Estates

In most cases the laws allow that. The representative must provide full accounting to the court as to what the costs were. In some a specific fee is set, either based on a percentage, or an hourly rate. Consult an attorney in your area for specifics.

Under the federal tax code, proceeds from the payout of a life insurance policy for the death of an individual are not taxable. In fact, if properly planned, these proceeds are not includable as part of the estate either. State law varies on the treatment, but generally, are not treated as income.

The executor is responsible for maintaining the value of the estate. That includes insuring that repairs and maintenance are done on the property. Until the property is transferred to the inheritor, it is the responsibility of the estate.

The grantor sets up the trust as they wish. If they want to receive the income, they can create the trust in that way. It would be a good idea to consult a trust attorney to take full advantage of tax laws and rules.

Whoever is trustworthy, honest, realistic, very good at managing money and has good organizational skills would make a good trustee. However, that decision should be discussed with the attorney who drafts the trust for you.

The estate has the responsibility. And the assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all assets before they can transfer them to the spouse. One way or another, the spouse really ends up paying the debt. If there is more debt then assets, the debt will normally be closed out.

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This depends greatly on the will in question. The testator can specify if that is to happen. If there is no will, the probate code will specify how it is to be divided up. Consult an attorney who knows the laws in your jurisdiction.

That all depends on the tenancy under which the co-owners acquired the land by their deed.

If the co-owners acquired as tenants in common then the decedent's estate owns a one-half interest. In that case, the surviving co-owner would need to buy out the heirs in order to keep the property and the estate should pay half the expenses until the transfer of interest is made.


If the co-owners acquired as joint tenants with the right of survivorship then the decedent's interest automatically passed to the surviving co-owner and the decedent's estate got nothing.

The five children of the deceased child would inherit the deceased child's share of the mother's estate, unless the mother's will says other. For example, if the mother's estate is to be equally divided amongst her 3 children, then one-third of the mother's estate is split amongst the five grandchildren of the deceased child.

West Virginia does not have an inheritance or an estate tax. Only 11 states do have one in place. It is still a good idea to consult a probate attorney to minimize federal taxes.

Texas does not have an inheritance or an estate tax. Only 11 states do have one in place. It is still a good idea to consult a probate attorney to minimize federal taxes.

You document it as with any other sale of real property. Normally a Quit Claim deed would be executed. It would specify the amount paid and the release of any claim you might have on that property in exchange. Consult a probate attorney in your area for specifics.

That depends on the lender. Some require a full title examination and othrs require only a present owner rundown. Some lenders do not examine the title at all but rely on the credit report.

The estate is responsible for the debts. If the estate has no assets, the creditors will not get paid. If there are not enough assets to pay the debts, the beneficiaries will not receive anything.

Once a will is filed for probate it becomes a public record. You can go to that court and request the file. You can look through anything that has been filed and read the will.

Appointment as a personal representative is valid until the estate is closed with the court. Closing of the estate will take at least 4 months, but can take decades. The court also as the ability to remove a personal representative or executor at any time.

This issue is so important that you should consult with an attorney in your area who specializes in Special Needs Law and Planning. A person with special needs who receives any type of government entitlement could lose that benefit if they receive an inheritance. The benefits may be withheld until the inheritance has been spent. It is much better to place the money in a special needs trust for extras that might improve the quality of life in some way. However, you need expert advice to do it correctly . . . ASAP.

Have you checked with a lawyer and the probate judge? How does the will read? Are there other heirs? Normally there is no is no limit concerning the rules. You can have a real estate agent in the business of determining the price of a house set the value. You can buy out the other heirs and keep the house. How you and the other heirs settle the estate is up to you. The probate judge will demand you pay any taxes due.

You get a certificate of administration from the probate judge. Usually the judge just gives you permission to get one. You actually get it from an office. You will need that and a death certificate. You will need one to sell each piece of property or close each account, etc. The judge will check the will and assign you as executor. If there is no will then the Judge will appoint an administrator. That can cause more problems if there is much of an estate. If there is just a couple and all they own except for a car is in their joint names, no problem usually exists.

The executors are responsible for the payment of the debts according to the payment scheme required by state law, however, if they do their jobs properly only the estate is responsible for the debts of the deceased. You need to be careful when there are debts and not enough money to pay them all. Certain creditors have the legal right to be paid first and the debts must be paid before any property is distributed to the heirs. You should seek the advice of an attorney who specializes in probate.

If there are no assets in the estate to pay debts the creditors are out of luck.

If you have been left a house in a will, you should be able to move in as soon as the present owner is dead. You may not have any problems getting the house ready whenever the person leaving you the house goes to a nursing home awaiting death. Frequently, such a person has let the house run down. However, with old people, there may be claims against the estate. If the person has left you the house but has run up a bill for thousands of dollars in the last years of life without the means of paying it, or if the house is worth more than the inheritance tax due, the probate judge may insist you pay the bill or the house be sold. You may not inherit the house but whatever money is left over from its sale, if any.

Life estate.

Yes