to assist the court appointed executor in the fulfillment of her duties. However, the alternate has no legal power and will not be entitled to any compensation.
Can heirs contest the appointment of administrator in intestate estate?
Yes. The heirs-at-law should receive a notice of the time and date of the hearing for the appointment of the Administrator. The notice should contain some language about what they should do if they have any objections to the appointment of the person who filed the petition. There is a statutory time period during which an objection must be made and that too is recited on the notice. Anyone who wishes to object must follow those instructions to the letter.
How can you find evidence that a property is held in trust?
You check the property in the land records office to determine the identity of the present owner. You could also try checking the local tax assessor's records for the present owner.
You check the property in the land records office to determine the identity of the present owner. You could also try checking the local tax assessor's records for the present owner.
You check the property in the land records office to determine the identity of the present owner. You could also try checking the local tax assessor's records for the present owner.
You check the property in the land records office to determine the identity of the present owner. You could also try checking the local tax assessor's records for the present owner.
If there are two executors of an estate what fee do they receive?
In my case, the probate lawyer recommended the executor's fee to the judge. It was a percentage of the estate. Two executors would have received half of that amount in this particular jurisdiction. In other areas different criteria apply.
No one should write a will with two executors. It is so much easier for one person to fill out forms and get stuff done. One person can write a check and divide a bank account between two people. One person can sell a piece of property and sign the deed. One person can split a stock account between two people. One signature is a whole lot easier to get than two signatures, especially when the other person is on an all around the world vacation and did not tell her brother where she was going.
If he did not have a will, states have estate laws on intestacy which means the person died without a will. Depending on your state, children may have up to half of the father's real property and half of personal property, and wife having dower rights. Those dower rights vary state to state, and some states have community property laws as well. I would seek the professional advice of an attorney that deals with estates and trusts and at least do a consultation. You can also search on the web for estate laws specifying your particular state and read their statutes.
Can an executor reimburse a beneficiary for funeral costs?
Most wills have a provision providing for payment of funeral expenses out of the proceeds of the estate. Check the deceased's will to see if this indeed is the case. If so, a beneficiary (or any other person for that matter) who pays the funeral expenses should be reimbursed. As a side note, the expenses associated with the funeral are usually deductible expenses when filing the estate's inheritance tax return. Check with either an estate attorney or the register of wills (or Orphan's Court) of the county where the will was probated (or will be probated). You should be able to get the answers you need from the register of wills.
Probate laws vary in different jurisdictions.
Generally, if there is real property in the estate the will must be probated in order to vest legal title in the heirs. If there is personal property such as bank accounts, investment accounts, a car, home furnishings, etc., the estate must be probated through the probate court.
Can a irrevocable trust use a social security number?
If the irrevocable trust is properly drafted and is not, in fact, a grantor-owned revocable trust, then it should have its own unique Taxpayer Identification Number ("TIN").
Who is the next of kin if you have minor children and are unmarried?
A parent or sibling. Other than that the courts would make any decisions. * The ex-spouse if he or she is the biological parent of said children, a divorce does not invalidate parental rights. If that were not possible the next of kin in progression would be an acceptable adult sibling of the minor children, maternal grandparent(s), paternal grandparent(s). If none of those applied the court would request voluntary guardian petitions from the siblings of either or both biological parents. Appointed Godparents do not have automatic legal custodial rights as is sometimes believed.
Can a testator's will be changed by an attorney-in-fact under a power of attorney?
No. An attorney-in-fact under a power of attorney cannot make changes to a will. A Power of Attorney is an instrument in writing by which a living person (the principal) gives another person (the attorney in fact or agent) the authority to perform certain SPECIFIED acts or kinds of acts on behalf of the principal.
A general POA provides the attorney-in-fact with the powers that include: banking transactions; U.S. securities transactions; buying and selling personal property; purchasing insurance; settling claims; entering into contracts; buying, selling and managing real estate; filing tax returns; obtaining medical records, etc. Other powers may be granted at the discretion of the principal. However, if the powers are too broad another entity dealing with the attorney-in-fact may not be willing to accept it without verification. A Durable POA lasts even if the principal becomes incapacitated.
According to Ernst & Young's Personal Financial Planning Guide the one thing your attorney-in-fact cannot do is change your Will. A Will and/or Codicil must be signed by the person making it.
If you have further questions or if you think an attorney in fact changed a testator's Will then you should discuss this matter with an attorney in your jurisdiction who specializes in probate law.
Would a daughter in law receive inheritance from her mother-in-law if her husband died?
Typically the wife, or daughter-in-law, would receive the inheritance. However, if there are stipulation placed on the inheritance then this may change. It is best to ask a lawyer who is involved with the estate.
Can a life estate owner sell property in West Virginia?
No, they do not own the property. They have the right to use the property and any income that might be generated by the property, but they do not own it. If they agree with the owner to sell it, they should be compensated for some percentage of it, based on rental rates or income that it generates. A life estate owner can't include the property in their will, because upon their death, they no longer have any rights in the property.
How can executor of an estate buy out other family members on real estate?
First, the estate must be probated and the executor must be appointed by the court. Then there are different ways the executor can purchase the real estate.
They could petition the court for a license to sell the real estate with the executor as the purchaser after a fair market offer has been accepted by the beneficiaries. The executor would need to obtain the assents of all the other beneficiaries to the petition. The court would likely allow such a transfer. Another method would be for the executor could wait until the probate procedure has been completed and then purchase the property from the beneficiaries who inherited it and are now the legal title holders.
Either way, the executor should consult with the attorney who is handling the estate to make certain the transfer is done properly and title is passed legally.
Can an heir stop an executor from removing funds from the estate?
Once the debts of the estate have been paid and the costs of probating the estate have been paid the executor must make distribution.
Once the debts of the estate have been paid and the costs of probating the estate have been paid the executor must make distribution.
Once the debts of the estate have been paid and the costs of probating the estate have been paid the executor must make distribution.
Once the debts of the estate have been paid and the costs of probating the estate have been paid the executor must make distribution.
