Estates

No, you don't need to change the mortgage. The surviving spouse can just keep paying the mortgage. The crucial issue at the time of sale is who owns the property. If one owner is dead, then the method for handling his interest will vary from state to state. In Texas, for example, the personal representative of his estate, if there is one, would sign. It may also be accomplished by an affidavit of heirship, which is a document in which two disinterested persons swear to certain facts that reflect the identity of the heirs.

In most common law jurisdictions, a husband and wife arrange to own their real property as tenants by the entirety or as joint tenants with the right of survivorship. When one dies their interest in the property passes directly to the survivor. A death certificate must be recorded in the land records along with a statement in some jurisdictions that no estate taxes are due. A title examination by a buyer's attorney will reveal that title is in the survivor.

The state of Washington is a community property state in which property owned by a married couple has joint ownership. Therefore, a remaining spouse will inherit all property.

In Texas, the suriving spouse has a life estate and does not have to sell.

Typically a spouse is entitled to a portion of the deceased's inheritance if no other intentions are stated. However, if there is a will in place that declares that the children are sole inheritors, the spouse would not receive inheritance.

The order of descent and distrubution is absolutely controlled by the particular state's laws. It is not a federal jurisdiction question, but a matter for the state legislature. There are few non-state specific general rules. Generally speaking, when there are no "descendents", the laws look to the "ascendants". Ascendants move up the family line from the decedent to his parents first. If there are no parents, then the line moves out to the children of the parents, in other words, the person's brothers and sisters. If no brothers and sisters, then to their children, i.e., the decedent's neices and nephews and so on down those lines. But as the above answers correctly point out, that particular state's laws are the ones that count, not generalities like in this paragraph.

Different states have different laws regarding this, so it is best to check with a local attorney regarding this situation. However, that issue may be covered in the will. The will may direct the gift will go to the beneficiary's heirs-at-law or the gift may lapse. If no alternate beneficiary is named the property will pass as intestate property under the state laws of intestacy. If there are no heirs the property will escheat to the state.

Yes, the Executor is responsible for paying off all the debts, or as many as possible, of the deceased using the assets of the estate. If the house has to be sold to settle the estate, then it must be sold.

As a co-owner on the deed, your signature is required along with the other two parties. This sale would not even get through the first phase of a title search without the signatures of all the owners.

A QTIP trust (a.k.a. C trust), which is typically created at the death of the first spouse to die, grants the surviving spouse a lifetime right to the income of the trust (at least annually) while transfering the remainder interest to individual(s) of the grantor's choosing. This qualifies for the unlimited marital deduction even though the spouse does not receive outright access to the assets in the trust. Even though this IS a terminable interest (usually disqualifying the marital deduction), the QTIP will qualify for the unlimted marital deduction since the surviving spouse will be required to include, in his/her gross estate, the fair market value, at the surviving spouse's date of death, the assets of the trust. The assets are taxed later in the surviving spouse's gross estate, but they will pass to the beneficiary of the trust, chosen by the first-to-die-spouse, at the surviving spouse's death.

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Essentially, the only way to find out about an inheritance is when notification is made. If you believe that you may have an inheritance coming, it is best to contact the executor of the decedent's estate.

Different types of liens have their own statutes of limitations. The heirs of the deceased would inherit the right to collect the debt if they have proof the money is owed. Be aware that your debt doesn't die with the person to whom you owe money.

Every state has laws that determine the distribution of a decedent's property when there is no will so you have to check that state's laws. But generally, spouses and descendants will take first. If there are no spouse and no children and no children of predeceased children, then the estate goes up the line to the parents. If there are no parents the estate goes to the decedent's siblings in equal shares. If there are some living children and some predeceased children, then the children of that predeceased child takes the share that the predeceased child would have taken.

Certainly. As long as the beneficiaries don't have a problem with it. Or the court will appoint an executor (usually an attorney or a bank). No estate will fail because of the lack of a named executor.

Generally, the first named executor cannot choose his/her substitute if the will names an alternate executor. We follow the decedent's wishes, not the executor's. The one exception could be if the will itself gives the executor the power to name a successor, which is pretty rare. Further, if the alternate executor has died or also refuses to act as the executor, the first named executor still has no power to choose a successor. Normally, in that situation, the person to handle the estate is chosen from among the residuary legatees, since they have the greatest interest in seeing the estate administered.

A person can name anyone they choose to be a beneficiary. This can include a friend, child, spouse, parent or other relative. Some people even name organizations or charities as a beneficiary.

If you mean how can an executor change an amount of money to be given to a particular beneficiary, the only way is by consent of all beneficiaries who would be affected by the change. And even if everyone consents, there may be situations where even that would be prohibited.

This is another example of identity theft. Get a lawyer and have the lawyer contact the insurance agency to let them know that they have been defrauded. Lawyers can be expensive, but it's complicated paperwork that average persons can't manage.

Generally, no. First of all, when questions arise involving a will, you first see if the will makes a specific provision for the problem. A will may state that each executor may act independently of the other but this can cause problems. If the will is silent regarding independent action then look to the law of the jurisdiction in which the will was probated. Most state's law provide that unless the will says otherwise, the executors must act together. When there are two co-executors and they disagree about distribution, the matter could wind up in court where it will determine who is right and who is wrong.

When you click on the link that has been provided for you below this answer you will go straight to a page which has all the information you are looking for regarding tax exemptions

A codicil is another document that amends a will in some fashion. The amendment could be a simple as changing executors or more extensive like adding or dropping beneficiaries. I must be signed in the same way a will is signed. It doe not need to be witnessed by the same witnesses who witnessed the main will. Codicils are not very common any longer now that computer programs can reprint the main will in seconds. When wills were done on typewriters and the typing had to be perfect, a codicil was used to amend complicated wills.

No. The shares become a part of the estate. They may have to be sold in order to settle the debts of the estate. If they are still a part of the estate when it comes time to distribute them, they can be transferred to the children.

If you are the executor/administrator of the estate just ask the bank for all information about any and all acounts he may have had including ones that have been closed out. You could also request copies of past monthly statements and 1099s. If you are not an executor, you will not be given any information by any banks. If you are a beneficiary of an estate and want to find out if there were any improper withdrawals or missing deposits, you could demand that the executor give you copies for your assurance. Generally only beneficiaries that receive a percentage of an estate may make that request. If a beneficiary is given an specific amount of money and is paid that amount, then the beneficiary has no right to that information. Dwpending on the state in which the decedent's estate is, there may be additional methods. This answer is not intended to give you every avenue available to you.

no, but they can be claimed against your estate before it is given to them.