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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 gets proceeds of sale when Life use property is sold?

If the life tenant is deceased the proceeds go to the "remainderpersons" who are the fee owners of the property. The life estate was created in some legal document such as a will or a deed. That document should identify the "remainderpersons".

Is a life estate agreement necessary?

For what purpose? Life estates can be used for a number of purposes dealing with the purchase of real property. In some cases the law provides a spouse a life estate in property regardless of who actually inherits the property under the will, or if there is no will.

Some people will purchase a piece of property subject to a life estate, which provides the seller with the use of the property until their death. This can provide the seller with assets to use in their older years for support.

Another Perspective

A life estate agreement is a great idea. It's not necessary but it would make the parties aware of their respective responsibilities. Most state codes define the responsibilities of a life tenant but many parties are unaware of those statutory provisions and many don't inquire about responsibility ahead of time. There are many questions asked at WikiAnswers by people wondering about the rights and responsibilities of the life tenant and the fee owners.

Does the power of attorney in the state of Florida entitle the person that has it to receive compensation from the estate he or she is overlooking?

Unsure of what it is that is being asked. A Power Of Attorney (POA) is only valid while the person that granted it is still alive. The minute the grantor of a POA dies, the POA ceases and the POA become invalid! On the other hand, an EXECUTOR of a will, who is usually named by the testator, MAY be required to post some kind of bond with the court which establishes their faithful and lawful execution of the will. This 'bond' may be waived by the testator, and the Executor MAY be granted compensation for their role in executing the estate IF the deceased provided for such in their will. In summation: the holder of the deceased's POA holds a useless piece of paper. The Executor of the deceased's will is in full control of the execution of the deceased's wishes.

The father is still living. Does a daughter-in-law have any legal right to the portion of the estate inheritance that a now deceased son would have received upon the death of the father?

Generally, no. If the son predeceases his father and then his father dies, the heirs that are next in the line of descent of the father would be the grandchildren. However, the still-living father should have a will drafted so his property is distributed as he wants it to be.

How do biological children obtain personal items when surviving spouse refuses to allow?

You need to consult with an attorney who can review your situation and explain your rights under your state laws. Perhaps a letter from an attorney would encourage the surviving spouse to recognize the children's request as being reasonable.

Woman dies parents and spouse deceased no children No Will One sibling is still living and 2 in laws and several nieces and nephews Value 150K Who gets personal items ie cars etc in TN?

Read the intestacy law for Tennessee. In most cases the sibling is going to get the estate. In some case the nieces and nephews may get a part of it.

Does a Florida common law wife have rights to a mans estate?

The state of Florida doesn't recognize common law marriage after January 1, 1968. Florida will recognize a common law marriage occurring before 1/1/1968 in Florida or a common law marriage established in a state that does recognize it as such and the couple moves to Florida. If that is the case then you are entitled to the same rights as a couple who are married under statutory law.

How do we get a copy of a deceased family member's army discharge papers?

You could try two ways. One is to have the executor/administrator contact the army to request a copy of the discharge papers. The army will have certain procedures and paperwork, with which you will have to comply. The second is to see if your particular state records them. In New Jersey, veterans' discharge papers are recorded just the way deeds are recorded in order to ensure that they could be retrieved in the event the veteran lost the originals. Contact the state or county recording office to inquire about that.

If 4 heirs are to receive one fourth equally of the estate can one heir prevent the other 3 from selling the appraised land left to all of the heirs?

Sensibly the answer would be YES. There are laws to protect you so you had better contact a lawyer - quick! Don't neglect this one. IN my opinion for the other's to do that would be really crappy - unless it was beneficial to you all.

Can a property go to a trust with a mortgage on it?

Yes, it technically can. However, some mortgages have "due on transfer or sale" clauses that would allow the bank to immediately claim all money loaned due upon the transfer to the trust. Your best bet would be to simply go to the bank that holds the mortgage and tell them what you want to do, and see if they are ok with it.

When an irrevocable trust ends how long do people have to sue the estate?

An irrevocable trust and an estate are two separate and distinct legal arrangements. If a person transfers their property to an irrevocable trust it is no longer part of their estate. You need to consult with an attorney who can review your situation, hear the details and explain your options.

What effect does waste have on a life estate?

Waste by the life tenant would provide grounds for terminating the life estate by a court order.

When a customer dies can a lien be put on the estate of the deceased in the state of Maine for work completed on the property?

The lien goes on the property, not the estate. But the estate must resolve the lien when disposing of the property.

For how long should executors of a will keep the bank statements of the deceased?

The executor's duties end when the final account is allowed and the estate is thereby closed. The heirs could request the personal papers of the decedent at that time.

What property is subject to probate in Florida?

Let's qualify the answer:

All property not otherwise disposed of either during a person's life or by operation of law upon death.

For example: A checking account that has a designated POD (payable on death) beneficiary named in the bank's records, would generally not be subject to probate. If Joe opens a checking account and makes Jane the POD beneficiary, then upon Joe's death, the checking account proceeds automatically go to Jane. They are NOT subject to probate.

Can a step granddaughter collect unclaimed property from an estate with no other living heirs?

Maybe, but not normally. Unless the step-child was adopted they are not a descendant of the deceased. However, if their parent received the estate through their spouse, they may have a claim. You need to consult a probate attorney in your jurisdiction with all of the specifics.

A person has right to survivorship to property in Ct and the spouse who died had a judgment lien on the property in his name only is this lien still valid?

No. A benefit of owning property by survivorship is that the moment one owner dies their interest in the property disappears and the survivor is the sole owner. The creditor is out of luck.

Who sang survivor?

Survivor is most famously sang by Destiny's Child.

What if your estranged father of over 30 years has died will you be entitled to any of his assets under UK law?

It will depend on the wording of the will, if there is one. Without a will, the property go to spouse and then children.

What is a life lease?

A lease that is terminated by the death of the tenant.

Does a sole survivor trump a power of attorney on an estate?

A power of attorney is extinguished upon the death of the principal who executed it. An attorney in fact under their power of attorney has no authority over their estate after death. Once that person has died an their estate must be probated and an administer must be appointed by the probate court. Beyond that you have not provided any details to explain the reason for your question.

How can a sale of real estate be determined to be illegal?

Conveyances can be overturned epending on the circumstances and for various reasons. If another buyer had an option to purchase or a right of first refusal they can sue to nullify the conveyance. If the seller was not the legal owner the sale can be nullified.

You would need a good reason and the help of an attorney to present your case.

Conveyances can be overturned epending on the circumstances and for various reasons. If another buyer had an option to purchase or a right of first refusal they can sue to nullify the conveyance. If the seller was not the legal owner the sale can be nullified.

You would need a good reason and the help of an attorney to present your case.

Conveyances can be overturned epending on the circumstances and for various reasons. If another buyer had an option to purchase or a right of first refusal they can sue to nullify the conveyance. If the seller was not the legal owner the sale can be nullified.

You would need a good reason and the help of an attorney to present your case.

Conveyances can be overturned epending on the circumstances and for various reasons. If another buyer had an option to purchase or a right of first refusal they can sue to nullify the conveyance. If the seller was not the legal owner the sale can be nullified.

You would need a good reason and the help of an attorney to present your case.

Does recording a title secure an interest in real property?

Recording a mortgage secures an interest in real estate.

The instrument used to convey property is called a deed. Recording a deed transfers an interest in real property as long as the grantor in the deed has an interest in the property. The grantee on the deed acquires "title" to the property by virtue of that deed. Having the title to the property examined by a professional title examiner confirms that the person signing the deed owns the land.

In order for a creditor to secure an interest in the real estate as security for the debt, they should have the debtor sign a note and a mortgage. That should be accomplished with the help of an attorney who specializes in real estate. All the owners of the property must sign the documents.

Four siblings inherited property in Florida and if one wants to sell what can they do?

Any one of the co-owners has the right to petition for the sale of the house! All co-owners must agree to keep property but if even one wants their share they can by law get their share.

When land is under co-ownership of two or more people who cannot agree on what to do with the land, any owner can file a Petition to Partition in the appropriate court.

The court has the power to divide the land if that is feasible such as when there are multiple tracts or a single large tract. If dividing the land is not feasible then the court can order a sale and the net proceeds are divided according to each owner's interest after the costs and expenses associated with the Partition have been deducted. You should consult with an attorney who specializes in real estate law.

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