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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, but generally, the Administrator needs to request a license to sell the real estate from the court in order to be able to execute a valid deed.
In the UK: No. If you are confident no claims will be made against the estate and or you have waited the statutory period before distribution then you can make an interim distribution. It is wise to hold some funds back however in case the house does not sell for a long period of time and estate funds are needed for repairs
When can stock money be dispersed after received in estate?
The executor has to settle all debts. Once they are satisfied that they can be paid, they can consider disbursing money to the heirs.
What would happen to my bank accounts if I died?
The answer depends on what arrangements you make for the distribution upon your death.
- You can visit the bank(s) and arrange to designate a person or persons to receive the balance in the accounts upon your death. That way, the funds will pass automatically to the person(s) you have named.
- You can add someone you trust, and who you want to receive the funds upon your death, as a joint owner of the accounts. The joint owner will have access to the accounts during your life and become the sole owner upon your death.
- You can write a Last Will and Testament that leaves your accounts to the person(s) you have chosen to receive them. They will receive the balance of the funds after any debts have been paid.
- If you do nothing your heirs will need to probate your estate and after the payment of your debts the state will distribute your money according to the laws of intestacy.
- Lastly, if no one knows of your accounts and therefore no one claims them, after a statutory period, usually seven years, the accounts will be paid over to the state.
They would have to convince the court that it is reasonable. If the executor is from a long way away, small amounts might be okay. The dispensation of the estate has to be cleared by the court. Typically the court will place the executor ahead of other debtors.
Yes. There may be a serious and costly problem depending on the laws in the state where you live.
If the wife should die intestate the property would pass according to the state laws of intestacy. Her surviving spouse may only inherit a partial interest in the property and the children will get the remaining interest. If there are no children the wife's parents or siblings may inherit an interest.
On the other hand, she may be able to leave it to someone else by a will if she is the sole owner.
You need to speak with an attorney ASAP and have the property titled properly for a married couple in your state.
How do you become administrator of estate in Oregon?
You apply to the probate court. They will issue a letter of authority. The forms may be available online or at the court house.
How long does an executor have to administer a will in NC?
As long as it takes. Not trying to be flippant, but each estate is different and there is no legal limit. The executor has to make regular reports to the court to demonstrate movement.
Who is considered an heir who has rights to redeem a foreclosed property?
If the person who lost the property by foreclosure died within the redemption period their heirs are those persons who would inherit their property in the absence of a will under the state laws of intestacy. You can check the laws in your state at the related question link.
If the person who lost the property by foreclosure died within the redemption period their heirs are those persons who would inherit their property in the absence of a will under the state laws of intestacy. You can check the laws in your state at the related question link.
If the person who lost the property by foreclosure died within the redemption period their heirs are those persons who would inherit their property in the absence of a will under the state laws of intestacy. You can check the laws in your state at the related question link.
If the person who lost the property by foreclosure died within the redemption period their heirs are those persons who would inherit their property in the absence of a will under the state laws of intestacy. You can check the laws in your state at the related question link.
No. First, a will doesn't become effective until after the death of the testator. Second, only the property owned by the testator at the time of death becomes part of the estate. If they gave away their property during life, that property is gone and whoever received the gift during the life of the testator is the rightful owner. Remember that a person can do what they want with their own property while they are alive and a will only distributes any property owned at death.
Does majority overrule an executor?
No, but they can petition the courts to have him [or her] replaced.
A political candidate who accuses his or her opponent of reckless spending is using the?
A political candidate who accuses his opponent of reckless spending is using the demonization tactic. This is a less than honorable method of lessening a political candidate by accusing him or her of some sort of evil deed. True or not, there are a certain percentile of voters who will believe it and allow their vote to be affected by the tactic.
During the caveat does executor have power to act?
In the UK:
The caveat stops the probate court from issuing probate, generally speaking the caveat is in place to prevent the estate from being distributed. Of course whilst the caveat is in place the estate could not be collected. However there is much work to be done prior to the submission of the probate application, for example if there was a property the executor would still be responsible for ensuring the property was maintained correctly, insurance would still need to be in place, utilities would need to be contacted. In addition the liquid assets would still not be collated. There is still lots to be done even though the caveat is in place. Of course eventually the executor would reach a point where they could go no further.
However, the filing of a caveat holds the appointment or grant of probate in abeyance until the issue of the caveat is settled. Therefore the executor does not have the legal "power" or authority to act in place of the person who has died until Letters Testamentary have been issued.
Can a trust exist where there is no trust deed?
A court can impose a trust on equitable grounds against someone who obtained property through wrongdoing. The wrongdoer is reduced to a trustee and the title is restored in the rightful owner. This is called a constructive trust.
Generally, a trust exists by virtue of a document that sets forth the provisions of the trust, names the trustee(s) and adheres to the state requirements for a valid trust. That document is commonly called a Declaration of Trust. A trust exists independently whether it owns property or not.
Any property that is to be held in trust by the trustee must be transferred to the trust. If that property is real estate, the owner must execute a deed that transfers title to the trustee of the trust. By doing so the owner is giving up ownership. If there is no deed to the trustee then the real estate is not part of the trust property. The deed to the trustee is referred to as a trust deed or deed of trust. When the property is transferred out of the trust by the trustee that deed is called a trustee's deed.
In some jurisdictions a trust deed or deed of trust is the term used to describe a mortgage.
Why would an estate administrator be sued in a fiduciary lawsuit?
For mishandling an estate.
For mishandling an estate.
For mishandling an estate.
For mishandling an estate.
What are some of the organizations that regulate trust accounts in the US?
The two basic types of trusts are a testamentary trust and a personal trust. The former takes effect after the death of the grantor while the later is in effect during the lifetime of the grantor and may or may not continue after death. Trusts can be highly complex legal arrangement and are subject to regulatory oversight by both the states and federal government. The laws regarding trusts vary from state to state since no uniform laws regarding trusts have ever been adopted. Since trusts involve personal or real property and are frequently set up for the transfer of assets from the grantor to another party federal regulations come into play in determining whether or not a specific transaction shall be taxed. In a dispute involving trusts the judiciary also can become involving in resolving disputes between the different parties in a trust.
When land is deeded to children what are taxes when land is sold upon parents death?
Usually most parents are sure their house and property taxes are paid every year and if so, there is no reason to worry. Say the land had an assessed value of $250,000 and you sold it for $400,000. Then you would be charged Capital Gains Tax on the profit of $150,000. If you sold it for the exact amount $250,000 you wouldn't have to pay Capital Gains Tax. That's the only tax you would have to worry about it and you could easily pay it off by the profit you made. If your parents had back-taxes (highly doubtful) then you would have to find out from the IRS what they owed and pay those taxes. If the children want to keep the house on property, then they can get a loan to pay off the taxes, or, they can sell the house/property and hopefully make a profit after they pay off the back taxes. Marcy * The land will be taxed at the fair market value at the time of the person's death. Be advised that in most states land transfers through wills are often subjected to significant probate costs.
Either renounce or administer the estate or pay a professional to deal with the matter and the fees would be met from the estate. It is up to the executor to decide.
If the exector decides to administer the estate, he or she can be paid a fee (amount varies by state and county). The executor is not a beneficiary and the beneficiary is not the executor. The beneficiaries really have no say as to what the executor should do (i.e., adminster estate, hire attorney to represent estate, or renounce). The executor has a sworn duty to administer the estate in accordance with the deceased's will and the laws of the state and county of probate.
yes
Business is assigned to the Chancery division by the Supreme court and the County court has jurisdiction where the estate does not exceed thirty thousand pounds "Contentious probate" is a legal term used in the UK when there is a dispute involving an inheritance. There are law firms that specialize in "contentious probate" cases both through mediation and through litigation. For an example of contentious probate see the link provided below.
Can a Co-Independent Executor act on legal documents without the other Executor?
Yes, except when selling real property. In selling real property all co- independent executors must execute the document.
Generally, if the mother's estate was duly probated, the property was owned in fee by the remainderman. It would pass to his estate subject to the life estate. However, you should consult with an attorney who specializes in probate and the law of real property in your jurisdiction who can review the situation and explain the status of the property.
How do you calculate executors compensation when you are also a beneficiary?
The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.
The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.
The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.
The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.
How long does probate of a will usually last in Oklahoma?
Probate can be a long process. At a minimum it will take about 4 months. Anything under a year is considered pretty timely. There are some estates that are still open after decades of work.
