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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
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.
In Florida if your husband dies what happens to your property?
If the deed is in JOINT ownership, the survivor gets it automatically. If there is a will, the property goes to whomever it is willed to. If there is no will, the laws of intestacy apply, giving the spouse a share and surviving children a share.
Is a house lien still active when the owner dies?
A lien does not go away with the death. It remains against the estate of the deceased. The debtors will likely file their claim with the estate and make sure they get their money one way or another.
Is the obituary a legal document for listing the legal heirs?
No. The will is the legal document that lists heirs.
Does the amendment to a will trust have to be notarized?
Yes, a deed must be notarized to make it enforceable and recordable. The requirement for notarization has been codified by state recording statutes. Some states require that a deed also be witnessed. You should call your attorney or land records office to determine what the requirements are in your particular jurisdiction.
Can a beneficiary also be a testator?
The maker of a will should take every precaution so as to make the will not vulnerable to challenges. The witnesses should not be related to you, and should not be a beneficiary. You should pick objective witnesses instead of a beneficiary, spouse or other relative.
Yes, in many states a witness to a will may also be a beneficiary. In some, a witness may not be a beneficiary. Depending on the state's laws, a witness-beneficiary might forfeit whatever he/she receives under the will, or, the witness-beneficiary might forfeit only so much of what he/she receives in the will that is in excess of the amount he/she would have received in absence of a will. The old rule used to be that a will witnessed by a beneficiary was completely invalid. That thinking changed over time because it is too harsh a remedy and is unfair to the decedent and to the other beneficiaries. Sometimes it is impossible to avoid having a beneficiary be a witness, such as when a person is on his/her deathbed and only a spouse or children are present to witness the will.
Still it is a good idea to avoid the situation if possible as it invites will contest litigation.
Does executor know contents of will?
Generally, yes. The testator should make the whereabouts of their will known to the executor in the event of their death. If the testator has died the executor has the right to take possession of the will in order to submit it for probate. During that process they can read the will before it is made public.
If the property was transferred before death, it's over. There isn't anything you can do about it so don't even think about it any more.
Do you have to pay inheritance taxes on a life estate?
I'm not sure that there is one. It depends on the transaction and the life estate, which can take many forms and cover many things.
Any beneficiary of a life estate has to pay taxes on what they inherit. It is based on the value of the estate at the date of death.
Life estates and taxes is an extremely complicated issue and there is no quick universal answer. You need to speak with a CPA (or two) for a professional opinion. See the information in the link provided below for a good discussion of the many aspects of taxation relating to life estates.
Can the executor of the estate sell the heirs property?
In most cases the executor of a will by law has to liquidate all nonexempt assets to pay creditors. State probate laws determine which property can be sold to pay the deceased's debts. If it is thought an executor is mishandling an estate, the concerned party should seek legal counsel.
No. You must sign a deed of release to relinquish your life estate. Your siblings have no authority to force you to surrender it. If they wish to sell and you don't want to relinquish your rights then they would need to sell the property SUBJECT TO your life estate and the buyer would need to purchase the property SUBJECT TO your life estate.
Can you get a power of attorney of your parents estate if they are deceased?
Yes, a person has the authority to name whomever he/she wishes. Additionally, that person can name multiple agents for power of attorney.
How do you remove a dead spouse's name from a house deed in the state of New jersey?
If the property is owned by two as husband and wife (tenants by the entirety), there is no need to change the deed to reflect the fact that only the survivor owns the property. Common practice in NJ is to do nothing in the way of changing the deed. However; if for some reason the surviving spouse still wants the decedent's name off the deed, he/she would sign a new deed by herself as the sole surviving owner conveying the property to herself as sole owner. At that point only the survivor's name is on the deed. Names are never "taken off deeds" to reflect that a former joint owner is no longer an owner. A new deed is created to do this.
You need to have your parent's estate probated in order for legal title to pass to the heirs at law. You cannot insure the premises until you have legal title. If the premises are covered by an existing homeowner's policy and any damages occur, the proceeds will be paid over to your parent's estate, not you. If there are other heirs you are depriving them of their property and that can cause legal problems for you that may be costly to resolve. If your parent died owing any debts, they must be paid before any property can pass to you. You will be required to publish a notice of death in the local paper.
If someone gets injured on the property you have no protection if they sue since you are not the legal owner of the property. A creditor could open a probate and make a claim against or sue the estate and you could lose the property. On the other hand, if you do things the right way and probate the estate so that you have legal title, you will be able to take advantage of a state homestead protection to protect your primary residence from creditors.
You should consult with an attorney who specializes in probate in your area. You should note that by not doing things properly you are inviting legal trouble that could prove to be costly.
Does a codicil need to be notarized?
That will depend on the jurisdiction. It would have to match the requirements for a will.
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Yes. Each codicil must conform to the same legal requirements as the original will, such as the signatures of the testator and, typically, two or three (depending on the jurisdiction) disinterested witnesses.
How long will you spend in jail if you shoplift?
1 week to life depending on what part of the world you're from.
It definitely does depend on where you are from and the amount you stole and also it will depend on if it is your 1st offense or not. You most likely will spend maybe about 5 1/2 months in jail and possible something like 6 months probation and sometimes they may order you to do community service but it is more unlikely that you will get a jail term, but do expect to pay restitution and do community service for your crime
Can an executor appoint an attorney in fact?
An executor of an estate has the right to appoint an attorney to act on behalf of the estate. The attorney may collect debts owed of the estate, and defend the estate against any claims against it.
How can you find out if your deceased parent had a bank account?
Go to the bank with signed proof of the parent's death, and proof that you are the executor of the will, or that you are a trustee if the account/box is in the name of a trust. You should have your parent's safe deposit box key.
If the executor has died what happens now?
The court must be notified of the death and a new executor must be appointed. You should speak with the attorney who is handling the estate.
How old does a beneficiary have to be for to receive payment from a life insurance policy?
at what age can a minor be insured in NY state for life insurance
