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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
What is an example of a revocable trust?
The following are some examples of revocable trust; Simple declaration of trust 1, which contains the type of provisions also found in revocable living for a single parent with adult child or children. It is a kind of trust where the grantor is also the only trustee. The second example is Simple Trust agreement 1 where someone other than the grantor is serving as trustee.
How do you cancel a revocable trust?
To cancel a revocable trust, the grantor (the person who created the trust) must follow the procedures outlined in the trust document. Typically, this involves formally revoking the trust in writing and signing the revocation in accordance with state law. Additionally, it's essential to notify any beneficiaries and transfer any assets back to the grantor's name. Consulting with an attorney may also be advisable to ensure all legal requirements are met.
Where could one set up trust funds?
You can set up trust funds with an attorney, who will organize everything. You have to pay them a fee, then meet and arrange conditions of the trust. Then the money is handed over to them to look after.
What is irrevocable resignation?
An irrevocable resignation implies that the one who resigns cannot change his or her mind about the decision.
What is the living trust all about?
A living trust is very similar to a living will. The living trust is created by the individual and outlines the wishes of that individual in regards to their assets.
Does the executor fee continue as long as the estate has property?
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.
Can testator bequeath entire estate to his girlfriend in a will leaving out his wife and children?
No. That is contra bonos mores and against public policy, to give deceased estate to strangers like girlfriend while testator is legally married and has children with his legal wife. His guilty of engaging in extramural affairs. Being married in community of property deceased cannot disinherit his wife and children.
Insolvent estates is when an estate whose debts exceed its assets. This means, the money that is owed is more than the money that the person has in all of their accounts and personal items.
Send a certified letter to the insurance company explaining your claim and include a copy of the proof you have that you are the beneficiary. Keep in mind that beneficiaries can be changed and the insured may have filed a change in the beneficiary. If so, the insurance company will inform you.
You could begin with a call to the insurance company and ask about the correct person or department to whom your letter should be directed. Or, you may be able to initiate your inquiry through the phone call.
Send a certified letter to the insurance company explaining your claim and include a copy of the proof you have that you are the beneficiary. Keep in mind that beneficiaries can be changed and the insured may have filed a change in the beneficiary. If so, the insurance company will inform you.
You could begin with a call to the insurance company and ask about the correct person or department to whom your letter should be directed. Or, you may be able to initiate your inquiry through the phone call.
Send a certified letter to the insurance company explaining your claim and include a copy of the proof you have that you are the beneficiary. Keep in mind that beneficiaries can be changed and the insured may have filed a change in the beneficiary. If so, the insurance company will inform you.
You could begin with a call to the insurance company and ask about the correct person or department to whom your letter should be directed. Or, you may be able to initiate your inquiry through the phone call.
Send a certified letter to the insurance company explaining your claim and include a copy of the proof you have that you are the beneficiary. Keep in mind that beneficiaries can be changed and the insured may have filed a change in the beneficiary. If so, the insurance company will inform you.
You could begin with a call to the insurance company and ask about the correct person or department to whom your letter should be directed. Or, you may be able to initiate your inquiry through the phone call.
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 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.
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.
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.
