0
Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Does a loan against a house and land override the will?
The loan doesn't 'override the will'. It is a matter of rights in property and debts. The debts of a testator must be paid before any property is distributed to the heirs. In the case of a mortgaged property, the testator doesn't own the property free and clear so she can't give it to her heirs. She conveyed it to a bank in return for a large sum of money while she was living. The bank owns a security interest in the property until the money has been repaid.
The heirs have the option of paying the loan on the property (if they want to keep it), conveying their interest to the bank or or allowing the bank to take possession by foreclosure.
Is life insurance considered part of a decedent's estate and are the proceeds taxable?
There are several factors to consider when determining if life insurance is part of a decedent's probate estate and whether the proceeds are taxable in the US. Taxation of estates is an extremely complex area of law. You should always consult with an attorney and tax expert for advice regarding tax issues.
Generally and briefly:
If the decedent owned the policy on his/her own life, the insurance proceeds will be a part of the taxable estate (gross estate). However, most estates no longer reach the threshold of taxability regarding the federal estate tax. (If the policy was owned by someone other than the decedent, the insurance proceeds will not be part of the taxableestate.)
If the decedent named a beneficiary, the proceeds will be paid directly to the beneficiary, bypassing probate (but remember as stated above the proceeds are considered part of the taxable estate). The proceeds are generally not taxable to the beneficiary.
If the decedent did not name a beneficiary, the proceeds will become part of the estate and as such, vulnerable to creditors. The proceeds will be distributed according to the terms of the will or by the laws of intestacy if there is no will.
Have a will with no executor who executes the will?
The court will appoint an executor. Any person who is interested in the estate can petition to be appointed the executor: friend or family. The family can ask for a volunteer or ask someone they trust. Then, when the will is submitted for probate that person will also petition to be appointed the executor. You should consult with an attorney who specializes in probate. The rules are more strict for the appointment of an administrator.
Can I be removed from a life estate premises?
If you own the life estate it can only be extinguished with your written consent.
If you are not the owner then the fee owners may have you removed. It depends on the details of your legal standing to be there.
How a will is administered if one of the beneficiaries has predeceased the testator?
A properly drafted will gives instructions in that situation. If not there may be a statutory provision that will pass the legacy on to the the heirs at law of the deceased beneficiary. If none of that happens the legacy will lapse and become part of the residue of the estate. In a properly drafted will a residuary clause directs how the residue (any property not specifically devised) will be distributed. If there is no residuary clause the remaining estate will pass as intestate property according to the laws of intestacy in your state.
If you have 2 people on a deed that are not married what happens to the property?
Two people who are not married must be very careful about how the property is titled in the deed. If they want the property to automatically pass to the other if one dies then the property should be taken as joint tenants with right of survivorship. If Robert and Erin owned as JTWRS and Robert died then Erin would be the sole owner. That scheme of ownership could not be changed by a will.
If they do not want the other to become the sole owner if one dies then they should take the property as tenants in common. If Robert and Erin were tenants in common and Robert died then Robert's heirs at law would inherit his half or he could leave it to someone in his will.
You need to decide what should happen to the property if one should die and then have that reflected in the deed.
United States
No. He is not an heir of his father-in-law and he would have no legal claim to his wife's inheritance from her father. In addition, generally a person cannot make a claim against a "future inheritance" of another individual. An inheritance is not a reality until the testator has died.
United States
No. He is not an heir of his father-in-law and he would have no legal claim to his wife's inheritance from her father. In addition, generally a person cannot make a claim against a "future inheritance" of another individual. An inheritance is not a reality until the testator has died.
United States
No. He is not an heir of his father-in-law and he would have no legal claim to his wife's inheritance from her father. In addition, generally a person cannot make a claim against a "future inheritance" of another individual. An inheritance is not a reality until the testator has died.
United States
No. He is not an heir of his father-in-law and he would have no legal claim to his wife's inheritance from her father. In addition, generally a person cannot make a claim against a "future inheritance" of another individual. An inheritance is not a reality until the testator has died.
When will I receive a notification of an inheritance?
In the UK it will depend on who is handling the dead persons estate. So the time of notification might vary, however if a will is present at the time of death, people usually know if they are going to benefit. However nothing can be paid out from a will before six months has elapsed after the death of a person. This is to allow time for creditors to make a claim against the estate. After bills are paid, sometimes there is nothing left to be paid out. Best to check with the executors (those in charge of handling an estate, named in a will) or next of kin of the deceased person, though early enquiries might not be to welcome.
The executor has a duty to the estate to bring the best possible price for the liquidation of the assets. The executor will list the property for what it is worth, not what the beneficiary wants.
There are many different types of documents including those on motor vehicles. Other documents include identification and business service documents.
When a person dies does an estate have to be set up?
If you want to close things out and keep the creditors from bothering you in the future, an estate is a good thing. And if there is real property involved, it is pretty much required.
What happens to a will if there is insufficient money to meet a bequest?
The answer depends on several factors and state laws vary.
The cash gift could be funded by other assets in the estate. If there is property in the residuary estate that could be sold, such as real estate, most jurisdictions would require it to be sold to pay the specific cash bequests. Specific bequests have priority. Some states require the bequests be prorated or reduced in proportion. The executor can request guidance from the court.
If there are no assets the estate can be deemed insolventby the court and the executor will not bear responsibility for not paying over bequests.
The answer depends on several factors and state laws vary.
The cash gift could be funded by other assets in the estate. If there is property in the residuary estate that could be sold, such as real estate, most jurisdictions would require it to be sold to pay the specific cash bequests. Specific bequests have priority. Some states require the bequests be prorated or reduced in proportion. The executor can request guidance from the court.
If there are no assets the estate can be deemed insolventby the court and the executor will not bear responsibility for not paying over bequests.
The answer depends on several factors and state laws vary.
The cash gift could be funded by other assets in the estate. If there is property in the residuary estate that could be sold, such as real estate, most jurisdictions would require it to be sold to pay the specific cash bequests. Specific bequests have priority. Some states require the bequests be prorated or reduced in proportion. The executor can request guidance from the court.
If there are no assets the estate can be deemed insolventby the court and the executor will not bear responsibility for not paying over bequests.
The answer depends on several factors and state laws vary.
The cash gift could be funded by other assets in the estate. If there is property in the residuary estate that could be sold, such as real estate, most jurisdictions would require it to be sold to pay the specific cash bequests. Specific bequests have priority. Some states require the bequests be prorated or reduced in proportion. The executor can request guidance from the court.
If there are no assets the estate can be deemed insolventby the court and the executor will not bear responsibility for not paying over bequests.
That type of situation is regulated by the laws of intestacy. Generally, when a person with no spouse or children dies, their parents, then siblings are their heirs at law. A god child would not inherit unless they were a blood relative who is entitled to inherit under state laws. You can check the laws in your state at the related question link.
That type of situation is regulated by the laws of intestacy. Generally, when a person with no spouse or children dies, their parents, then siblings are their heirs at law. A god child would not inherit unless they were a blood relative who is entitled to inherit under state laws. You can check the laws in your state at the related question link.
That type of situation is regulated by the laws of intestacy. Generally, when a person with no spouse or children dies, their parents, then siblings are their heirs at law. A god child would not inherit unless they were a blood relative who is entitled to inherit under state laws. You can check the laws in your state at the related question link.
That type of situation is regulated by the laws of intestacy. Generally, when a person with no spouse or children dies, their parents, then siblings are their heirs at law. A god child would not inherit unless they were a blood relative who is entitled to inherit under state laws. You can check the laws in your state at the related question link.
What was the first settlement in Montana?
it was the miners and the trappers really who we should give the creadit to. they came to mine and trap and make a living and they improved montana. they are heros (or should be) in montanain history.
- kati gouge
Inherited a house with stipulations are they legal?
Stipulations may be legal depending on what they are.
Please don't totally trust me on this but the money probably goes to the kids. If they didn't have kids, the money would go to family members and sadly if they didn't have family then it would go to friends. If, (even more sad) they didn't have friends, i have NO IDEA where it would go.
What are the Exceptions to nemo dat quod non habet?
No one (can) give what he does not have is a legal rules, sometimes called the nemo datrule that states that the purchase of a possession from someone who has no ownership right to it also denies the purchaser any ownership title.
What is the opposite of per stirpes?
Per capita is generally held to be the opposite of per stirpes. Both are terms most commonly used in reference to the division of an estate. Per stirpes is more commonly used in estate planning since the share of a deceased beneficiary would pass to their issue, if any.
Per capita means "by the head count"; in a per capita distribution each living heir in the group receives an equal share in the estate. For example, if parent left an estate to three children per capita and each survived, each would receive one-third. If one of the three was deceased at the time of death of the testator the remaining two would each take one-half. In a per capita distribution a share isn't created for a deceased member.
Per stirpes means "by branch". In a per stirpesdistribution the three children above would each take one-third. Now suppose again that one had predeceased the testator. If that child had children, those children would take the deceased parent's one third share equally. In a per stirpes distribution a share is created for a deceased member if they have issue (children).
If there is a will, there is probably a probate case in the local court. The file will contain a copy of the will (if not the original).
If you are named in the will, the person administering the will (called the executor of the estate) has a legal obligation to give you what is promised, if at all possible. The clerk at the probate office will tell you who the executor is, if you ask. If you do not get what you are owed, you need a lawyer.
If the will has not been filed, you need a lawyer.
How long do i have to contest a will in pennsylvaina?
In Pennsylvania, you typically have one year from the date of the testator's death to contest a will. However, if you were not aware of the will's existence or the grounds for contesting it, you may have up to one year from the date you discover those grounds. It's important to consult with an attorney experienced in estate law to ensure you meet all necessary deadlines and requirements for your specific situation.
What does it means when a deed says for life with remainder to?
When a deed says, "For life with remainder to..." it is describing a life estate. That means the grantor is either granting or reserving a life estate in the property for one person(s), i.e., the right to the use and possession of the property for life, and when they die another person(s) will own the property in fee free and clear of the life estate. That second interest is called the remainder interest. The remainders own the fee in the property during the life estate but cannot take possession of the property until the life tenant has died or released their interest in the property.
A life estate can also be set forth in a will. Suppose a man's first wife died, the ownership of their home automatically passed to him and they have two sons. He married a widow with two daughters. He made arrangements in his will that his second wife would have the right to live in the home for the duration of her natural life and upon her death the property would pass to his sons free and clear of the life estate. The sons would be the owners of the remainder interest in fee.
What is the definition of personal effects when used in a will?
Anything that is not real property or negotiable securities. A house, boat or car is titled property and not personal effects. Pretty much everything else is chattel or personal effects.
How long after the death of a loved one does the executor have to settle the estate?
That's determined by the probate laws of the state in which the person was a resident at the time of his or her death. The interested party can contact the office of the clerk of the probate court in the county where the person died to obtain the needed information.
The question is a little sketchy but, yes, they probably can. The Executor has a FIDUCIARY RESPONSIBILITY to not let the estate "go to waste" (devalue or be wrongly used) until such time as the will is probated and all the property is distributed according to the stated wishes of the deceased. If you are living in the home of the deceased, and under normal circumstances, would not have done so during the deceased's lifetime - even if you ultimately wind up inheriting the home, you will have to compensate the estate for your living privileges.
The Texas intestacy law will be applied. In most cases the estate will be split.
