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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Paying back social security when someone dies?
You must notify Social Security when someone dies, and any benefits received for the month of their death onwards should be returned to social security. If the deceases has a direct deposit arrangement with the SSA, after notification of death they can usually tap into the account and pull that last check back out. Do not attempt to circumvent the recovery process or fool the SSA, as penalties and punishment for criminal acts may apply. Even if the money is withdrawn from the account, SSA will still have to be repaid. Usually this notification to SSA will be done by the surviving spouse, children or executor. Just call the local or main SSA number, and they have a procedure to take the necessary information. SSA also has a pamplet online "What To Do When A Beneficiary Dies" you can access. Any member of the American Academy of Estate Planning Lawyers should be able to assist you with such an issue. My practice is in Pittsburgh as The Estate Planning Centers at The Coulter Law Offices LLC. Please remember that this is a general discussion only, and is not intended as legal advice upon which anyone should rely. Moreover, I'm typing this reply off of the top of my head as a courtesy, not as a researched answer to your situation. You should consult with a lawyer or appropriate professional regarding you own specific facts and circumstances. Mark T. Coulter, J.D.
What is the first thing an executor of a will should do?
Upon the death of the testator the person who was appointed executor in the will, if living and available, should secure the property and choose an attorney to carry out the probate of the estate. She must take the will to the attorney so a petition can be presented to have the will allowed and have the executor appointed by the court. Until the executor is court appointed no one has the power to do anything with the estate. If the named executor is not available then any family member or beneficiary may contact an attorney to commence the probate of the estate.
There's some wiggle-room in estates, depending on whether the executor needs to file the will. For example, a living spouse may choose not to file the will with the probate court.
However, if the Executor must file the will, more rules apply. In most situations within families, the Executor allows children (minors and adult children) to remove the child's own possessions and a few keepsake type items, especially if the executor is aware that the deceased wanted a certain child to have something in particular.
BUT, the Executor is also responsible to the Court once a Will is filed for probate. The executor has the responsibility to "oversee" the contents and arrange for / take an inventory. Anything in the house, NOT owned by the children, should be listed in the inventory. The executor/executrix also 'advertises' for debtors/creditors to submit their bills or money due, and is responsible for listing each debt, who is owed, who was paid, and all monies due to the estate. The total of debts after being paid is subtracted from the total estate's "worth". Every cent / dollar must be listed in the accounting. From the balance, the executor/executrix I believe can take a small fee for doing the job; ask at the Clerk of Courts for the exact amount allowed.
After the sale of real property and personal property, then the remainder of the estate (in dollars/cents) is divided per the will's instructions.
If you are unsure whether you are mandated to file the Will, or unsure of how the estate's personal property is to be "divided" per the will and at what point it should be divided -- and how to calculate an "equal" division -- I urge you to consult an attorney. Internet websites cannot give legal advice, nor do we know your State's laws.
Can executor sell your property in Maryland?
An executor can only sell the property in the estate. If it is in the estate, it does not belong to you.
This antiquated form of inheritance has been done away with in virtually every country in the world.
In a way, no one dies without a will (commonly called "intestate"). Each State has actually made one for you!
Each State has something called the "laws of descent" that it uses to determine who gets what, in what order or percent. I've never seen one that didn't include people of a class (like all natural children, parents, siblings, granchildren, etc., equally. No one of a class to get more than another).
They change a bit State by State, so you should find the one for the State that the person died in.
It is in the interest of the state to see that all descendants inherit, to avoid having a very wealthy individual and a bunch of siblings with no means of support relying on the state.
What does a tenant in common deed look like?
When two or more people purchase land, they can own it as 'joint tenants' or as 'tenants in common'.
If they own it as joint tenants, they each own an equal share of the property. If one joint tenant dies, his/her share is extinguished and the remaining joint tenant(s) is/are the owner(s). The share of the deceased joint tenant does not become part of his/her estate. A husband and wife will usually own a property as joint tenants.
If they own it as tenants in common, the share owned by each does not have to be equal. If one tenant in common dies, that share of the property becomes part of the estate of the deceased tenant in common.
Usually the deed itself will state that the owners are either joint tenants or tenants in common.
If your father didn't update his will to accommodate his new wife, she is entitled to receive a statutory share under most state laws in the United States.
The will must be filed for probate and your brother must petition the court to be appointed the executor. If no objections are made to his appointment he will be given the authority to settle the estate according to the provisions in the will, according to state probate laws and according to state laws of intestacy. He will operate under the supervision of the probate court. The family should consult with an attorney who specializes in probate law who can guide the settling of the estate.
You can check your state laws of intestacy at the related question link provided below.
Can I contest the 401K beneficiary that a deceased son listed who is not a member of the family?
Your son had the right to name a beneficiary of his choosing for his 401K. Since it will bypass probate, there is no way for you to protest it unless you hire an attorney and try to bring a suit to a court of equity. It is unlikely that your suit would succeed.
Any interest that was earned from the estate over that time will be included in the payout. The trustees will have invested the money and the interest accumulated.
If the beneficiaries are in agreement and there are no debts remaining, yes. The estate can quit claim to the beneficiary.
No. In order to have any authority an executor or personal representative must be appointed by a court.
No. In order to have any authority an executor or personal representative must be appointed by a court.
No. In order to have any authority an executor or personal representative must be appointed by a court.
No. In order to have any authority an executor or personal representative must be appointed by a court.
Can a solicitor and executor of an estate access emergency funds for the beneficiaries?
It will depend on the laws of the state in question. In some cases the will may make allowances for that.
The authority to borrow money must be granted in the trust document. You need to review it.
The authority to borrow money must be granted in the trust document. You need to review it.
The authority to borrow money must be granted in the trust document. You need to review it.
The authority to borrow money must be granted in the trust document. You need to review it.
Who is the who legal next of kin to a man without a wife?
Generally, in the US:
Next-of-kin of an unmarried man, in first to last order:
- Biological or legally adopted children, if any.
- Parents, if living.
- If neither above, siblings, if any.
See also related question link for a link to state intestacy laws.
You should contact an attorney who specializes in the law of property. You may need a court order to transfer the property by a valid deed. You should also check to see it there are any real estate tax delinquencies affecting the property.
What is the fee an executor of an estate receives in Ohio?
Executors and administrators shall be allowed commissions upon the amount of all the personal estate, including the income from the personal estate, that is received and accounted for by them and upon the proceeds of real estate that is sold as follows: (A) For the first one hundred thousand dollars, at the rate of four per cent; (B) All above one hundred thousand dollars and not exceeding four hundred thousand dollars, at the rate of three per cent; (C) All above four hundred thousand dollars, at the rate of two per cent. Executors and administrators also shall be allowed a commission of one per cent on the value of real estate that is not sold. Executors and administrators also shall be allowed a commission of one per cent on all property that is not subject to administration and that is includable for purposes of computing the Ohio estate tax, except joint and survivorship property. The basis of valuation for the allowance of such commissions on real estate sold shall be the gross proceeds of sale, and for all other property the fair market value of the other property as of the date of death of the decedent. The commissions allowed to executors and administrators in this section shall be received in full compensation for all their ordinary services. If the probate court finds, after hearing, that an executor or administrator, in any respect, has not faithfully discharged his duties as executor or administrator, the court may deny the executor or administrator any compensation whatsoever or may allow the executor or administrator the reduced compensation that the court thinks proper.
What effect do contributing factors have on an accidental death claim?
Contributing factors will be used by both sides to argue liability. The plaintiff (victim's estate) may claim the defendant was driving dangerously or speeding and that caused the accident. The defendant might claim fog or wet roads or the victim's own negligence caused the accident.
Generally when a person dies intestate with no living relatives their property escheats to the state.
As an executor of an estate you received money do you pay taxes on it?
The fee paid to the executor is considered taxable income.
What is needed to transfer title on real property in Texas?
A Deed it can be warranty or a general warranty deed or a Quit Claim Deed depending on variables in the transaction. A Title company or county clerk can probably lend advise as to the best sort of deed for your purpose. It needs to be notarized and recorded at the local county court house.
There are several missing details in your question. Generally, a joint bank account passes automatically to the other joint owner when one owner dies. However, a joint bank account does not necessarily pass to the surviving joint account owner if the account was arranged as a joint account only for purposes of convenience; so the other joint holder could perform the banking and bill paying tasks for the primary account owner. In that case, even though it is listed as a joint account, it would become part of the estate and pass according to the terms of the will.
However, there is another way a bank account can be set up to pass to a beneficiary on the death of the owner. If the owner executed a payable on death directive with the bank, the account will be paid over to the named beneficiary and bypass probate. Even if all the other assets of the testator are divided equally among the heirs in the will, a payable on death account would pass to the beneficiary named in the bank records. The existence of the arrangement at the bank is evidence the testator wanted that bank account to pass outside of probate.
If you have any doubts you should discuss them with the attorney who is handling the estate.
What good is filing a petition to compel an accounting in surrogate court going to do?
This is a question for your lawyer.
No. The executor gets no commissions. They get paid a fee set by the state.You need guidance from the attorney who is handling the estate. An executor is personally liable for mishandling estate property or funds.
Can another another heir challenge a life estate deed?
No. The owner of the property has the right to grant a life estate.
Are adult children responsible for deceased parents debt in Arizona?
Unlikely but the estate may have obligations.
The question itself is very vague. Do you mean medical bills? Credit card bills? Utility bills? Exactly what type of debt?
No one is responsible for a medical bill, credit card bill (unless they're in joint names), utility bills except for the person the bill is in their name. Paying a spouse's hospital bill after their death is unnecessary. It doesn't matter if it's AZ or any place in the
U. S. The only bill you must pay is the mortgage itself otherwise you will lose the
property if that's not paid. Also a car note if that's not paid the car will be repo-ed.
Not paying the electric bill means no electric the same for the cable bill. Paying any
bills out of the estate is up to the individual who inherits the estate but in my
opinion the bill dies with the deceased. Think about it once a person is dead you
tell the bill collector they're no longer alive you won't get another phone call or
another bill since you can't collect from the dead.
