What is the difference between an Executor and an Administrator?
An executor handles the estate of a decedent who died with a will. An administrator handles the estate of a decedent who die without a will. The terms are different because an executor is executing the decedent's directions as stated in the will. The administrator is simply handling the estate according to general laws.
An equitable lien exists independently of possession it may bind property not in possession at the time the obligation incurred but it cannot avail against the buyer of a legal estate for value without notice of the lien.
Is money left to you from a trust taxable?
Yes, in most cases it is taxable. The law is different depending on the type of trust and what state you are residing in.
There are two wills one before you wed and one after. Which will controls?
Several factors may apply to your situation. However, perhaps the following information will provide an answer.
The second will should have language in it that revoked any other will that was ever made by the testator. That is boiler plate last will and testament language. Even if it did not, a person cannot have two different fully executed wills. The one with the most recent date will usually control and is the one the court will allow. However, by not revoking the first will there could be a challenge made in court when the second will is presented for allowance and there will be unnecessary legal costs. In some states a marriage that occurs after a will is made will automatically revoke that will.
No. The survivor is the sole owner of the property by operation of law. Generally the buyer's attorney will request any documentation required to clear the title. Generally, you will need to record a death certificate and perhaps some type of state inheritance tax release stating no taxes are due. However, you should be represented by your own attorney at the sale. Your attorney will know what documentation you require.
It depends upon many factors, such as if the deceased died intestate (or without a will), or if the deceased had a trust. It is best to consult an attorney for this matter.
How does someone transfer their job as co-executor to another person?
An executor has no authority until they have been appointed by the probate court. The executor must file a resignation with the court that appointed them and the court will appoint a successor.
Is a person serving a life sentence entitled to benefit from money left to them in a will?
Yes, but with one exception. A person serving a life sentence is doing so because he/she has been convicted of a crime. The criminal laws prescribe punishment such as fines and imprisonment (and perhaps loss of vote or right to possess guns)for violating laws, but criminal penalties do not take away all rights. Even such prisoners are still entitled to rights of due process, freedom from cruel and unusual punishment and others. No criminal laws take away the very basic rights of prisoners entirely. As to the exception: If the person is serving a life sentence for murdering the person who left him the money in the will, then he is not allowed to inherit.
What happens when the person who has a lifetime estate abandons the property?
A property is not usually seen as being abandoned just because it seems as though it is and a life estate belongs to the beneficiary of it for the length of their life or until they decide to give it up legally
What are the lien holder's right's if the customer is deceased in TX?
They can still enforce the lien. They may have to file a claim against the estate.
Special directives in a Last Will mean what?
A special directive is a special instruction in your will. It can be used for many purposes such as directing that the testator's home should be sold, the proceeds divided amongst her three children, with right of first refusal to purchase the house given to one of the children. A special directive may be used to instruct the Executor to use the services of a particular law firm to handle the probating of the estate.
How do you get a copy of a will in Minnesota?
If the will has been filed in probate then you can contact the court to obtain a copy. If your brother refuses to file the will for probate then some other family member should petition the court to be appointed the administrator of the estate as though your mother died without a will. It is likely that your brother would then produce the will. If not, the court should be made aware of his possession of the will and refusal to file it.
It is illegal to withhold a will from being probated. You should consult with an attorney who specializes in probate who could review the situation and explain your options.
Letter for distribution of estate assets?
A letter of distribution of estate assets will likely be a document held by an attorney of a deceased individual. They will have specifically stated who gets their property and valuables in the event of their death.
Although we tend to think of an estate as being all the property owned by a person at the time of their death, a living estate is all the property owned by a living person.
If you are thinking of a life estate see related question link.
Do you have to pay off debt with your inheritance?
The debts of the estate must be paid before any inheritance is distributed to the heirs.
You are the caretaker of the property and your Aunt's husband is a legal occupant. You can and should have a key but can you legally enter the house and check up on the property for being properly maintained? I don't think so. == You should be able to periodically enter the home for maintenance under certain circumstances. Those would most certainly mean written notice and a call from him giving you a specific time for a visit for specific purposes. Regarding other people living in the home and so on, that may be outside of your ability to manage.
What is liquid intangible property?
Property you cant touch. Like a court settlement not reached. defined as identifiable non-monetary assets that cannot be seen.
Yes. A fiduciary can be sued. You should consult with an attorney who specializes in litigation who can review your situation and the reason you think the fiduciary has violated their office. That is the only way you will know if you have a plausible cause of action.
Is it common for the lawyer to be executor of a will?
It is often the attorney who is named executor of a will. This prevents the family from fighting over how things are done. Banks are another common executor.
My father died when I was seven. Iwas left things also, but i didnt receive anything until I was older and married. I am grateful for that. I would have wasted or lost or not cherished what I have gotten if I had received it when I was younger. How old you are plays a role in this. Also what the will says. You have the right to see the will at the very least.
No. The principal is the person who appoints their own attorney in fact under a power of attorney. If their AIF cannot act for any reason the principal must appoint an alternate. An AIF cannot appoint an alternate AIF with all the original powers granted by the principal
The exception would be if in the original power of attorney document the principal granted the AIF the specific power to appoint an agent to act in his/her stead. For example, that power may be granted in a POA for a principal who owns property in another state. That would allow the AIF to appoint an agent to market the property in the other state and then if the property is sold the agent would send the deed of sale to the AIF for signing.
No. The principal is the person who appoints their own attorney in fact under a power of attorney. If their AIF cannot act for any reason the principal must appoint an alternate. An AIF cannot appoint an alternate AIF with all the original powers granted by the principal
The exception would be if in the original power of attorney document the principal granted the AIF the specific power to appoint an agent to act in his/her stead. For example, that power may be granted in a POA for a principal who owns property in another state. That would allow the AIF to appoint an agent to market the property in the other state and then if the property is sold the agent would send the deed of sale to the AIF for signing.
No. The principal is the person who appoints their own attorney in fact under a power of attorney. If their AIF cannot act for any reason the principal must appoint an alternate. An AIF cannot appoint an alternate AIF with all the original powers granted by the principal
The exception would be if in the original power of attorney document the principal granted the AIF the specific power to appoint an agent to act in his/her stead. For example, that power may be granted in a POA for a principal who owns property in another state. That would allow the AIF to appoint an agent to market the property in the other state and then if the property is sold the agent would send the deed of sale to the AIF for signing.
No. The principal is the person who appoints their own attorney in fact under a power of attorney. If their AIF cannot act for any reason the principal must appoint an alternate. An AIF cannot appoint an alternate AIF with all the original powers granted by the principal
The exception would be if in the original power of attorney document the principal granted the AIF the specific power to appoint an agent to act in his/her stead. For example, that power may be granted in a POA for a principal who owns property in another state. That would allow the AIF to appoint an agent to market the property in the other state and then if the property is sold the agent would send the deed of sale to the AIF for signing.
Does Stepped-Up Basis apply to property inherited via right of joint survivorship?
No. Survivorship is not an inheritance. When two people own property by survivorship and one dies, their interest is extinguished and the survivor becomes the sole owner.
Can the sole beneficiary act as executor if the executor for my fathers will dies.?
Yes. You can notify the court that the executor has died and request that you be appointed the successor.
If a person want to buy out lifetime rights what is the formula to compute value?
It is whatever they agree on. One source of information will be the mortality tables to determine how long the individual may live. If you use that vs. a monthly cost, you can determine a price that may, or may not, be a good deal for one or more of the parties.