Estates

Generally, yes. The grantor on a deed is the one who owns the property and is transferring it to the grantee. Once the deed has been executed and delivered to the grantee the grantee is the new owner and they must record the deed in the land records as proof of their ownership. The subsequent death of the grantor has no effect on the grantee's ownership.

Past deeds are actions you carried out in the past. Your past deeds may be something you are ashamed of or something you are proud of.

No, but all natural heirs must be informed.

People who think like this support the inheritance tax:

Unlike income tax which makes you give up something you worked hard for, or sales tax which makes you pay more for something you need or want, the inheritance tax money comes from people who won't miss it. Unless you want to maintain social classes and let some people live a life of luxury without doing any work, the inheritance seems like a good way to raise necessary government funds. Children of rich parents already enjoy the best schools where they make lucrative social and business contacts and many have been handed a well-paying job, have been given a house and a trust fund. How badly do they need one more hand-out ?

Surely the inheritance tax should be set up so that dependent spouses and children will not be denied support and so that family businesses will not be destroyed, but why should not competent adults pay a tax on their inheritance windfall which they did nothing to earn or deserve?

A revocable trust is revocable by its maker.

A residual estate is the property left in an estate after specific bequests have been made. The residual estate may be transferred to a trust and that would be a testamentary trust. The maker of a testamentary trust is deceased and cannot revoke that trust. If this doesn't answer your question you must add more details on the discussion page.

The trustee cannot borrow money from the trust unless that power is specifically included in the provisions of the trust. A trustee has only the power set forth in the document that created the trust. A trustee is subject to the state laws that govern fiduciaries. Self-dealing by a fiduciary is a serious offense that should be reported to the authorities. The beneficiaries should bring the matter before a judge and ask that the trustee be replaced and the funds restored immediately.

Alternatively, if it is a friendly transaction the parties should consult with an attorney (preferably the attorney who drafted the trust) who can review the situation and draft the appropriate documents if the transaction can be allowed.

Your mother. If you want your girlfriend to be able to make decisions for you if you become incapacitated or if you want her to inherit your property then you must execute legal documents to that effect. You should consult with an attorney who can review your situation and explain your options.

I guess it depends on the situation; An inheritance tax (also known as an estate tax) is a tax levied on a person who inherits money or property, or a tax on the estate (total value of the money and property), of a person who has died; as long as the FMV of the estate or the amount of inheritance exceeds a certain level, you are subject to inheritance tax.

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While the entire concept of inheritance/estate tax is complex, with many exemptions and exclusions and other considerations - the above is wrong.

The Federal laws are changing, but basically, if the estate (as it is defined) is )or soon will be) under 5M there is no tax on it. That is - a tax on the ESTATE of what the deceased has to give.

What one receives from an estate (with certain exemptions, like to a spouse, generally) - an INHERITANCE - is generally taxable as income to the one receiving it. Also if the money is coming from the deceased IRA (or certain other qualified retirement savings plans), there may be options on how to have it paid that either defer or change the amount of tax to be paid.

Finally, the laws in the STATES are generally entirely different. (So an estate may not be taxed by the Feds, but taxed by the State, and an inheritance taxed by the Feds and not the State).

Your power of attorney ceases upon the death of the person who awarded it to you. Therefore you would have no authority after the person's death, to choose their cemetery or anything else.

You need to check the provisions of the trust to determine if an agent can be appointed.

The court must be notified and a successor will be appointed.

There is a limit on cashing any check. Most banks will not honor a check more than 90 days old.

First the executor must be appointed by the court. (The authority to pass title to property is obtained through the court. For small estates most courts have an expedited procedure.) Then the executor must distribution the assets of the estate according to the provisions in the will after the debts of the decedent have been paid. If the car is not specifically mentioned then it will pass according to the residuary clause in the will. If there is no residuary clause then the car will pass as intestate property to the heirs at law.

The executor must make certain to distribute intestate property with fairness to all of the beneficiaries. If the other beneficiaries have agreed to the transfer of the title to the car, the executor can sign over the title as the duly appointed executor according to the instructions promulgated by the state department of motor vehicles.

An executor is responsible for following state laws in the settling of an estate and can be held personally responsible for mishandling the assets. You should consult with an attorney who specializes in probate for guidance.

Some life insurance policies have an "irrevocable" clause, meaning, once you designate a beneficiary, that's the only beneficiary that can be designated. Stated otherwise, the owner of the policy cannot him/herself change the beneficiary without the consent of the beneficiary (hence, the use of the term "irrevocable").

If that consent can be obtained, the insurer will have forms that must be completed with a great degree of formality, in order to effect the change. The insurer will be concerned that all formalities are observed so that when the insured dies, it is not faced with conflicting claims to the proceeds.

A closed estate would be one where the probate processs has been completed and the assets have been distributed.

That requirement may vary from state to state, however, I would advise it would be a good idea to do so, in case the Probate court wants access to the account for whatever reason. Check your local state laws, or probate court, for further information.

The beneficiary position is that they will receive the proceeds of the life insurance policy after the death of the insured. Until the death they have no other "position". After the death they must file a claim by contacting the company and following their instructions.

In fact, this is how most wills are set up. They pay out a percentage of the estate.

For example, if the estate was worth $100,000.00 and a beneficiary was to receive 15% of the estate, they would receive $15,000.00.

Yes. Step children have no right to inheritance unless they were legally adopted. In most states, if legally adopted, they have rights of inheritance only if they are minors. An adult child can be disinherited as long as it is done properly by will. In an intestate estate, a legally adopted child is an heir at law. You can check the laws of intestacy for your state at the related question link provided below.

Yes. If the inheritance includes real property she must transfer title to you by a deed after the estate is probated.

Ownership of real property is evidenced by a deed or a probated estate.

A sole beneficiary should, in theory, receive the entire estate, minus the fees of the executor.

Yes. You would make a request to the Trustee of the trust and ask for a distribution based on your needs. However, the trust must be administered by the terms of the Trust Document.

No. The decedent's estate is responsible for the debts of the decedent. However, no distribution of assets can be made until the estate is probated and debts are paid.