Estates

This may not apply to Virginia, but you generally do not have to pay tax on money you inherit. The tax has already been paid by the estate. Thus, the Federal Government took its share from the estate and then the state took its share from the estate and what little is left is yours to keep. No additional tax is generally due.

Any family member can file a petition in the probate court to be appointed the Administrator of your father's estate. Once appointed the Administrator will have full and sole control over your father's property and the settlement of his estate. You should consult with an attorney who specializes in probate law and who can review your situation and explain both your options and the costs involved.

The person who finalizes the transaction of property to the beneficiary on express trust is typically known as the "trustee." Trustees are legally responsible for managing the trust assets in accordance with the terms of the trust and for distributing the property to the beneficiaries as outlined in the trust document. They have a fiduciary duty to act in the best interests of the beneficiaries and to follow the instructions of the trust.

They are not part of the decedent's estate. Those donations, if not specifically designated for a particular purpose, may be used by the family to help to defray the cost of the funeral expenses, placed in an account for the decedent's children, may be directed by the family to a charity of their choosing or may be used for any other purpose.

The grantor of a trust is the owner of property who transfers that property to the trustee of the trust. The grantor no longer owns the property. Once transferred the property is owned by the trust and the trustee has the authority to manage the property according to the provisions of the trust.

All the provisions of a trust must be set forth in the document that create the trust. Only the trustee has 'access' to the trust property. After the death of the grantor the over-riding hope is that the trust was properly drafted. The powers of the trustee must be set forth in the trust document and those should include the power to transfer or sell the trust property and then distribute the proceeds to the beneficiaries. If the trust document does not provide for final distribution then a petition will need to be filed in a court of equity and a judge will need to issue a court order to distribute the trust assets.

No. There seems to be some confusion as a POA becomes null and void upon the death of the grantor. However, the POA grantee is never responsible for the debt of the grantor beyond said grantor's financial assets.

First, let's begin with the premise that a person has the right to choose their heir. Generally, you need legal grounds to contest a will. You need to prove the will is technically invalid under state law, that the testator didn't have the legal capacity to make a will or that the bequeast was made while the testator was a victim of undue influence. You need proof to support your claim and a will contest is expensive to pursue.

Tennessee is one of the 11 states that does have an inheritance tax. It would be a good idea to consult a probate attorney in Tennessee. They will know the besst way to reduce the tax liabilities of the estate.

Indiana is one of the 11 states that does have an inheritance tax. It would be a good idea to consult a probate attorney in Indiana. They will know how to reduce the tax liabilities of the estate.

According to the H&R Block web site the Federal Gov. has no inheritance tax.

It depends on the provisions in the wills. If the wills name a contingent beneficiary then that person inherits if the primary beneficiary has predeceased the testator. If there is no contingent beneficiary then the property would pass as intestate property according to state laws of intestacy. You can check your state laws of intestacy at the related question link provided below. You should remember that a person becomes an executor only when appointed by a court. The probating of an estate should be supervised by an attorney who can answer all your legal questions and make certain the law is followed.

No. If the will is allowed as a valid will in your state then all the provisions will be carried out. If you have an issue of undue influence regarding that particular beneficiary you must bring your concern before the court and then abide by the court's decision.

Depends on their state of mind - look at the work of KUBLER - ROSS and her bereavement curve.

Once they are divorced, your parents are acting as separate and individual agents. The property settlement has been made and assets divided as part of the divorce agreement (usually), so each parent will fund his own trust from his own assets for their child. So both parents would not be required to sign...only the parent who is creating the trust. The exception might be if the parents come together to form a single trust with each contributing an agreed amount to the funding of same. You should check with an attorney on the wisdom/practicallity of such a move.

Guardians are not appointed for persons who have died. I assume you are actually inquiring about an Administrator of an estate. If a person dies intestate (without a will) and owns property, their estate must be probated. A family member should petition to be appointed the Administrator of the estate.

From the moment you say "I do" you have a legal interest in your husband's estate. There is no time requirement only that you be legally married. Laws that give rights to the surviving spouse vary from state to state.

If they are named the benificiary of the life insurance policy. If they are not, it goes to the named individuals. If no one has been named, the policy will normally pay the estate and the procedes distributed according to the will or intestacy laws.

The laws specifies who inherits if there is no will. In most cases in the US they follow the Uniform Probate Code. That says that the children and spouse inherit. Siblings only inherit if there are not spouse or decendants.

Contact the court that has jurisdiction and ask if a petition has been filed in your father's name. The petition will name the executor and provide the name of the attorney who is handling the estate. If you live at a distance ask how you could obtain a copy by mail.

A person's estate consists of all that a person owns including real and personal property. It also includes any property that may be transferable or payable to a person after their death such as an inheritance, award in a court action or insurance settlement. It is possible to have no estate upon death.

Sealed in an airtight/vacuum container, placed into another container littered with mustard seed, coffee grounds, and bacon grease.

In most places the surviving parent will automatically be considered to have custody. If there is a reason that this should not happen, the court will appoint a guardian. Others could petition the probate court for custody.

Without a will, she gets no say in the matter. She should write a will to specify who she wishes to be responsible for the distribution. If she doesn't have a will, the court will appoint an executor. If the heirs don't agree on who that should be, they will appoint a bank or lawyer to serve in the position, getting paid from the estate for their services.

Yes, a life estate and a life use refer to the same concept of granting someone the right to use and/or live on a property for the duration of their lifetime. This arrangement typically ends upon the individual's death or as specified in the terms of the grant.