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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
If you inherit money from your parents will your spouse be entitled to it in California?
Generally, inherited property is separate property in a community property state.
If a house was transferred to a living trust can it be sold?
You need to check the document that created the trust to find your answer. All the provisions of a trust and the powers of the trustee are set forth in that trust document. It creates a self governing entity. The trustee can only perform the functions set forth in the declaration.
If the trustee has the power to sell real estate the trustee can execute a deed that conveys the property to a new owner. If there is no power in the trustee to transfer real estate explicitly recited in the trust document, then you will need to petition a court to issue a license to sell the real estate or reform the trust to include a power of sale.
Is land sold need to be reported on taxes from an estate?
Yes someone is supposed to report the sale of the land from the estate and if pay any income taxes that may be due on the sale of the land from the estate.
The trustee or administrator of the estate or the beneficiaries of the estate.
What does the designation EA mean when acting as an attorney?
It refers to an enrolled agent for dealing with the Internal Revenue Service.
From the IRS website: An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee. Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.
Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before
What if life insurance was through an employer and no beneficiary was named?
If no beneficiary was named the proceeds will be paid to the decedent's estate. The estate will be distributed according to the will or according to the laws of intestacy if there is no will. Generally, the legal spouse or spouse and children would inherit the proceeds. You can check the laws of intestacy for your state at the related question link provided below.
Generally, the proceeds will be paid to the named beneficiary. However, the survivor should discuss the situation with an attorney.
What is the difference between a will and trust?
I have been living with a man for almost 20 yrs. At my request and many upsetting episodes. He agreed to buy me a house with his credit. My was not good enough. I invested my money for a down payment. Money I had in cd's at the bank. When I got this insurance settlement. The cd's were put in both our names. I do not know why they did that. Well, he promised if I used the cd's money for a down payment, he would give a paper that if he died the house was mine. He changed his mind. Now, he has a will drawn up with his lawyer, that I can have the house when he dies. I was going to pay the fee for this. But, after thinking it over. I know that he can change his will anytime he wants too.
What would be the best solution, just in case he did die for me to keep the house? and his children be involved with the house. Thanks. Maria
Yes
Can a person with power of attorney use funds or convert property for personal benefit?
Absolutely not.
A POA creates a position of trust where the principal grants power to an agent to sign on her behalf when she is unable or unavailable, or simply for purposes of convenience. A General Power of Attorney gives the attorney-in-fact broad powers and access to all the assets of the principal and therefore, it can be easily abused by an unethical person. A POA can be appropriately tailored to limit the powers of the AIF and helps to mitigate risk. It is essential for the principal to choose someone who is trustworthy, reliable, organized and good at record-keeping.
An attorney-in-fact can find themselves in serious trouble when they use the principal's funds for their own benefit even with the principal's permission. Consider the following. Many people who grant a POA are elderly and they do not have a good grasp on their financial situation especially since they have appointed someone else to manage their finances. They are grateful for the help and want to reward the AIF by sharing their limited resources. Even if the principal verbally authorized the personal use of funds by the attorney-in-fact the AIF would be in a precarious situation if their personal use of the principal's money were to be challenged in court later. The AIF should never use the principal's funds for their own use.
An AIF is a fiduciary and is subject to state laws that govern fiduciaries. One of the boilerplate rules for fiduciaries is that they not convert the principal's assets to their own use. Another rule is that they keep good records so that an annual accounting can be produced that shows the principal's funds coming in and going out. Those figures should closely match. Any fee charged by the AIF should be represented in that accounting.
Serious problems can arise for the fiduciary when other family members question the conversion of the principal's assets by the AIF for their own use. They can bring a court action to compel the accounting and if the AIF cannot show a detailed accounting they will be held personally liable for any shortages. If the agent is stealing from the principal it should be brought to the principal's attention so the POA can be revoked. If the principal is not capable of supervising the agent then the situation should be brought to the attention of the authorities. You should consult with an attorney if you have evidence that an agent is stealing from their principal. They could explain your options.
Another problem could arise if the principal is receiving any government entitlements. In certain circumstances the state can demand an accounting especially when there is evidence that the state is paying expenses for the principal while their AIF is spending the principal's money for personal use.
Any attorney-in-fact who uses their power to access the principal's funds for their own personal use should be sued and reported to the local district attorney for criminal prosecution. Courts abhor an attorney-in-fact, or any fiduciary, who uses their power to steal from the principal. Self-dealing by an attorney-in-fact is against the law in every state.
An attorney-in-fact who uses their power to convert any property to their own use is committing a criminal offense. That would include such things as transferring real estate or personal property such as motor vehicles or timeshare interests to their own name
What if your deceased brother is entitled to half of parent's estate?
If the estate was left to two sons and one predeceased the testator, his share would pass to his next of kin according to the laws of intestacy unless other provisions were made in the will. You can check the laws of your state at the related question link provided below.
Can siblings of a deceased person claim death benefits from children of the deceased?
No. In most jurisdictions in the US the siblings would have no standing if the decedent had children as survivors.
How do you set up a trust fund for your children?
Creating a trust is a great estate planning tool to provide for your children. There are many different types that can become complex but creating a trust is a relatively simple process. All that you must do is fill out a:
* Valid Declaration of Trust form
* Sign over the required deeds for property such as homes and automobiles that will be included in the trust
No. A trust does not become public unless it has been recorded in the land records or is set forth in a will that has been probated.
Be yourself & just keep things honest . if your intentions are not honorable or you are not looking for a serious relationship, don't say that you are. Women almost always are. Trust will come by itself in time.
Can the life insured himself be the beneficiary in Life Traditional Life Insurance policy?
I don't thin so. It doesn't make any sense.
Is real property considered part of an estate?
Yes. An estate is comprised of all real and personal property owned by a living person or by a decedent at the time of death. Estate planning is all about how to pass along one's "estate" to the next generation with the least amount of taxes having to be paid.
What happens to estate after both spouses pass away?
Goes into probate & courts determine disposition.
What happens when the executer to a will dies?
Any interested party can report the death to the court that made the original appointment and can request that they, or some other person, be appointed as the new executor.
Are your children your next of kin?
If you are not married and your children are under 18 then your next of kin is either your parents or siblings.
As long as you are alive, it is your money to do with as you see fit.
While the foregoing is a simple answer, it is not applicable in all cases. That is, the proceeds (face value) of a life insurance policy do not become payable until the person insured (you) dies. Assuming that your father is alive then, complies with the mechanics set forth in the policy for making a claim, and that there are no other beneficiaries, he would get the proceeds.
You have not stated who is the "owner" of the policy. The policy owner may be a different person from the beneficiary, and his/her identity would be shown on the application (which is normally attached to and made a part of the policy). Yet it may be you. The owner generally has the right to change the beneficiary of the life insurance, so were you the owner of the policy for example, you could designate your estate as the beneficiary. That way, the policy proceeds would pass into your estate at death and be distributed according to your Will (if you had one), or according to your State's laws of descent and distribution (if you died without a Will).
Also keep in mind that there is a difference between term and whole life life insurance. Term does not accumulate cash value, and therefore, there is no money to get until the policy pays the beneficiary upon your death. In contrast, whole life accumulates cash value during the period that it is in force. The cash value can be used to buy additional "paid up additions" (fully paid additional increments of life insurance), it can gather in essentially a separate account, or it can accumulate in some other ways specified in the policy. The owner of the policy can borrow against the cash value (interest is usually charged), and if not repaid, the amount borrowed typically reduces the death benefit.
Your question still lacks detail. Trusts are not probated. if a trust is set up in a will and the testator has died the trustee has no power at all until the will has been probated. Banks have the title checked to make sure the person applying for the mortgage has legal title to the real property. The situation you describe just doesn't make sense.
You can go to the land records office and review a copy of the mortgage. Check to see what the mortgagor cited as his/her source of title.
