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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
The estate has to settle the title. The secondary person can be held responsible for the loan until it is resolved.
You may have vested interest in the home, but it doesn't necessarily mean that it is yours now. Get a real estate lawyer and see what you need to do. Gather the proof that you have been making the payments--cancelled checks to the mortgage company are best.
Another PerspectiveNo. You cannot take possession of the property. You would need to bring an action to a court of equity and obtain a court order that transfers all right, title and interest in the property to you. If you lived in the home the court is more likely to view your payments as a form of rent. Courts rarely transfer title when a volunteer pays the mortgage while they were living with the owner. The property will pass to the heirs at law or under the will of the decedent.
If there are no wills involved, that is the way it typically works. However, there are often clauses in wills that can affect this.
What does uwo mean in a trust?
U/W/O stands for "under the will of"
F/B/O stands for "for the benefit of"
Example of how a testamentary trust would be titled:
Testamentary Trust fbo Sara L. Smith uwo Walter G. Jones
This represents a testamentary trust established for Sara according to the will of and upon the death of Walter.
Is adopted fathers children considered next of kin?
If they have a biological relative then no, a brother is a closer relative than an adoptive father is. Legally though, if you are the only guardian/ relative then you will be next of kin.
Can an attorney in fact under a Power of Attorney manage assets that are jointly owned?
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Is mileage reimbursement for an executor of an estate taxable?
No it is not considered taxable. As long as the reimbursement meets the current IRS standards, it is not considered income.
Do executor fees reduce estate tax?
They are a cost to the estate and typically are a deduction from taxes or the total amount. Yes, they will reduce the estate tax. Consulting a CPA or tax attorney would be a good idea!
Can a conservator take over a special needs trust?
No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.
No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.
No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.
No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.
Can property be sold if an one of the heirs dies without a will?
Certainly. The heir's portion will become part of their estate and distributed accordingly.
Is the beneficiary of a life insurance policy responsible for funeral expenses of the deceased?
No. All monies of a deceased is gathered in to their estate, then all debts of the deceased are paid, then legacies are paid out. Policies payable to a person are payable to that person.
No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.
No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.
No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.
No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.
You would say an heir because it is pronounced "air" - so the vowel sound means you have to use an.
Is the oldest child the next of kin of a widowed father?
No, the oldest child is not automatically the next of kin of a widowed father. The next of kin refers to the person who has the closest relationship or legal rights to make decisions on behalf of an individual who is incapacitated or deceased. It could be a spouse, child, parent, or another close family member, depending on the specific laws and circumstances.
What is the NY State tax on inheritance?
I live I Indiana and received an inheritance from a relative in New York. I received a K-1 form showing amounts to use on tax form. What form do I need to use to report this. Do I owe taxes to New York or only need to show the amounts on Federal and Indiana tax forms?
What you have found is the reason that in many cases the jewelry is sold and the money divided up. Once you have the value of all the items, you may be able to sell one or two pieces and use that cash to even out the value of the distribution of the others.
Is there a gift tax if deeding house to child before death?
Yes, there could very well be a gift tax. Consult a tax attorney. And the estate could pull the property back into the estate if it is within a few years of death.
Can a vehicle in an estate be taken to a dealership if all heirs do not agree?
The executor determines what will occur. While they will normally attempt to agree with the wishes of the beneficiaries, they are responsible for resolving the estate and its debts.
A township typically includes a variety of features such as residential areas, commercial districts, schools, parks, and public facilities. It may also encompass government buildings, transportation infrastructure, and utilities serving the community. The specific composition of a township can vary depending on local planning and development initiatives.
How do children handle their deceased parent's properties?
They contact an attorney who specializes in probate law to settle the estate.
They contact an attorney who specializes in probate law to settle the estate.
They contact an attorney who specializes in probate law to settle the estate.
They contact an attorney who specializes in probate law to settle the estate.
Can you receive partial payment of inheritance during probate?
It is possible if the estate has more than enough assets to clear all of the debts.
What happens if an heir who has no estate dies before the will is read?
If they inherit a portion of the first estate then it will become part of their own estate. Their property will pass to their heirs at law according to the state laws of intestacy if they had no will.
Some wills have a clause that devisees must survive the testator by 30 days or some other period. In that case, if the devisee dies before that period the gift goes back into the estate of the testator.
If they inherit a portion of the first estate then it will become part of their own estate. Their property will pass to their heirs at law according to the state laws of intestacy if they had no will.
Some wills have a clause that devisees must survive the testator by 30 days or some other period. In that case, if the devisee dies before that period the gift goes back into the estate of the testator.
If they inherit a portion of the first estate then it will become part of their own estate. Their property will pass to their heirs at law according to the state laws of intestacy if they had no will.
Some wills have a clause that devisees must survive the testator by 30 days or some other period. In that case, if the devisee dies before that period the gift goes back into the estate of the testator.
If they inherit a portion of the first estate then it will become part of their own estate. Their property will pass to their heirs at law according to the state laws of intestacy if they had no will.
Some wills have a clause that devisees must survive the testator by 30 days or some other period. In that case, if the devisee dies before that period the gift goes back into the estate of the testator.
Can a sibling be the trustee for a spendthrift trust?
Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.
Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.
Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.
Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.
What powers does a trustee have over a non-trustee of a irrevocable trust?
The trustee of the trust has all the power and authority to act for the trust. Their duties and powers are set forth in the instrument that created the trust. Their only power over the beneficiaries are those set forth in the trust.
A non-trustee (beneficiary) has no power regarding the operation of the trust unless they were given specific powers in the trust instrument such as the power to appoint a new trustee. The beneficiaries also have the power to file a complaint in court if the trustee fails to perform their responsibilities appropriately.
The trustee of the trust has all the power and authority to act for the trust. Their duties and powers are set forth in the instrument that created the trust. Their only power over the beneficiaries are those set forth in the trust.
A non-trustee (beneficiary) has no power regarding the operation of the trust unless they were given specific powers in the trust instrument such as the power to appoint a new trustee. The beneficiaries also have the power to file a complaint in court if the trustee fails to perform their responsibilities appropriately.
The trustee of the trust has all the power and authority to act for the trust. Their duties and powers are set forth in the instrument that created the trust. Their only power over the beneficiaries are those set forth in the trust.
A non-trustee (beneficiary) has no power regarding the operation of the trust unless they were given specific powers in the trust instrument such as the power to appoint a new trustee. The beneficiaries also have the power to file a complaint in court if the trustee fails to perform their responsibilities appropriately.
The trustee of the trust has all the power and authority to act for the trust. Their duties and powers are set forth in the instrument that created the trust. Their only power over the beneficiaries are those set forth in the trust.
A non-trustee (beneficiary) has no power regarding the operation of the trust unless they were given specific powers in the trust instrument such as the power to appoint a new trustee. The beneficiaries also have the power to file a complaint in court if the trustee fails to perform their responsibilities appropriately.
