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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Can someone sue the beneficiary of a living trust for assets owned by the trust?
No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.
No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.
No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.
No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.
What type of irrevocable trust is created solely to save taxes?
Custodian trust.Credit Shelter trustBypass trust.Grantor-retained interest trust (GRIT).
The answer depends on the provisions in the Will.
Generally, the executor is authorized by the court to manage the estate according to the instructions set forth in the Will. In many Wills the testator grants the authority to make decisions about the real estate to the executor. In other cases property is specifically devised to a beneficiary and the executor cannot sell it unless the sale must be done in order to pay off the debts of the decedent. The debts must be paid before any property can be distributed to the heirs.
An executor can also request a license to sell real estate from the court if the heirs cannot agree and the power of sale was not granted to the executor in the Will.
The proper way to refer to property owned by a decedent is estate property.
What happens when your mom passes away and her property is in a life estate?
The life estate goes to the remainderman.
Can you claim real estate closing costs on your taxes?
Consult the Federal tax instructions. There are a number of items in the closing costs that can be deducted.
Can a creditor become an administrator of an estate?
Yes, they can. Often a creditor will file for an estate so they can collect their money.
Why do estate-valuers surveyor needs economics?
The state of economy affects values of objects and property. They need to understand the affects of inflation and how it affect value. And they definitely have to understand supply and demand and what the current situation is.
Can you stop a named executor of a will from being appointed executor by the courts?
Yes. If you have a legitimate objection the court will hear it. When you receive notice that the will has been filed and the executor has requested appointment make certain you file your objection in writing by the date listed on the notice. State the facts and submit any evidence or names of witnesses to back up your objection. If the court agrees with you it will appoint a different executor.
Do other heirs need to sign if you sell the property?
The decedent's estate must be probated in order for the heirs to have legal title to the real estate. All the heirs must sign the deed. If you want to sell the inherited real property the attorney who handles the estate can advise you.
What happens to a life estate in a divorce?
A life estate is not affected by a divorce unless that was made a condition when the life estate was granted. The grant would need to state the life estate would be terminated in the event of a divorce. If there was no limitation in the original grant then the life tenant has the right to the use and possession of the property for the duration of their natural life. They would need to sign a release to extinguish the life estate.
First, you are entitled to know every detail regarding the probate of your mother's estate. If you haven't received any notice from the court then it is likely your brother hasn't been appointed at all. An administrator is appointed by the court when the decedent died intestate, or without a will. No one has any authority as an administrator until they have been appointed by the court.
It is quite easy to determine if an estate has been opened and whether your brother has been appointed. All you need to do is to visit or contact the probate court where your mother lived. You can find the court by performing an online search using your mother's county, state and "probate court". You can then check your mother's name in the probate court index. If her estate has been filed, you should fine a case number.
Once an administration has been allowed by the court and the administrator has been appointed the file becomes a public record. You can visit the court, make copies, find the name of the attorney who is handling the estate and . . . you can monitor your brother's progress to make sure he acts with expediency by requesting to see the file periodically. You can obtain copies of any of the documents in the file. He cannot keep his actions secret from you. If you think he is mishandling the estate, you can file a complaint with the court and have your complaint heard.
If you find there is no probate filed for your mother's estate, you can petition to be appointed the administrator. No one has any authority over an estate until they have been appointed by the court.
What are large estate owned by wealthy families in Mexico?
The plantations were wealthy landowners in New Netherland who owned and ruled large estates.
No.
It generally requires a court action of some kind to remove an executor. What a "majority" wants is irrelevant; the only thing that matters is whether the executor is acting in good faith in attempting to carry out the wishes of the deceased.
Another PerspectiveThe beneficiaries can petition the court for the removal of the executor and the appointment of a successor. The complaints should be set forth in a clear and concise manner with examples of the misuse of funds. If the executor is indeed wasting estate assets the beneficiaries have a right to complain. The court will review the situation and render a decision.
Can a beneficiary be removed from an estate?
There are very limited ways that a beneficiary named in a will can be removed from receiving their share of the estate. If it is an ex-spouse, the divorce decree will often specify that any will made prior to that date will be null and void. A beneficiary can decline to receive an of an estate, sometimes done to increase someone else's share in the estate, such as a less well-to-do sibling, or even a parent.
Can a trustee and beneficiary of a will buy a house from the estate?
Yes. As long as it is valued correctly and bought at the correct purchase price.
Can a successor trustee distribute part of the trust funds before all debts are settled?
If you are referring to a testamentary trust the debts of the estate must be paid before the residuary can pass to the trust. You should consult an attorney. If you err you may be personally liable.
In short, no. Consult an attorney.
What type of court can beneficiaries remove an executor and appoint someone else as executor?
Estates are generally handled by a probate court but they have different names in different jurisdictions. To make changes to the executor of an estate you need to return to the court that appointed the executor and file your complaints in the form of a motion. The staff will help you with a form. The court will consider your motion and render a decision.
Essentially what you need to do is to designate your grandchildren as "contingent beneficiaries" of the insurance policy. Assuming that your child(ren) is now the only person(s) designated as the beneficiary(ies), you would need to contact the agent who sold you the policy, or the insurer itself, and request the proper form by which to add the contingent beneficiary. You would then return the completed and signed document to the agent or the insurer, as directed.
A potential complication exists if your grandchildren are minors at the time of your death and your children have predeceased you. The problem is that the insurer will generally be unwilling to pay the proceeds directly to a minor, even if he/she/they are the designated contingent beneficiaries. Therefore, you should think through whom you wish to designate the recipient of the proceeds on behalf of the minors and designate that person/persons/institution as the recipient of the policy proceeds.
You can also consider the establishment of a trust to serve that purpose, but you will want to get legal advice to do that.
Can you receive life insurance payment if your in prison?
Yes. The beneficiary of a life insurance payment can always receive the payment regardless of where he or she is.
Can you open an estate account without an attorney?
It is possible to open an estate without an attorney. Most of the forms can be obtained online or at the courthouse.
What if someone dies interstate without namring life insurance beneficiary and no will?
The proceeds of the policy are paid to the estate and the estate must be probated. There is usually an expedited probate process for small estates. You should inquire at your probate court.
Can anyone stop the letters of administration?
Not anyone can object to the appointment of an administrator. If you are an interested party you will be given notice of the hearing date. You cannot "stop" the issuance of Letters of Administration but you can file an objection to the appointment of the petitioner and then you must attend the hearing. The court will consider the objection and render a decision to either appoint the petitioner or appoint another person as administrator.
Anyone with a vested interest in the estate can petition the court to open the estate. That would be anyone named in a will, anyone that is owed money by the estate or any natural heir.
