Can trustee let house in irrevocable trust go into disrepair?
That would be a breach of their fiduciary duty. The property needs to be maintained.
How long after death must an estate be closed?
Complex estates can take many years to sort out and close. There is no set time frame for closing an estate.
What does an executor of an estate charge for fees?
That will depend entirely on the laws in your specific jurisdiction. Many states have passed a cap, often a percentage of the total value of the estate. And the court has to approve any payment. It is taxable income as well, so has to be reported by both the estate and the executor to the IRS.
Can a property that was sold for taxes be included in an estate?
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
Can you transfer assets into an irrevocable trust without gift tax implications?
Yes, the transfer is not taxable, but payments from the trust to OTHERS may have tax implications (i.e., other than to your spouse, charities, 529s, etc).
When does a gift become an estate?
A gift you receive becomes your property. When you die, if you still own that property it becomes part of your estate.
A gift you receive becomes your property. When you die, if you still own that property it becomes part of your estate.
A gift you receive becomes your property. When you die, if you still own that property it becomes part of your estate.
A gift you receive becomes your property. When you die, if you still own that property it becomes part of your estate.
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Are certificates of Deposit part of the residuary estate?
They are a part of the estate. Whether they are residual or not will depend on whether the CDs have a beneficiary named on them or are specifically left to someone.
How do you address a letter to someones estate?
You would address it to the last known address with "The Estate of xxxxx" on the first line. Or check the notices for the address of the lawyer handling the estate.
Can one lose trust income if they remarry?
You need to review the terms of the trust. The trust is administered according to the provisions set forth in the instrument that created the trust.
You need to review the terms of the trust. The trust is administered according to the provisions set forth in the instrument that created the trust.
You need to review the terms of the trust. The trust is administered according to the provisions set forth in the instrument that created the trust.
You need to review the terms of the trust. The trust is administered according to the provisions set forth in the instrument that created the trust.
How do you change the executor of an estate if the designated executor is not fulfilling his duties?
You must file a motion with the court to have the executor removed and replaced. You should be prepared to provide evidence of their failure to act properly.
You must file a motion with the court to have the executor removed and replaced. You should be prepared to provide evidence of their failure to act properly.
You must file a motion with the court to have the executor removed and replaced. You should be prepared to provide evidence of their failure to act properly.
You must file a motion with the court to have the executor removed and replaced. You should be prepared to provide evidence of their failure to act properly.
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.
As trustee that is their responsibility.
As trustee that is their responsibility.
As trustee that is their responsibility.
Is an executor of a will able to handle the estate of a beificiary?
No. If the beneficiary dies their estate must be probated in a separate action.
No. If the beneficiary dies their estate must be probated in a separate action.
No. If the beneficiary dies their estate must be probated in a separate action.
No. If the beneficiary dies their estate must be probated in a separate action.
Does executor of a trust have to let the beneficiaries of the trust monitor their activities?
Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.
Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.
Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.
Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.
Who has precedence maternal grandfather or paternal uncle?
It depends on what the precedence has to do with. If it is inheriting an estate with no will it will depend on the state in question. In most places the grandfather will have precedence.
Why Are safeguards needed in trust accounting?
Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.
Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.
Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.
Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.
Does a exector of estate have to show where the money went?
Yes, they must show a full accounting to the court.
Are your children entilded to part of an estate left in death if there is no will?
Yes, the intestacy laws typically call for children to inherit. If the spouse is still living, the estate is split.
How is a estate distributed with stocks?
The stocks will have to be valued as of a specific date, which the executor has some ability to choose. The stocks are then sold and the amount is distributed. The stock ownership may be transferred as well.
How does a beneficiary know if he has to add this money to an estate?
The only reason a beneficiary would add money to an estate would be if they owed money to the estate at the death of the deceased.
Can i become executor of an estate after my father's death?
There is no reason you cannot become executor of an estate as long as the court agrees. As long as you are 18 or older, you can serve in that capacity.
Can you save a house left to you or will it need to be sold to satisfy the deceased's debt?
That depends entirely on the valuation and the amount in the estate. Someone can purchase the home for fair market value and the proceeds go into the estate. That may cover the debts.