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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 it true that money left through wills is taxable?
This is a difficult subject but essentially it is true. Often called an inheritance or death tax, in many cases an inheritance or estate can be taxed up to 45%. It is important to consider the citizenship of both the benefactor and the deceased when understanding how the U.S. tax laws may apply. Sometimes it is better to set up an estate plan or give the money to any future heirs while the donor is still alive. This question and your exact circumstances would be best answered by a tax expert.
Can an irrevocable trust be converted to a revocable trust after grantor is deceased?
Who is, in your example, deceased.
I trust (no pun intended ... well, maybe a little bit) you see the problem here.
Essentially, the distinction between a revocable and irrevocable trust vanishes when the grantor dies.
Can an heir enter a deceased person's property?
Of course, if they're the heir, they have full right to it!
Is the govement holding for the Feltys and others trust monies?
They don't want these families to know anything about these trust set up for their families. Some of these families have contacted the institutions where they know the money is being held, and they will not even speak to these people. They flat out dont call them back or answer their letters regarding the matter. One family has waited for 23 years, and they should have been contacted when their mother died. The mother told them they would contact them after her death. People that work or worked at these institutions are scared to speak up. These people will either have to get big attorney's if they can afford them or let the government steal the money.
How long will it take to remove an executor and appoint someone else as executor?
It depends on the court system. You need to inquire at the court that has jurisdiction over your case.
It depends on the court system. You need to inquire at the court that has jurisdiction over your case.
It depends on the court system. You need to inquire at the court that has jurisdiction over your case.
It depends on the court system. You need to inquire at the court that has jurisdiction over your case.
Is there such a thing as a contingent trustee in a living revocable trust?
Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.
Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.
Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.
Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.
Is a bank account considered part of the residuary estate?
If it isn't a joint account with a surviving joint owner, and if it doesn't have a "payable on death" designation with the bank, and if it was not specifically bequeathed in the will then it would become part of the residuary of the estate.
If it isn't a joint account with a surviving joint owner, and if it doesn't have a "payable on death" designation with the bank, and if it was not specifically bequeathed in the will then it would become part of the residuary of the estate.
If it isn't a joint account with a surviving joint owner, and if it doesn't have a "payable on death" designation with the bank, and if it was not specifically bequeathed in the will then it would become part of the residuary of the estate.
If it isn't a joint account with a surviving joint owner, and if it doesn't have a "payable on death" designation with the bank, and if it was not specifically bequeathed in the will then it would become part of the residuary of the estate.
Which of these tasks does an executor do when settleing an estate?
Well, you didn't give us a list of the possible tasks to choose from, but The basic duties of an executor are:
Find a copy of the latest will, if any;
Find all of the assets of the deceased (real estate, personal property such as cars, art, and antiques, bank accounts, brokerage accounts, and other investments, loans made by the deceased to others, etc.);
Find all of the debts and accounts payable by the deceased;
Find out if probate court proceedings are necessary, and file the will, if any.
Notify anyone who should know of the deceased's passing, including not only individuals but also government agencies such as the Social Security Administration and DMV, banks, and brokers.
Unless the will describes specifically how to deal with assets, decide how to deal with them in a way that will preserve their value and enable their distribution (for example, should a house be sold, or rented, or left empty? Should stocks and bonds and other investments be sold or held? Should antiques be sold at auction and by whom?);
Set up a bank account in the name of the estate, using money available from the estate and any income that comes in while the estate is being settled (however, large amounts of income should probably be invested in one of the safe investments permitted by state law);
Use the bank account to pay ordinary bills and make mortgage and other loan payments;
Terminating services or accounts that are no longer necessary, such as credit accounts, subscriptions (including internet subscriptions), leases, and services like phone and internet: services;
Pay all debts owed by the deceased;
Pay taxes and if necessary file a tax return for the estate; and
Distribute what's left in the way specified in the will or if there's no will, according to state law.
Does a trust dissolve when the maker of the trust dies?
No, the whole idea of a trust is that it continues to exist and function, after the person who created it has died. Trusts are a means of influencing events after your own death.
Can an executor pf will put money in their own checking accounts?
That would be a breach of their fiduciary duties.
Inter vivos means ' between the living'. It refers to a gift made by a donor during life. A gift made after a person's death by Will is called a testamentary gift.
Inter vivos means ' between the living'. It refers to a gift made by a donor during life. A gift made after a person's death by Will is called a testamentary gift.
Inter vivos means ' between the living'. It refers to a gift made by a donor during life. A gift made after a person's death by Will is called a testamentary gift.
Inter vivos means ' between the living'. It refers to a gift made by a donor during life. A gift made after a person's death by Will is called a testamentary gift.
Is a trust fund considered a business?
A trust fund is not considered a business. In various countries, however, income tax forms may be required each year. Also a trust manager must be paid on an agreed upon set of fees. Here we see that managing a trust fund is a business, but the fund itself is not.
Who gets the remaining funds in an estate account?
The estate account is closed and any remainding funds would go to the remainderman. That is the person or persons that get what is left over.
Should the executor cash insurance policy before the will is read?
There is no requirement to 'read the will.' The claim against the life insurance policy can be made any time after the death. In many cases it will not be a part of the estate.
Do you have the right to know now where the estate money is being spent?
Once an estate is filed it becomes a public record. The executor must file an inventory of all the assets and at the endof the probate process must file an accounting of any assets that were spent or distributed. You can visit the court and ask to see the file. If a long period of time has passed (over a year) and no account has been filed you can ask the court to compel the executor to file an account if you are an interested party.
Once an estate is filed it becomes a public record. The executor must file an inventory of all the assets and at the endof the probate process must file an accounting of any assets that were spent or distributed. You can visit the court and ask to see the file. If a long period of time has passed (over a year) and no account has been filed you can ask the court to compel the executor to file an account if you are an interested party.
Once an estate is filed it becomes a public record. The executor must file an inventory of all the assets and at the endof the probate process must file an accounting of any assets that were spent or distributed. You can visit the court and ask to see the file. If a long period of time has passed (over a year) and no account has been filed you can ask the court to compel the executor to file an account if you are an interested party.
Once an estate is filed it becomes a public record. The executor must file an inventory of all the assets and at the endof the probate process must file an accounting of any assets that were spent or distributed. You can visit the court and ask to see the file. If a long period of time has passed (over a year) and no account has been filed you can ask the court to compel the executor to file an account if you are an interested party.
You haven't explained what the "beneficiary funds" consisted of or where you got them. If the funds came from a joint account with you and the decedent or from a "payable on death" account with you as the beneficiary the funds are not part of the probate estate. You should visit the court where the probate was filed immediately if you think you are a victim of fraud by the administrator. You can file a motion to have your question answered after a review by the court. If the administrator is mishandling the estate she can be removed and replaced by the court.
You haven't explained what the "beneficiary funds" consisted of or where you got them. If the funds came from a joint account with you and the decedent or from a "payable on death" account with you as the beneficiary the funds are not part of the probate estate. You should visit the court where the probate was filed immediately if you think you are a victim of fraud by the administrator. You can file a motion to have your question answered after a review by the court. If the administrator is mishandling the estate she can be removed and replaced by the court.
You haven't explained what the "beneficiary funds" consisted of or where you got them. If the funds came from a joint account with you and the decedent or from a "payable on death" account with you as the beneficiary the funds are not part of the probate estate. You should visit the court where the probate was filed immediately if you think you are a victim of fraud by the administrator. You can file a motion to have your question answered after a review by the court. If the administrator is mishandling the estate she can be removed and replaced by the court.
You haven't explained what the "beneficiary funds" consisted of or where you got them. If the funds came from a joint account with you and the decedent or from a "payable on death" account with you as the beneficiary the funds are not part of the probate estate. You should visit the court where the probate was filed immediately if you think you are a victim of fraud by the administrator. You can file a motion to have your question answered after a review by the court. If the administrator is mishandling the estate she can be removed and replaced by the court.
an administrator is when a company is in big financial debt, they might go to court about and then the judge will issue them an administrator to help them with there financial problems
Can a trust be changed by an incompetent trust maker?
No. However, the trustor must be declared incompetent by a court.
No. However, the trustor must be declared incompetent by a court.
No. However, the trustor must be declared incompetent by a court.
No. However, the trustor must be declared incompetent by a court.
When a trustee dies does the beneficiary of the trust get notified of what is in the trust?
Not necessarily, another trustee will be appointed.
Is international Fund Transfer Clearance Dept A Fraud?
Yes,
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Can you protest the appointment of an executor of an estate with no will?
An administrator or personal representative is appointed when there is no will.
Yes, you can object is you are an interested party to the estate but you must be prepared to explain your objection to the court. The court will hear the objection and make a ruling. Unless you have a very good reason the appointment will be allowed.
An administrator or personal representative is appointed when there is no will.
Yes, you can object is you are an interested party to the estate but you must be prepared to explain your objection to the court. The court will hear the objection and make a ruling. Unless you have a very good reason the appointment will be allowed.
An administrator or personal representative is appointed when there is no will.
Yes, you can object is you are an interested party to the estate but you must be prepared to explain your objection to the court. The court will hear the objection and make a ruling. Unless you have a very good reason the appointment will be allowed.
An administrator or personal representative is appointed when there is no will.
Yes, you can object is you are an interested party to the estate but you must be prepared to explain your objection to the court. The court will hear the objection and make a ruling. Unless you have a very good reason the appointment will be allowed.
What happens if the beneficiary of a california living trust dies before the estate is settled?
There is a disconnect here. A living trust is not related to an estate. The wording of the trust and perhaps the will associated with the individual will determine what the expectations are.
