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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Yes it is fraud and theft. The moment the authorized person died, so did the permission.
What is the importance and function of residuary clause in a will or other testamentary instrument?
There's an old saying about real estate: "the fee must always be someplace", meaning there must always be an identifiable owner.
A residuary clause is something like a "default" clause that if NOBODY else is to inherit property, it still goes SOMEPLACE.
In a will or any testamentary instrument, if the person making the will ("testator") or other instrument ("grantor" of a trust or other such instrument) dies and all the people who were supposed to inherit have already died, have no children of their own and the instrument is otherwise defective because it doesn't "shift" inheritances to other living people through a "per stirpes" or similar designation and there are no other heirs at law (parents, grandparents, siblings, etc.) and the will does not have a "residuary" clause saying who gets the estate almost like a "default" inheritor (it could be a charity and even if the specific charity no longer exists then a court could appoint an alternate charity), then it is possible the estate will "escheat" or default to the STATE and be lost forever!
AnswerA residuary clause is important because it controls the distribution of the residuary estate.A person's residuary estate is any property remaining after all debts, taxes, expenses, and specific bequests and devises have been fully satisfied. It may consist of property the testator owned and didn't devise under the provisions of the will, property that comes into the estate after the death of the testator such as insurance proceeds, refunds, court settlements, assets the testator forgot to include in the distribution, legacies that have lapsed or assets the testator may have acquired afterexecuting the will. It is a catch-all category that may include a considerable amount of property in many cases.
The residuary clause is important because it directs how the residuary estate will be distributed. If there is no residuary clause included in the will the residuary estate will pass to all the heirs at law as intestate property according to the state laws of intestacy as if there was no will.
A gift deed is a deed in which the consideration is not monetary but is made in return for love and affection. It is a document which transfers ownership of property to another as a gift. What you described is a life estate. A life estate is the right to the use and possession of a property for the duration of the life tenant's natural life. A life estate does not confer ownership only an exclusive right to use.
If there were no conditions set forth in the grant of life estate then you need to check your state laws to determine the responsibilities and obligations of the life tenant.
A gift deed is a deed in which the consideration is not monetary but is made in return for love and affection. It is a document which transfers ownership of property to another as a gift. What you described is a life estate. A life estate is the right to the use and possession of a property for the duration of the life tenant's natural life. A life estate does not confer ownership only an exclusive right to use.
If there were no conditions set forth in the grant of life estate then you need to check your state laws to determine the responsibilities and obligations of the life tenant.
A gift deed is a deed in which the consideration is not monetary but is made in return for love and affection. It is a document which transfers ownership of property to another as a gift. What you described is a life estate. A life estate is the right to the use and possession of a property for the duration of the life tenant's natural life. A life estate does not confer ownership only an exclusive right to use.
If there were no conditions set forth in the grant of life estate then you need to check your state laws to determine the responsibilities and obligations of the life tenant.
A gift deed is a deed in which the consideration is not monetary but is made in return for love and affection. It is a document which transfers ownership of property to another as a gift. What you described is a life estate. A life estate is the right to the use and possession of a property for the duration of the life tenant's natural life. A life estate does not confer ownership only an exclusive right to use.
If there were no conditions set forth in the grant of life estate then you need to check your state laws to determine the responsibilities and obligations of the life tenant.
Can a person who has been charged with a felony but not convicted be executor of and estate in NC?
Yes, a person who has been charged with a felony but not convicted of the crime can be the executor of an estate depending where that person is in the legal process. A person who has been charged with a felony is considered innocent until proven guilty.
No. No one can close a bank account when there are outstanding checks that must be paid to the bearer.
What is the legal definition for personal belongings?
Personal property is any movable or intangible thing that is subject to ownership and not classified as real property. All property other than land and buildings attached to land.
What is the responsibility of a trustee in a living trust?
The responsibilities of any trustee are set forth in the trust instrument. A trust should always be drafted by an attorney who specializes in trust law and tax law and who will set the provisions of the trust to meet the needs of the trustor. The powers and responsibilities of the trustee(s) are set forth in the trust instrument and they have no other powers.
Can a non US domiciliary be a Trustee of a New York trust?
As the trust is registered in the U.S.A , then the trustee should also be a U.S citizen.
How long do you have to wait for your inheritance in California?
A complex estate can take many years to sort out and distribute. In California there is no set time frame for closing an estate.
Can an attorney-in-fact under a power of attorney transfer a life estate?
If the life estate belongs to the principal, the attorney-in-fact can release it on behalf of the principal. See related question.
What does life estate reserved mean on a warranty deed?
That means the grantor, or some other person named by the grantor, has the right to the use and possession of the property for the duration of their natural life. The life estate can only be released by the life tenant in writing or by the death of the life tenant.
Do a lawyer or a the executor of the estate contact you regarding being a beneficiary in a will?
That is part of their responsibility, to notify the heirs. They have to show the court they have made very effort to do so.
Does Oklahoma State Law override a Last Will and Testament?
A Last Will and Testament has authority and legitimacy in any jurisdiction because and only because it has been made legitimate by the laws of that jurisdiction. That is, for a Will to be considered valid in Oklahoma, it must conform to Oklahoma law. The law does not override the Will because the will has no effect without the law in the first place.
The co-administrator of an estate has as much equal access to the estate as the administrator. If property or the estate needs to be divided, the parties will need to agree.
Can you obtain a loan on a home as a grantee of a quit claim?
A quitclaim deed conveys whatever the grantor owns. The bank would perform a title examination to make certain that the person who transferred the land to you was the sole owner. If the title examination shows that you indeed acquired the land by your deed and there are no prior liens, the bank will loan you money as long as your credit record is good.
What is the difference between a stock holder and board member?
A Stockholder is a party (a person or group) who pays money to a corporation in return for part ownership of the corporation. A Stockholder can vote for Board Members, and can attend the corporation's annual meeting to propose and vote on governance measures. A Board Member is one of several officials elected by a corporation's Stockholders according to the terms of the corporation's bylaws. A corporation's Board meets on a regular basis to establish business policies and to oversee the management hired to operate the corporation on a day-to-day basis. A Board Member has a fiduciary duty to see that the corporation is run in the best interests of its owners, the Stockholders; in this fiduciary role, a Board Member is expected to display undivided loyalty to the Stockholders. Failure to uphold fiduciary standards is one of the most serious breaches of business law.
If real estate owned by a trust is sold what happens to the proceeds?
You need to review the language in the document that created the trust. It contains all the provisions that govern the trust property and the powers of the trustee. The trust must recite a provision that the trustee has the power to sell real estate and also how the proceeds must be distributed. If it doesn't cover this situation then the matter must be brought before a court and the court must issue an order.
Go to the court house for your county. They can provide you with a set of the appropriate paperwork. It would be advisable to consult with an attorney, but you can do it yourself.
How are disputes handled between two co-executors of an estate?
The co-executors should discuss the issue with the attorney who is handling the estate. If the dispute cannot be resolved the matter should be brought before the court for a ruling.
The executor can file a resignation with the court and you would petition for appointment as the successor.
Can the executor assign a person to supervise over property left to children in a Will?
The Will must be submitted to the probate court and the court must appoint the executor. The executor does not have the authority to appoint guardians over children or property. Generally, the court will direct that money left to children must be deposited in trust for the children until they reach eighteen years of age. If the children inherit real property the court must appoint a guardian who can manage the property on behalf of the children until they reach eighteen.
Is a beneficiary deed with a land description drawn up notarized and filed by a neighbor legal?
Yes it is legal because the retired surveyor had it notarized and recorded. It doesn't sound like there anything funny going on here and just a friend helping out with the land description. You sound like a concerned person and this lady is lucky to have you around. If you are suspicious all you have to do is go to City Hall to the Planning Dept., and see how the description of the property was drawn up. * It would only be legal if the survey is correct and if all persons named on the title to the property or their legal representatives were privy to the proceedings. If there was not a formal survey of the land to insure that the plot in question corresponded with the one on file in the land recorder's office then the document is not legal.
A "spray trust" or "sprinkle trust" is created when the settlor gives the trustee discretion to pay income out of the trust to any of the beneficiaries of the trust as their needs appear. Thus the trustee has discretion to "spray" the income among the various beneficiaries. The trustee has a fiduciary duty to inquire as the the beneficiaries finances to assure the trustee's standard of living can be maintained.
What are the objectives of mental health counselor?
In brief, the objectives of mental health counselor is to guide individuals into functioning behavior patterns. By guiding I mean, helping them to find their own healthy coping mechanisms, advantageous behavior, and thought patterns.
What are the legal rights for the first successor of an irrevocable trust?
The successor trustee has generally the same rights and powers granted to the original trustee.
The successor trustee has generally the same rights and powers granted to the original trustee.
The successor trustee has generally the same rights and powers granted to the original trustee.
The successor trustee has generally the same rights and powers granted to the original trustee.
