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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Can you get a loan on property that is in probate court?
Advance on an Inheritance : Probate Loans & Trust Fund Inheritance Advances
Technically, what you are talking about is an inheritance advance rather than a loan. With an inheritance cash advance, you can get your money in less than a week, compared to the 6 months to 2 years Probate normally takes to release your inheritance.
Because this is an inheritance advance rather than a loan, your credit is never an issue, there are no monthly payments, and you'll never have to borrow against your home or any other personal assets. The cost structure associated with an inheritance advance depends on a number of factors. These factors include the nature of assets in the estate (cash vs. stocks/bonds vs. real estate), expected time to distribution etc.
It's worth noting that Inheritance advances are frequently referred to as inheritance loans, as they are here, however in fact they are technically inheritance cash advance "assignments", not credit and interest based loans with long term monthly payments. An inheritance advance is also called an heir advance or estate loan by many people who are actually experienced with the inheritance advance process. Getting an advance on an inheritance has been around for over 20 years, and the title for the process has gone through many revisions from attorneys, executors, trustees and heirs.
Basically, the cost corresponds with the amount of risk the company takes on and overall size of the inheritance cash advance. For example, if the estate is expected to pay out very quickly (say 6 months or less), or is comprised of only cash assets (bank accounts etc.), the price will be relatively low.
On the other hand, if the estate is comprised of unsold real estate or the decedent passed intestate (without a will), and it looks like it could take up to 2 years to distribute, the cost will naturally be higher. In other words, the level of risk to the company determines the overall cost of the advance -- along with the amount of the inheritance loan and of course when final distribution is reached.
Because an inheritance advance is not a loan, your credit is not a critical issue, and there are no monthly payments. Inheritance loans, or inheritance advances, are paid back in one lump sum -- when probate closes if it's a probate loan, or when a trust reaches "final distribution" if it is a trust fund inheritance loan.
If the inheritance fails to materialize or is seized by any government agency (for taxes or child support), inheritance advance companies build the risk into the pricing and will never seek repayment from you. Inheritance cash advance businesses charge a fee in exchange for the convenience of receiving funds in such a short amount of time.
Generally, these firms charge a fee that comes directly from the estate of 10 to 40% of the cash advance. The beneficiary agrees to assign a portion of their inheritance to the funding source. Firms specializing in inheritance loans, probate loans and trust cash advances, are often seen as being in the same category as funding sources that buy out structured settlements for immediate cash. They are in fact very different, and rarely crossover.
Speed, or a fast turnaround, is often an issue with a probate loan or trust fund inheritance advance. inheritance loans are frequently a last and final financial option before losing one's home or car, or other catastrophic results related to a lack of cash flow or financial liquidity. Businesses that specialize in inheritance loans charge a fee to advance you inheritance money when you need it urgently. It's okay as long as the party entering an inheritance loan agreement is fully informed and fully understands the inheritance advance process -- whether it be an inheritance loan for a trust, or for a probate loan.
Loan on Property in an Estate
The duly appointed administrator or executor of an estate can petition the court to approve obtaining a mortgage on the property for several reasons that include:
- Maintaining the property before it can be sold.
- Repairing the property for sale.
- Pay costs and expenses during the administration of the estate.
How do you know if you are a benificiary in a will post death?
You will not know, unless the insured chooses to disclose that information it to you.
Absolutely not. An "executor" has no power or authority until they have been appointed as the executor by the court. The most anyone should do until then is to secure the property and collect important records that will need to be turned over to the court appointed executor.
== == * Usually most people name an Executor (male) or Executrix (female) in charge of the Will. You do have a right to see that Will, so I'd ask your brother if you could see it. He may or may not let you read it if you are on the young side. If your father just left a Will and never mentioned an Executor/Executrix, then if you are a minor and your brother isn't it's his responsibility to take charge. If you aren't a minor and a few years younger than your brother then BOTH of you should be working on this Will. The court can appoint a neutral party to be responsible for taking care of the estate if the others are minors or decline the responsibility. * No, he does not HAVE to sort out the estate. He can decline the responsibility. If he wants to, and you have a problem with that, you can object and the court may appoint a neutral administrator to ensure that the estate is handled properly.
No, the state does not get a share of the property, other than any state levied Estate Tax.
Your answer depends totally on the amount of assets and the different types of them that you want your will to cover.
If yours is a simple will, and you don't have too much money or too many valuable possessions, you could spend very little -- a few hundred dollars US. However, if you have lots of wealth, many valuable collectibles, plenty of jewelry, real estate, fancy assets, and your will is thus, complex, you'll pay more.
What happens to my adopted fathers estate now that he is deceased?
His estate will pass according to his will or according to the state laws of intestacy if there is no will. You can check the laws in your state at the related question link provided below. If you were legally adopted then you are a legal heir-at-law.
The right to survivorship of the house takes precedence and it never gets into the estate.
What does it mean that you cannot get the assets back in a revocable trust?
You CAN get the assets back in a revocable trust.
You CANNOT get the assets back in an irrevocable trust. An irrevocable trust cannot be terminated by the settler once it has been created. The settler transfers their assets into the trust and no longer has any rights of ownership in that property or the trust.
The main reasons for setting up an irrevocable trust are estate planning and tax purposes. Generally, assets in an irrevocable trust are shielded from creditors.
Can an heir receive funds from an estate prior the persons death?
Let's examine your question and look for the answer in the legal terms you used to ask it.
An 'heir' is a person who is entitled under the laws of intestacy to receive an intestate decedent's property. A decedent is a person who has died. Therefore a person to whom you would be considered a legal heir would need to die in order for you to be classified as their heir. 'Heir' is sometimes used informally to describe a beneficiary under a will. Despite the fact that a person is named a beneficiary under a will they do not become a beneficiary until the testator has died and the will has been probated.
'Estate' has two common meanings: all the property a living person owns both real and personal, and, all the property that a person leaves after death.
You have no right to the property of a living person and you don't become an heir until they have died.
That issue is governed by your state laws. You should consult with the attorney who is handling the estate. If the creditors aren't paid according to the statutory provisions in your state you could be held personally liable.
if the house is sold can that money be divided before the total estate is closed
What does Passive Freehold mean?
==One Answer== "Freehold" is the term used for the private ownership of land in Australia. Most land in Australia is owned by the government with only about 15% being privately owned. The remaining small portion is aboriginal land, approximately 13%. The government owned land is occupied by people or corporations that hold leasehold interests on huge tracts that may include thousands or millions of acres. "Passive freehold" would describe an arrangement such as the purchase in fee of a privately owned commercial property (such as a hotel) that is already built, already in an active, ongoing business and under management that will remain in place after your purchase of the property. You would be the owner but would not take any active role in the day to day management of the property or activities of the business. You would take on a passive role as the owner of the property, i.e., passive freehold.
What happens to estates when there are no heirs?
When a person dies and has no heirs or next of kin their property "escheats" to the state.
If a person has life estate in property and moves away how can the grantor regain property?
You must obtain a written release from the life tenant in order to clear the title. If the life tenant refuses to release their interest then you would need to bring a suit in equity and hope a court will extinguish the life estate. You would need to provide persuasive evidence.
You should speak with an attorney to see if you have any remedy under your state laws.
Can an 18 year old take custody of a 15 year old sibling if both parents die under Arkansas law?
I'm in the same situation with my 16 year old sister
i turn 18 in April and i plan on getting custody of her
As long as you can show that you have a well paying ligit job and are bringing in enough money to take care of her or him then you sould be able to.
Your probably going to have to get a lawyer. But in some cases you shouldn't need one because the court usually goes in favor of blood relatives.
You will be o.k.
As long as you do what you have to do for him/her everything will work out.
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Can an executor keep a death benefit by law without being named as a beneficiary?
The court appointed Executor of a will is entitled to payment or monetary compensation for taking on the task of performing the executor's duties. Generally, there is a statutory rate depending on where you are located. A death benefit that has no named beneficiary would be paid over to the estate. The Executor can pay herself the statutory rate out of the assets of the estate the same as payment of any debt, before any assets can be distributed to the heirs.
Apart from statutory compensation that is reported to the court, the Executor is not permitted to simply take any assets and convert them to her own use.
It depends upon the terms of the trust and the state law governing the trust. The trust document may explicitly say what happens when a trustee dies (or cannot server). For example, a specific individual may be named as a successor trustee, or a corporate trustee, or perhaps the current beneficaries may by majority vote appoint a new trustee. Failing that the appropriate court could appoint a successor trustee.
But you should seek legal counsel.
What if an executor of an estate is found to be mentally ill?
Another interested party can petition the court to have the executor removed (state the reason and provide any evidence) and the court will appoint a successor.
Can a lien or judgment be placed against a 100 percent permant and total Combat Veterans home?
Depends on the state that you live in. Talk to an attorney, if the collection people dont believe you're disabled.
Should I inherit the property or let the estate sell it?
Since we do not know anything about you or the property no one can give you any logical advice. You should ask a trusted friend or the lawyer who is handling the state.
Can an executor hand money out before a will has been read?
No. The will must be submitted to the probate court where it must be proved and allowed. The executor must be appointed by the court in order to have any authority over the estate. Then, the debts of the decedent must be paid before any assets are distributed.
