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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Go to the bank and see what the correspondence is all about. If they ask you for identification and hand you a check then you know it's legitimate. If someone is asking you for money that's a good sign it is a fraud. Do not send any money. You can add more details on the discussion page.
You do not have to retire unless a certain retirement age is part of your job requirements, such as with law enforcement, or unless you can no longer perform your responsibilities.
Answer:
In some jurisdictions the establishment of a mandatory retirement age has been declared discriminatory and cannot be used as a reason to terminate your employment. As an example, the normal age for retirement in Canada is 65, however one cannot be forced to retire at that age. Labour laws in the country do not specify a retirement age.
Can someone out of state be appointed administrator of an intestate estate?
You need to check in the particular jurisdiction as state laws vary. First, a person who petitions to be appointed Administrator must qualify in the state where the estate must be probated. If the court allows the appointment it may require the person to immediately appoint an agent who lives in the state. You need to check with the court or with an attorney who practices in the state where the probate must be filed.
No. When the decedent arranged for an account to pass to a named beneficiary on death the proceeds pass directly to the beneficiary upon the death of the decedent. Those proceeds are not a probate asset and this are not part of the probate estate.
For computation of tax purposes, the proceeds are counted in the gross estate. However, most estates in the US do not reach the threshold for paying an estate tax.
Can attorney notarize spouse in a civil lawsuit when he is the attorney for his spouse?
A third party should notarize any documents.
Does Arizona imposes an inheritance tax?
No. Inheritance and Estate Taxes
There is no inheritance or gift tax and the estate tax does not apply to decedents whose date of death is on or after January 1, 2006.
For further information, visit the Arizona Department of Revenue web site
Legally, assuming duress was not used and the parent was of sound mind there is nothing the sibling can do who was cut out of the estate. Unless the disinherited sibling had some major character issues or had already borrowed his/her share of the estate prior; the sibling who has inherited the estate should split it. From personal experience with a spiteful relative I know this is the best course of action because: 1) It's the right thing to do. 2) The inheriting sibling wants a relationship with their sibling.
Who should be the legitimate beneficiary of retirement?
The beneficiary chosen by the policy owner would be the legitimate beneficiary. If no beneficiary was named then the retirement account will be paid to the estate and will be distributed to the heirs-at-law under the state laws of intestacy. You can check your state laws at the related question link provided below.
Can payable on death accounts beneficiary be a testamentary trust trustee?
Yes.
Note that a payable on death account is paid over directly to its beneficiary and is not include in the probate estate.
What is the fee an executor receives in Virginia?
In the state of Va. the executor receives 10% after all bills are paid of the deceased. Second the executor is paid their 10%, third the executors expenses and reimbursements are paid and finally any inheritance left and designated per the will are disbursed accordingly.
Should my husband who has his life insurance payable to his 'estate' change it to named heirs?
Yes. He should name you as the beneficiary and your children as contingent beneficiaries. That way it will not become part of his probate estate.
exemption trust will
A trust can be contested on much the same grounds that a will can be contested. However, there is usually a longer period for contesting a trust although it becomes more difficult the longer the trust is in effect.
You need a valid reason to contest a trust. You need to prove the trustor was incompetent or a victim of undue influence, that the trust is technically invalid or there was fraud. Trust law is an extremely complex area of law and you need an expert to represent you in your challenge. Legal costs would be very expensive and the burden of proof is on the person making the contest
How do you get a estate transferrd into your name with no will?
First of all you have to create an estate to transfer. That is done by filing the necessary document with the probate court. Once the estate is inventoried, the debts settled, then any remaining assets can be distributed.
Is there an inheritance tax in mn?
It is possible to have some taxable income from an inheritance the source and the type of income that is inherited is what will determine this.
Inherited pension or IRA. If you inherited a pension or an individual retirement arrangement (IRA), you may have to include part of the inherited amount in your income. See Survivors and Beneficiaries in Publication 575, if you inherited a pension. See What If You Inherit an IRA? Use the search box at the IRS.gov web site for Publication 590, if you inherited an IRA.
Expected inheritance. If you sell an interest in an expected inheritance from a living person, include the entire amount you receive in gross income on Form 1040, line 21.
Bequest for services. If you receive cash or other property as a bequest for services you performed while the decedent was alive, the value is taxable compensation.
Go to the IRS.gov web site and use the search box for the above referenced Publications.
Can the trustee and beneficiary be the same person in case of private trust?
If there is (1) more than one trustee; and, (2) the trustee-beneficiary cannot act as trustee unilaterally; and (3) the other trustee is not a beneficiary of the trust, yes. If the the trustee is also designated the beneficiary, the trust fails as illusory.
Generally, an owner of property grants a life estate and provides for the fee to transfer to the remainderpersons after the death of the life tenant. In some states the property is transferred in fee subject to a life estate. Since a person has the right to transfer their own property by deed while living (or by their last will after their death) you would need to explain why you think you have grounds to "contest" the life estate. You can use the discussion page.
The proceeds would become part of his estate and pass to his heirs-at-law by the state laws of intestacy. You can read the laws for your state at the related question link provided below.
What if sole beneficiary dies before testator?
The laws of intestacy will be followed. If there is no next of kin, the estate will go to the state.
If divorced who is the child's next of kin?
Both parents. Divorce doesn't affect a child's blood relationship with her parents.
What is a Complex Non-Grantor Irrevocable Discretionary Trust?
In my experience, this would be considered, in layman's terms, a trust in which the grantor, when alive, created a discretionary trust, then the gantor died. Now, the trust is in the hands of the trustee appointed by the grantor, which makes it irrevocable. When the grantor was alive, it was revocable. Now, the complex part usually means that in any given tax period, the trust had distrubutions of principle of some sort. I hope this helps.
No. The trustee has control over the trust property. In certain types of trusts the trust document provides that the trustee can only act at the direction of the beneficiaries, however, the trustee holds title to the trust property and generally the trust document gives the trustee the power to manage the trust property.
