Estates

I guess what ever is agreed upon that a court would find reasonable.

Requirements for a valid will in New York from State Statutes- Estates, Powers and Trusts, Article 3 Part 2: § 3-2.1 Execution and attestation of wills; formal requirements ===(a)=== Except for nuncupative and holographic wills authorized by 3-2.2, every will must be in writing, and executed and attested in the following manner: (1) It shall be signed at the end thereof by the testator or, in the name of the testator, by another person in his presence and by his direction, subject to the following: (A) The presence of any matter following the testator's signature, appearing on the will at the time of its execution, shall not invalidate such matter preceding the signature as appeared on the will at the time of its execution, except that such matter preceding the signature shall not be given effect, in the discretion of the surrogate, if it is so incomplete as not to be readily comprehensible without the aid of matter which follows the signature, or if to give effect to such matter preceding the signature would subvert the testator's general plan for the disposition and administration of his estate. (B) No effect shall be given to any matter, other than the attestation clause, which follows the signature of the testator, or to any matter preceding such signature which was added subsequently to the execution of the will. (C) Any person who signs the testator's name to the will, as provided in subparagraph (1), shall sign his own name and affix his residence address to the will but shall not be counted as one of the necessary attesting witnesses to the will. A will lacking the signature of the person signing the testator's name shall not be given effect; pro- vided, however, the failure of the person signing the testator's name to affix his address shall not affect the validity of the will. (2) The signature of the testator shall be affixed to the will in the presence of each of the attesting witnesses, or shall be acknowledged by the testator to each of them to have been affixed by him or by his direction. The testator may either sign in the presence of, or acknowledge his signature to each attesting witness separately. (3) The testator shall, at some time during the ceremony or ceremonies of execution and attestation, declare to each of the attesting witnesses that the instrument to which his signature has been affixed is his will. (4) There shall be at least two attesting witnesses, who shall, within one thirty day period, both attest the testator's signature, as affixed or acknowledged in their presence, and at the request of the testator, sign their names and affix their residence addresses at the end of the will. There shall be a rebuttable presumption that the thirty day requirement of the preceding sentence has been fulfilled. The failure of a witness to affix his address shall not affect the validity of the will. === (b)=== The procedure for the execution and attestation of wills need not be followed in the precise order set forth in paragraph (a) so long as all the requisite formalities are observed during a period of time in which, satisfactorily to the surrogate, the ceremony or ceremonies of execution and attestation continue.

Preserve, inventory and value the estate is the first priority. Then execute the will or the intestacy laws with a full reporting to the probate court.

It depends entirely on the terms of the trust.

You should read the trust document (if there is one) or speak with the trustee.

You have asked an interesting question. If a person (A) was granted a life estate by deed and there was no remainder interests mentioned in that deed then the fee remains with the owner (B) who granted the life estate. When B dies the property will become part of their estate and will remain subject to the life estate.

To some degree, this will depend upon how the will was written as well as the legal relationship between the stepchildren and the stepmother. If the stepmother officially adopted the stepchildren, then they have rights to the estate unless specifically denied them in a valid will. If the stepchildren were never officially adopted by the stepmother and the will does not provide for them, they may have no rights to the estate.

The UK and the US have an estate tax treaty which would govern. It's been about 10 years since I've looked at the treaty, but you should be able to find it online. However, the tax is not assessed on the inheritance, but rather on the estate. In other words, the beneficiary doesn't pay the tax. The personal representative of the estate (executor or administrator) pays the tax and then distributes the property. In some instances, if the executor fails in that duty, the IRS or UK equivalent can follow the property to collect the tax. From memory, the issue depends on the country of citizenship and on residency in which country. I believe that the estate of a UK citizen would pay the UK tax; the estate of a US citizen would pay the US tax. An exception would be with respect to, for example, US assets owned by a UK citizen. The US assets would be subject to the US estate tax. Remember, though, that for a decedent passing away this year, the decedent's estate has a tax credit that pays the tax on the first $2 million in the estate's value.

A life estate can be released by the owner of the life estate by a written, signed release drafted in the same form as a deed. The release must then be recorded in the land records to clear the title. The life estate will be extinguished when the life tenant dies. In that case a death certificate must be recorded in the land records.

Under IRC 2032, the alternate valuation date in your example would be the date the assets were distributed to the beneficiaries. The AVD is the date that the property is "distributed, sold, exchanged, or otherwise disposed of within 6 months after the decedent's death" or if the property was not "distributed, sold, exchanged, or otherwise disposed of within 6 months after the decedent's death," the AVD is the 6 month date and the resulting value. Robin Rose Stiller, Esq. OSBA Certified Specialist, Estate Planning, Trust and Probate Law Smith and Condeni LLP 600 E. Granger Road, Second Floor Cleveland, OH 44131 (216) 771-1760 (voice) (216) 771-3387 (fax) (216) 574-2052 (direct dial) RobinS@smith-condeni.com IRS Circular 230 Disclaimer. In accordance with IRS Circular 230, the content of this communication or any attachment is not intended or written to be used, and it cannot be used for the preparation of a tax return, to avoid tax penalties, or to promote, market, or recommend any action. Confidentiality Notice. The information in this e-mail and any attachments is confidential and may be privileged or protected by other rules including, but not limited to, the Electronic Communications Privacy Act, 18 U.S.C. §§2510-2521. Access to this e-mail by anyone other than the addressee(s) is prohibited. If you are not the intended recipient, you are not authorized to and therefore must not disclose, copy, distribute, use or retain this or any part of this message. If you receive this message in error, please notify the sender immediately by reply e-mail or by telephone and delete this message and all attachments from any place where this information may be stored.

should'nt be No

If he died before his stepfather, he will not receive anything. Whether his heirs get anything will be determined by the stepfather's will and executor and will not affect your work.

It is important to distinguish here between 'family members' and 'beneficiaries'. If the will leaves the estate to people who aren't family members, then no, those family members do not have to 'sign off' the will. If, however, family members are beneficiaries according to the will, then yes, the beneficiaries will have to sign a release once they have collected whatever amount has been left to them in the will.

This is a difficult situation and you should consult with an attorney who specializes in probate.

The heirs have the right to have the estate settled as expeditiously as possible. Once a Will is filed for probate it becomes a public record. The heirs can visit the court, request to see the file and review all the filings up to date. Remember that the executor has no authority until they have been appointed by the court. The court must approve the Will and the appointment of the executor. The executor has the legal duty to file the Will as soon as possible. If the appointed executor is not performing their tasks in a timely manner the heirs can file motions to compel the executor to act or to replace the executor.

If the executor won't file the Will, any interested party can petition the probate court to order the executor to submit the Will to the court. Withholding a Will after the death of the testator is a serious offense. Any interested party could also petition to be appointed the estate representative for an intestate estate and the estate will be handled according to the laws of intestacy as if there was no Will.

In any case, you need expert legal advice.

Yes, if the estate has any value, or any debts, it has to go through probate. The state has a vested interest in making sure the estate is properly distributed, as without a will, the default is the property goes to the state.

your system wont answer my question "do you have to pay an inheritance tax in benin republic?you can email me your correct answer to ianfranks@live.com.au or call me on 610435651244 in Australia!

Trust law is extremely complex and different states have different laws that govern trusts. The Internal Revenue Code also governs trusts as they are affected by tax law.

Trusts should always be drafted by a professional who specializes in trust law and estate planning. Errors made by non-professionals can be costly to correct if they can be corrected. Errors in drafting generally do not show up until years later, often after the trustor has died. Problems often arise when the trust property must be sold and the trustees discover the trust document is insufficient to allow a valid sale. In those cases, the trust must be reformed by a judge.

There are so many serious and costly errors you could make that you should always seek the advice of an attorney who specializes in trust law and estate planning before "filling out" any trust document and transferring any property to the trust. The average individual does not have the legal background to make an informed decision regarding their options and consequences by downloading a trust document online.

If your trust is not drafted properly it could leave your property exposed to creditors and tax consequences. It could cause the property to remain in your estate. It could capture the property and make it impossible to remove it from the trust without a court order. Any errors will be very costly to correct later on

That depends on how the house was titled. If your father owned it with his current wife in a joint tenancy with the right of survivorship then full ownership passed to her when he died and the property is now in her estate. The property would pass to her heirs at law according to the laws of intectacy. You can check the laws in your state at the related question link below. You can add more details about who's names are on the deed and how they held title on the discussion page.

Yes, but the creditor must be familiar with the rules. There is a specific time after an estate is filed during which a creditor can make a claim. You must file proof of your claim at the probate court where the estate was filed. If you follow the rules, your claim will be paid prior to any distribution of estate assets to the beneficiaries.

Yes. You can sue as long as you have a valid complaint against the executor.

A definitive answer to your question requires more detail. Generally, a life estate owner has the right to the sole use and possession of the property. The remainderman has an interest in the property but no right to possession until the life estate has expired or the life tenant grants permission. Generally, the remainderman has no right to enter the dwelling but may have the right to maintain the grounds. The remainderman has the right to expectation that the life tenant will maintain the property in good repair and not allow it to deteriorate. Since laws vary in different jurisdictions you should consult with a local attorney who specializes in real estate law to determine your rights and responsibilities regarding the property. You should also review the document that created the life estate.

A definitive answer to your question requires more detail. Generally, a life estate owner has the right to the sole use and possession of the property. The remainderman has an interest in the property but no right to possession until the life estate has expired or the life tenant grants permission. Generally, the remainderman has no right to enter the dwelling but may have the right to maintain the grounds. The remainderman has the right to expectation that the life tenant will maintain the property in good repair and not allow it to deteriorate. Since laws vary in different jurisdictions you should consult with a local attorney who specializes in real estate law to determine your rights and responsibilities regarding the property. You should also review the document that created the life estate.

A definitive answer to your question requires more detail. Generally, a life estate owner has the right to the sole use and possession of the property. The remainderman has an interest in the property but no right to possession until the life estate has expired or the life tenant grants permission. Generally, the remainderman has no right to enter the dwelling but may have the right to maintain the grounds. The remainderman has the right to expectation that the life tenant will maintain the property in good repair and not allow it to deteriorate. Since laws vary in different jurisdictions you should consult with a local attorney who specializes in real estate law to determine your rights and responsibilities regarding the property. You should also review the document that created the life estate.

A definitive answer to your question requires more detail. Generally, a life estate owner has the right to the sole use and possession of the property. The remainderman has an interest in the property but no right to possession until the life estate has expired or the life tenant grants permission. Generally, the remainderman has no right to enter the dwelling but may have the right to maintain the grounds. The remainderman has the right to expectation that the life tenant will maintain the property in good repair and not allow it to deteriorate. Since laws vary in different jurisdictions you should consult with a local attorney who specializes in real estate law to determine your rights and responsibilities regarding the property. You should also review the document that created the life estate.

On an estate tax return, all property that is included in the gross estate and passes to the surviving spouse is eligible for the marital deduction. The property must pass "outright." Since there is not limit to the amount that can be deducted, it is an unlimited marital deduction. For more information, see IRS Publication 950 at http://www.irs.gov/pub/irs-pdf/p950.pdf

Yes. There is a lot of work and responsibility involved in being the executor of an estate. The one sibling/beneficiary who is appointed should not be reqired to work for the other beneficiary for free. In some cases the executor may not charge the statutory fee, however, they should not be expected to work for free. The executor fee should be paid from the estate. If one of two sibling is inheriting real estate then they should make a cash contribution equal to one-half of the executor's fee.

Also termed a life estate per autre vie, this class of life estate uses as its measuring life the duration of another person's life other than the life tenant. For example, suppose an elderly man, Steven, owned a home. His brother William lived with him. Steven had several other siblings. In his will Steven granted his niece Ellen a life estate for as long as her father, William, was living. Steven knew that William needed to be in the care of his daughter. When William died, Ellen's life estate expired and the remainder of the property was shared by Steven's siblings.

It depends upon the state laws. In some states, husbands have something similar to a dower right called a courtesy right. Check with a probate attorney in the state in question.