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Estates

Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.

6,325 Questions

Is the Power Of Attorney responsible for deceased parents tax arrearages from 2 years ago?

A Power of Attorney is extinguished when the principal dies. The estate of the debtor is responsible for paying their tax arrearages.

What powers does an executor of an irrevocable trust have?

The power to execute the will of the Grantor for the uses and purposes and on

the terms and conditions set forth within the Trust itself.

What happens in Texas to the entire estate if a spouse dies without a will?

If all of the decedent's descendants are also descendants of the surviving spouse, then the surviving spouse gets everything. If not, then the surviving spouse gets to keep her half of the community property and also gets a life estate in one-third of the decedent's separate real property and 1/3 of the decedent's separate personal property (which includes cash). The surviving spouse also gets the right to live in the homestead for however long she chooses, until she abandons it, but she must pay the interest on the mortgage and taxes with respect to the home. The decedent's children get the rest, and they are responsible for principal reductions on the home mortgage and any insurance.

What is the federal estate tax rate on a quarter of farm land?

The tax is assessed on the value of the land. Every US citizen and resident has a credit that pays the tax on the first $1,000,000. (The amount is $2 million in 2008, $3.5 million in 2009, unlimited in 2010, and back to $1 million is 2011 and thereafter.) The rate on the amounts exceeding $1 million is 37 percent, increasing by 2 percentage points for each $250,000 thereafter, to a maximum of 55 percent.

How does one collect an inheritance?

You need to talk with the executor of the estate. The probate court should be able to assist you in locating who has been appointed as executor.

Are grandchildren entitled to part of an estate after death if no will is written?

When someone dies without a will the state laws of intestacy provide for the distribution of their property. Generally, if your parent is deceased you would inherit your parent's share of your grandparent's estate. If your parent is not deceased then you have no right to a share of your grandparent's estate. If your grandparent left a will and the will is allowed you have no other right to their estate.

You can check the intestacy laws of your state at the link in the related question below.

How much is seth rogen worth?

worth more than a packet of extra large skittles

Must will be probated to become an executor?

In the United States an executor must be appointed by the court. In Canada an Executor can be assigned through the will by the deceased. The executor must prepare all the documents and perform all the due diligence prior to the estate being granted probate by the courts. The executor is the designated person who handles all the affairs of the deceased and is the liaison person between the beneficiaries and the lawyer.

Condition precedent and subsequent?

Condition precedent is a term in a contract that means the parties do not have to perform under the contract until a certain event takes place. Condition subsequent means that a contract is in effect until a particular event takes place.

Can a lawyer sell property that is willed to a beneficiary.?

There are certain circumstances under which an attorney may sell property that was specifically devised to a beneficiary. If the debts of the estate are greater than the assets, the assets must be sold to satisfy the debts. If the legacies are greater than the estate assets then some of the property may have to be sold in order to pay the legacies on a pro-rated basis. All the beneficiaries will get a little less, equally.

Can you have more than one living trust?

Yes. A person can have any number of trusts for various purposes and for various beneficiaries.

What is spousal election?

==One Answer== Spousal election is the method used in certain states for a spouse to claim a portion of the estate of a deceased spouse who disinherited them by will. Generally the disinherited spouse can elect to claim a portion equal to what they would have received if the decedent had died intestate.

What is the statutes of limitation in Texas for a bill of review?

A Bill of Review falls within the residual statute of limitations and, therefore, must be filed within four years of the date of the judgment. -Caldwell v. Barnes, 975 S.W.2d 535; Texas Civil Practive and Remedies Code, Sec. 16.051.

Can you leave anything to the executor of your will?

Yes, in many cases the executor is a family member and heir.

My mother jointly owns an inherited house with another family member can I inherit her half when she dies?

If your mother owns the property as joint tenants with the right of survivorship with that other person then she cannot leave her interest in the property to you. If that tenancy was not specifically recited in the will when she received her inheritance then she inherited as a tenant in common and can leave her half interest in the property to you by will. If she dies intestate her interest will pass to her heirs at law according to your state laws.

How do you find out if someone left you money?

You should receive a notice from the executor or the attorney who is handling the estate as long as your address is known. If you are speaking of a particular decedent, you can check the decedent's name in the local probate court records to see if an estate was filed. If there is an estate, you can visit the court and read the will.

How can you find a copy of your late father's last will and testament if he passed away in Michigan many years ago?

The county that the will was probated in, should be the county that he lived in, should have it on file in the probate court. They will be able to provide a copy of the court records for copying costs. You may be able to contact them through a web site. I know in my county in Michigan, I can order copies of various records online.

What is the best way to thank mourners who have attended a funeral service?

If you are the bereaved, just say thank you when they come to offer their condolences. If they sign a visitors registry, you can ask a relative or friend to send Thank You notes, just something simple , like " Thank You for attending the service at the passing of our beloved [husband , wife , mother etc. ].

Can a lawyer keep a will from someone?

Lawyers have specific instructions and regulations regarding who they share the contents of the will with. After someone dies, the contents are shared with the beneficiaries and interested parties only. The above answer is correct, so here are just a few details for which the answer was flagged: Before the testator dies a lawyer can keep a will from everyone except the testator if the testator wants it back. After the testator dies, a lawyer can keep a will from everyone except the named executor or other person who has the first obligation to probate the will. After the testator dies, a lawyer representing an executor can keep a will from everyone, even beneficiaries, if the executor directs the lawyer to not to give it out. The lawyer has to go by the client's directives, even though they may be misguided. The lawyer will tell the executor that it is the executor's obligation to give the will to beneficiaries; but it is the executor's obligation to give out the will. The lawyer does not act independently of the executor. Lastly, there is no "law" that specifies whether a lawyer can or cannot keep a will from someone. The above two answers are what I believe to be accurate interpretations of a lawyer's obligations on client confidentiality and scope of authority in representing a client.