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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Do you pay taxes on properties inherited from parents?
Yes because the property becomes yours unless they have already payed for the property in full.
How get a Financial Powers of Attorney no will?
Many states provide statutory power of attorney forms for financial and medical
matters that are easy to understand and you only need to fill in the blanks and
sign it. You can find these statutory power of attorney forms at businesses that
sell legal forms.
It is certainly possible. Grandchildren can be entitled to a share of their grandparent's estate. Part of it will depend on how the will was written, or the laws for that jurisdiction. Consult a probate attorney for help!
Perhaps, but not necessarily. Adopted children are the same as biological children when it comes to inheritance.
Which one is correct 'a heir' or 'an heir'?
I was considered 'an heir' of my grandmother's estate under the state laws of intestacy.
Who does the estate belong to after the trustee dies?
You mentioned an estate and a trust. I assume the estate was transferred to a trust upon the death of the testator.
You must review the terms of the trust to determine if there is a provision for the appointment of a successor trustee. The provisions set forth in the document that created the trust are the only rules that can be followed in managing the trust property. They spell out the powers of the trustee and should address every situation. The trust owns the property and manages it through a human being, the trustee. If there are no provisions for terminating the trust or appointing a successor trustee then a court must create those powers via a court order. You should consult with an attorney if you need expert help in interpreting the trust.
Typically the spouse inherits the entire estate unless there are children involved.
How does one cancel a revocable trust?
You can cancel a revocable trust by removing the property held in trust because without property there is no trust...or you can notify all concerned individuals of your intent to void the trust; and at this point a notarized statement to cancel would serve well, but one is not required by law.
Is it legal to sell willed estate without 2 of the heirs signing in New Jersey?
No.
All heirs to an estate must sign for a valid transfer of the property.
If the Heirs are missing there will be a method by which a court can appoint someone to sign for the lost or missing heirs.
If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
Yes it was......that answer is correct.
Does a trust protect personal assets?
Yes. However, the assets must be transferred to the trust and will no longer be "personal" assets. They will be under the control of the trustee of the trust. You should discuss your situation with an attorney who specializes in trust law in your state.
Do you pay taxes on money inherited from grandfather's estate?
There is no income tax on inherited property. The estate is subject to estate taxes before the property is passed on to heirs though. This depends on the value of the estate at the time the person died. If there is no estate tax problem, you do not have to pay income tax on the property received. However, if you sell any of the property you may have a tax situation on your gains from the property from the value at the date of death until the time you sell the property. You are allowed a stepped up basis in this situation so that your basis is not what your grandfather paid for the property, but the value on the day he died.
How do you determine fractional interest in property?
Generally, if title to real property has become fractional due to successive probates, the title should be examined by a professional who knows how to determine the descent of the fractional interests by use of a flow chart and according to state probate laws.
For example:
Grandmother left her property to her two children, Virginia and Sheila, or their issue if they predecease her. Virginia predeceased her mother, leaving six children who are all living. Therefore, Sheila inherited a one-half interest and Virginia's children inherited her 1/2 interest which they will share equally. Each inherited a one-twelfth interest. If one of Virginia's children was predeceased but was survived by two children they would inherit that 1/12 interest to share and each would own a one-twenty-fourth interest. With several estates it can become extremely complicated with interests in the 1/500 range or worse!
If the fractional interest was created by deed then you would simply use the number of grantees to determine everyone's interest unless another scale is specifically recited in the deed.
For example:
Suppose a property was conveyed by deed to three people, Abraham, Martin and John. Each would own a one-third undivided interest in the property. Each would have the right to the use and possession of the whole property.
The property could also be conveyed with unequal interests if those interests are clearly explained in the deed: A one-half undivided interest to Abraham and a one-half undivided interest to be shared by Martin and John. Martin and John would each own a one-quarter interest but again, all the grantees would have the right to the use and possession of the whole property.
Your brother refuses to hand over moms documents so you can execute her will?
If you are the designated Executor of your mother's will, go to the court and get acourt order directing him to release the necessary documents so that you may carry out your duties.
Once a will has been probated how long to you have to contest it?
You need to look on the notice. When a will has been presented for probate, a notice is published and notice is sent to all the interested parties. The date of the hearing will be recited and anyone who has an objection must appear at that hearing.
Yes.
The executor should contact the beneficiary to see if the check was ever received. If it was they should request it be cashed immediately. If not, depending on the type of check used, that executor should arrange for a replacement. It would seem that the checks were simply mailed out with no request for the beneficiary to sign any release. A signed release shows the funds were received.
Generally, you are responsible for paying your own lawyer. You haven't provided any details to explain the dispute.
Yes. if it was parole, no. They would have to put you in a halfway house. In this situation they dont have to provide anything to you because you fell through the system. It is you that have to get on your feet.
Why do people request an Accounting from an Estate Account?
They want to know what property was included in the estate and where it went.
You must look to the trust document to determine how you make a change in the trustee. You must follow the provisions in the trust.
What happens if someone contests a Will after assets have been distributed?
When a will has been filed for probate, there is a short period at the commencement of a probate proceeding when it may be contested. Any objection must be filed with the court during that period or the right to object is lost.
As a general rule, none. California does not recognize common law marriages. But, exception do exist.
One, you are named as a co-owner. Here you have a right to a portion of the property. If you are named as a joint tenant, you may receive all of the property (along with any other joint tenants or co-owners.)
Two, you are named as a beneficiary of the decedent's estate or trust, or a beneficiary of a bank or brokerage account, life insurance policy, retirement or IRA account, or (for real property) the beneficiary of a transfer on death deed.
Although this general answer is provided by an attorney, it should not be taken as legal advice regarding your particular situation and no attorney-client relationship is established. For help with your particular legal situation, please consult with an attorney.
