If you were left a condo in a life estate can you choose not to live there and rent it out?
I believe so. The life estate simply governs the ownership of the property. In other words, you can't sell it and the previous owner can't sell it until he or she dies. I believe it is intended to be passed down. It's been a while since I took the course. What you do with the property is up to you so long as there are no stipulations in the will or real estate contract. You just can't sell it. A real estate appraiser or real estate agent should be able to tell you more. Or just grab a copy of a text book in a good library. They devote a whole section to "life estates" in current text books.
Yes. All rental profits belong to the person who holds the life estate decree.What is the definition of land from the standpoint of law?
Land is an indestructible and unmovable portion of the earth's surface, the space below the surface and above, and anything that is permanently attached to it or growing on it. In law, land is referred to as real property.
Land is an indestructible and unmovable portion of the earth's surface, the space below the surface and above, and anything that is permanently attached to it or growing on it. In law, land is referred to as real property.
Land is an indestructible and unmovable portion of the earth's surface, the space below the surface and above, and anything that is permanently attached to it or growing on it. In law, land is referred to as real property.
Land is an indestructible and unmovable portion of the earth's surface, the space below the surface and above, and anything that is permanently attached to it or growing on it. In law, land is referred to as real property.
Your father's estate will be responsible for his debts unless you have agreed in writing to be responsible. If his home is mortgaged you will need to pay the mortgage if you want to keep the house. When the time comes you should seek the advice of an attorney who specializes in probate law in your area.
Can joint tenancy w full rights of survivorship be reversed?
You need to consult with an attorney who specializes in real estate in your area who can review the deed and determine what your options may be. A joint tenancy can be broken if one tenant voluntarily conveys their interest to a straw or a third party.
In the state of VA if property is sold for unpaid taxes does this dissolve the life estate?
Generally, property taxes owed to the town take priority. As the life tenant you should have paid the property taxes if you wanted to remain in possession of the property. You could pay the back taxes, interest and costs and redeem the property within the statutory period of redemption. However, if the taxes remain unpaid the land can be successfully taken and the life estate would be wiped out.
You should consult a local real estate attorney to determine if you have a right of redemption.
The executor has a duty to the estate. The price must be a fair market price and the beneficiary cannot choose what that is.
The province will have specific rules of intestacy (an estate without a will). In most place the fiancee has no legal standing to claim anything. Being listed as Next of Kin on forms does not provide a legal status of any type.
When a testator dies and the named executor does not want the duty how does he find a new executor?
The appointment of a named executor or replacement of an executor for any reason is under the jurisdiction of the probate court. The named executor can file a Declination if they don't want to accept the appointment and the court will appoint an alternate. The person who wishes to relinquish the office after appointment as the executor must file a motion with the court to be relieved of that duty and the court will appoint a successor. If the executor dies or becomes incapacitated the court will appoint a successor. If there has been misconduct or breach of duty by the executor the beneficiaries may petition for removal and appointment of a successor.
Can you sue a company that sold property without authority?
If they sold it without authority, they are committing conversion or theft. You will have to show ownership and that they did not have permission. They can defend with such things as abandonment, or that they took it in lieu of payment.
How do you correct an unrecorded quit claim deed when the grantor is deceased?
You cannot correct an error in an unrecorded deed when the grantor has died. You need to take the matter before a judge and request the court's help in making the necessary corrections, depending on the nature of the error. The deed may be deemed null and void. In that case, the grantor's estate must be probated and you must get a deed from the estate or from the heirs.
You need to have your situation reviewed by an attorney who specializes in real estate law in your jurisdiction.
Aunt is executor of will and stole all the family money. What can be done?
Take her to court. You can petition the court to remove her as executor. She has to provide a complete accounting of the money to the probate court. You could press charges on her and get all the money back and even more.
A Power of Attorney expires immediately upon the death of the principal. Your state laws determine if you have any interest in your father's estate if he died intestate or without a will. His surviving spouse is entitled to at least a portion of the estate, and in some states all of the estate, regardless of the length of their marriage. You can check the law in your state at the related question link provided below.
The executor is liable for any errors they make in paying debts or paying beneficiaries.
How can someone claim his right of inheritance?
This question deems the question of "right of inheritance." If an estate document gives an inheritance to someone then they are entitled to that inheritance by virtue of estate law. If this has not taken place an individual can contest the will by virtue of not receiving and inheritance that is mentioned in the estate documents. However is someone is omitted from an inheritance only the court can determine if an individual has a right to an inheritance. In order to determine this one must contest the will in the county where the deceased resided and await a hearing to determine if the contesting has any merit. Individuals have the right to leave an inheritance to anyone they choose and omit anyone they choose. Sometimes being omitted was done in error which by contesting may rectify the situation.
If there is a will does it have to be probated?
Yes, unless a "trust "was set up along with the will then this person will have to deal with the probate courts. Check out different trusts on-line or call a law firm, the fees are typically low. Good luck Yes, a will must go through probate. Probate is a way to insure that everything gets legally settled. Even with a trust, there can be debts that need to be settled legally to avoid future problems. If there are others, such as children from prior marriages, it can be important to take the legal steps.
Your father's estate must be probated in order for title to his property to pass to his heirs legally. Title to his property will pass according to the laws of intestacy in your state unless he had a will that left the property to his wife.
You need to contact an attorney to discuss your options. The wife and children may inherit an interest and the children would then need to convey their interests to your mother if you want her to become the sole owner.
Who has control of assets and property if single mother dies and there is no will?
No one has control until the court appoints an Administrator for the estate. Once appointed, the Administrator will be issued Letters of Administration. That document will privide the legal authority to take control of the property. You should contact an attorney who specializes in probate ASAP in order to commence a probate proceeding.
Can an heir take out a loan against an estate in probate if the other heirs object?
An heir to an estate that is in probate can receive an "advance" against his or her beneficial interest in the estate. Because the "advance" only affects that heir's share, it can be done without the consent of the other heirs. Most of these transactions are structured as purchase agreements, not interest bearing loans. The advances are also "non-recourse" meaning that if the heir does not inherit enough to pay off the advance, the heir has no legal responsibility to repay it.
A real estate lawyer is a lawyer that specializes in real estate matters. By using the services of such a lawyer you will find that you are gaining the legal opinion of an expert. Most people think that any lawyer will do or there is no need for a lawyer at all. Everything is good until you have a problem. Then you wish that you spent the extra money and paid for a specialist. It is kind of like going to a doctor when your tooth aches. If you go to your generalist then he will find a way to provide you with a solution. With that it is obvious that a dentist will be a better choice of doctors.
What is the federal estate tax rate?
For 2011, the federal estate tax exemption will be $5 million and the estate tax rate for estates valued over this amount will be 35%. The estate tax has also become unified with federal gift and generation-skipping transfer taxes such that in 2011 the lifetime gift tax exemption and generation-skipping transfer tax exemption will be $5 million each and the tax rate for both of these taxes will also be 35%. There is NO federal level inheritance tax.
Yes. Until an executor is appointed by the court they have no power or authority. Once appointed they are obligated to settle the estate according to the provisions in the will and the state probate laws under the supervision of the court. An executor who abuses their authority or fails to perform their duties with honesty, integrity and expediency should be reported to the court. They can be removed and replaced and are personally liable for any damages caused by their actions.
What is a petition or motion to clear title to real property?
That would be an action to quiet title.
Qualified dividends allocable to the estate or beneficiary?
It depends on if it is a simple trust (all income must be distributed to the beneficiary(s)) or a complex trust which could be worded in any number of different ways. So essentially it can vary from trust to trust and you would need to have *your* trust read by your accountant or attorney in order to find out how the income is to be allocated.
Can someone with mental health issues contest executors decisions of probate?
That depends on the nature of the mental health issues. The person must have legal capacity. More specifically, at the moment when they sign it they must be mentally capable of understanding what they are doing and the consequences of that action. They must file the objection or complaint in writing with the court. The court may dispose of the matter quickly or inquire further into the capacity of the complainant. Some people with a mental illness may be considered to have legal capacity and it may be up to the court to make a determination. If there is a question the court may want to contact the person's doctor.