Estates

A tertiary beneficiary is only entitled to proceeds if the primary and secondary beneficiaries are no longer living.

Yes, they would be able to cash the checks and add them to the estate.

Real property is a part of the estate in every state. It is usually the biggest asset the estate has. However, depending on the ownership of the property, it may not be a part of the estate because it automatically belongs to someone else when they die. If it is owned as 'joint tenants' or 'tenants by the entirety' it will automatically go to the surviving person without entering the estate.

The answer may hinge on the on the kind of insurance involved. For example, if you are speaking of auto insurance, you could contact the Bureau of Financial Responsibility in your state and ask them to check records that correspond with vehjicles registered to you or to family members. With that insurance information, you could contact the insurer or the agent or broker that sold the policy to determine whether you are shown as an insured or as an authorized user of the vehicle.

If life insurance is involved, ask family members who may have obtained life insurance. They may have named you as a beneficiary. Alternatively, if your family has a history of dealing with a particular agent or broker, check with that person/agency.

If health insurance is involved, check with your medical providers to determine whether an insurer was recently billed for services rendered to you, and if the charge was paid.

In that case the benefit would be paid into the beneficiary's estate, though that doesn't necessarily mean their heirs will receive it.

However, if there is a contingent (secondary) beneficiary they would receive the benefit.

Ask him for an itemized accounting of everything that was found in the box and where it went. Also ask him to produce bank records of who owned the box on the date of her death, who had access to the box, when the box was recently accessed, and who signed for access each time, especially after the aunt died. (Someone with durable power of attorney might clean out the box just days before death.)

Unless the box was in joint ownership (at time of death), access to the box prior to probate and appointment of the executor would have to be limited to a search for the will, usually witnessed by the bank manager, to make sure nothing else was removed until the will is proven, the executor named, and powers issued by the probate court (i.e., personal representative papers).

A living trust has a Trustee (not an executor). You can bring a lawsuit against the Trustee. In the lawsuit the trustee will have to show what was done with the money, and the court will judge whether it is against the law or not. The trustee has a fiduciary responsibility and if that is violated, and there is proof, the trustee will lose the lawsuit and you will win damages.

No, death benefits from a life insurance policy which has a named beneficiary is not subject to attachment by the IRS, state tax officials, judgment creditors, etc.

If your father is the only one who co-signed for the loan, and the title to the property is vested in both of their (your mother and father) names "as joint tenants"...upon your father's death, the title automatically belongs to your mother and she becomes the sole owner to the property. Since she did not co-sign (if in fact, she did not), the bank cannot run after the property as it automatically became your mother's property, however, if your mother co-signed as well...she will have no way out, but be forced to pay your borther's debt or collect by forcing your mother to sell the house, etc...

Meaning if you are part owner of property, and the other party pass away first. Will you have to pay inherited tax on their part, to be full owner of it? I may be wrong about this, but as long as the other party did not leave their part to someone else in a will. I think that you would be the full owner, and pay the full amount of tax due each year as personal property. It may have a lot to do with how the title was written up in the beginning and if it says your name AND OR theirs.

The concept of a trust is an arrangement whereby property is transferred from one person (the Settlor) to another person (the Trustee) who holds the property for the benefit of specific people (the Beneficiaries). A Trust Deed sets out the terms and conditions under which the Trustees hold the trust assets. It also outlines the rights of the Beneficiaries. A trust is not dissimilar to a will except that assets are transferred to trustees during lifetime rather than assets being transferred to executors on death. The Trust Deed is comparable to the will. Those unfamiliar with the trust concept may be concerned about transferring ownership of their property to a Trustee. This concern can be alleviated if the distinction between legal and beneficial ownership is properly understood and the trust is governed by sound law enforced in a reputable jurisdiction. See http://www.sovereigngroup.com/our-services/trust-services/introduction.htm for more details.

An heir does not have to be a blood relative. An heir, also known as a beneficiary, is whoever is listed in a will or trust as a beneficiary. So it could be a friend, or a charitable organization, or a blood relative. It is up to the person making the will or living trust.

A testator's gift by will to a person who is not living at the time the testator died is usually void, and so it doesn't matter if there were surviving heirs of a person whose gift was void because they weren't alive to receive it.

One exception is a gift to a branch of a family "per stirpes", which means the gift is divided among the surviving children (or other representatives) of someone who pre-deceased the testator of the will. For example, "I leave the value of my stock portfolio to my two brothers, equally, per stirpes." Even if both brothers die first, their respective estates will inherit and split the gift.

The executor of the estate can sell the house at any time. The renunciation really deals with who gets the money from the sale. The executor can also transfer the house to someones name, but they have to insure all the debts are paid. Consult an attorney in your area for details.

yes cemetery plots are considered property and can be bought and sold to pay debts

No. A life insurance policy is a contract and normally has nothing to do with the estate. If there is not a will, the assets will be distributed according to the laws of intestacy in the state in question.

look on the coroners report

It is my understanding that if both parents are deceased, next in line would be a sister, brother....hope this helps.

Because he is an adult, the 'estate' such as it is, should be probated. The estate will advertise for debtors and use what money it has to pay off the debts. If there is money left over and no spouse or children, the parents would be the primary beneficiaries.

Perhaps. The extent of liability of a surviving spouse depends upon the laws of the state in which the married couple lived at the time of the person's death and the type of debt(s). Joint accounts/debts are always the responsibility of the surviving spouse. Married couples who reside in community property states are generally equally liable for all debts incurred during the marriage regardless of which spouse is the actual account holder and when a spouse passes away. Two "CP" states have exceptions to the rule, those states are Texas and Wisconsin.

YES!!! At least this is so in the State of California.

The debts of the parents are paid by the parent's estate, not their children.

Yes, the house will probably have to be sold to pay off the credit card debt if there are no other assets. The alternative might be for those that live there and are to inherit to take out a mortgage and buy the house from the estate for the amount of the credit card debt and pay off the credit card bills. This would eliminate the credit card companies placing a lien on the house and allow them to get clear title.

The exemption is already very high, and proper planning mitigates much of the liability for even those with fairly substantial estates.