Estates

One reason is that the decedent wanted to have the funds available to pay debts of the estate and to have the remaining proceeds shared equally by the heirs.

I'm a little bit confused by the terms, but what I think you're asking is who does the trustee answer to in terms of doing his job properly. The answer is the beneficiaries of the trust. A trustee owes the beneficiaries a fiduciary duty to administer the trust property only for the benefit of the beneficiary. If a beneficiary feels that the trustee is not doing his job properly, the beneficiary can take it up with the court or in some cases, depending on the terms of the trust, can remove the trustee and appoint someone new to take his place. If you are in a state that has adopted the Uniform Trust Code, the trustee also owes the beneficiaries of the trust an annual accounting of the trust funds so that the beneficiaries can see exactly what the trustee is doing with the funds. I'm in Missouri and we are a UTC state. There are 20 other states including Kansas, Nebraska, Wyoming and several others, which have adopted the UTC. Check your local law to see if your state is one of them.

You need to consult with an attorney who can review the title and how it was created. If the sibling was unmarried and without children their interest may pass to you. However, you may need to probate their estate. If there is a surviving spouse or children of the deceased sibling the situation becomes more complicated. The attorney can advise you of your options under your state laws.

Under normal circumstances, no. A life insurance company will pay the proceeds to the named beneficiary.

Yes.

No. There is no such thing as a typewritten holographic will. A holographic will, by definition, is entirely handwritten by the testator. In some states a holographic will doesn't need to be witnessed.

Yes. The proceeds will be used to pay the debts of the decedent and the costs of probate and the remaining balance will be distributed to the heirs according to the will or the laws of intestacy if there is no will.

Yes. You can show up in court on the return day and make your case. Generally, if you are an interested party you should receive a notice of the date of the hearing when objections can be heard. You must make your objection on that day. You should visit the court ahead of time to see if there is a form you should submit notifying the court of your objection.

You must read the provisions of that particular trust to determine how it directs that assets be distributed. A trust is managed according to the provisions set forth in the document that created the trust.

Yes, if the mortgage is for your father's benefit, if he approved it and the money will be used on his property. A POA doesn't give you any 'rights' per se, it gives you the authority to act on behalf of another person, the principal. You cannot engage in any transactions that benefit you by signing your father's name.

A Power of Attorney is not granted for your benefit. You have been granted the power to sign for your father in his legal matters and at his direction. You cannot use that power to benefit yourself unless it is at the express request of your father. If you use your power to create a debt in your father's name without his permission and intended to benefit you, you can be prosecuted. The law does not look kindly on people who misuse their fiduciary powers and positions of trust.

Tangible property in law is property that can be touched. A house would be tangible real property.

Whether they have to pay taxes depends on how the ownership of the property was set up in the first place. Some ways people arrange things are: trusts, both revocable and irrevocable, putting other names on property with right of survivorship, or as beneficiaries. It depends on what suits the owner and the type of property involved. You would need legal help to sort it out.

You certainly need to get some assistance because i believe you have some misconceptions on what tax may even be applicable upon inheritance.

This year (2010), is a very good year to die as there is no inheritance tax at all. And generally other years, an estate has to be over 1 mill before there are any...and even more important, inheritance tax is paid by the estate, not the beneficiary.

Remember, things that pass to a specific beneficiary, say a life insurance policy payable to Nephhew John, are NOT part of the estate anyway.

Generally - any money received as an inheritance is taxable as ordinary income to the recepient. There are a number of ways that may change, and the time period the money may be received over (become taxable), especially if it was part of a 401K or IRA of the decedent is a major consideration. In most cases, the recepient gets a stepped up basis in the assets and is responsible for appreciation from the time of death forward. Obviously, the recepient had NO basis in the property before death and could not have a capital gain on it.

again, a number of issues get involved here, and especially if it is a spouse, the rules become much more lenient. And there are considerations like gifts received by the recepient over the life of the decedent...which may have had gift tax paid (that is a tax paid by the one giving it) and have a credit available to be used.

Visit the probate court in the jurisdiction where the decedent lived and check to see if a probate was filed. You can review the file to see who was apppointed.

A decedent's spouse is the next of kin and has the right to make all decisions regarding the funeral. The spouse is also responsible for paying the bill. The "family" must defer to the spouse's wishes.

Yes. You should also name a contingent beneficiary in case the primary beneficiary predeceases you.

No. The proceeds will be paid to the named beneficiary.

3%

You should receive correspondence notifying you of the bequest. Once the property has been distributed to you you should receive a document or release to sign certifying that you received the property and have no further demands on the estate.

Yes, they have the power, with the court's approval, to freeze the estate. There may be other claims against the estate that still have to be resolved.

one hundred and forty thousand pounds

A sole heir is a person who stands to inherit the entirety of an estate upon the execution of another's will, or by operation of the rules of intestacy