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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
"Trust thyself" means to have confidence in your own judgment, beliefs, and decisions. It encourages you to rely on your own thoughts and instincts, and to trust that you have the ability to make the right choices for yourself.
What tax credits can i claim from an estate I was administrator of?
There are not likely to be any tax credits. The estate should reimburse you for your time and expenses.
Is your spouse entitled to half of your estate?
Typically your spouse will be entitled to at least half the estate, even if the will says otherwise.
Does only the beneficiary have access to ones death life insurance policy?
NO. The beneficiary is only entitled to the death benefit proceeds when the insured dies.
The owner of the life insurance policy controls the policy, the beneficiaries, any cash values, and is responsible for premium payments.
The owner has the ultimate control of the life insurance policy and can change the beneficiary of the policy at any time...and does not need the beneficiary's permission to do this.
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Is per stirpes in affect if the beneficiary dies after receiving his inheritance?
Yes, per stirpes can still be in effect if a beneficiary dies after receiving their inheritance. In a per stirpes distribution, if a beneficiary predeceases the testator, their share is typically passed down to their descendants. However, if the beneficiary has already received their inheritance and then dies, that distribution usually stands, and their estate would handle any further distributions according to their own terms or laws of intestacy.
What does he did not trust the woman not to trust him means?
It means that he thinks she doesn't teach him.
Do estates file yearly tax returns?
Yes, they are required to file tax returns. Estates have assets and those assets may be earning income. That income is taxed.
Can the same person be the trustee and a beneficiary of an irrevocable trust?
No. That would invalidate the trust.
Corporate trusts act as fiscal agents, registrars of stock, transfer agents, trustees under deed of trusts, depositary for protective committees, reorganization committees, and escrow agents
What establishments are included in SIC 6091 Nondeposit Trust Facilities?
primarily trust companies engaged in fiduciary business, but not regularly engaged in deposit banking. Some of these establishments occasionally hold limited amounts of special types of deposits
Individual trusts act in several capacities including executor, administrator, trustee, guardian, conservator, custodian, and conservator in lunacy
Can a spouse continue to use a credit card of deceased husband?
No. She must get a credit card in her own name since the guarantor on the account is deceased.
He should consult with an attorney about drafting a deed granting his wife a life estate in the property. The matter should be handled by an attorney who can review the situation and explain the options and consequences.
When someone dies how many powers of attorney can there be?
A Power of Attorney is extinguished immediately upon the death of the principal.
A Power of Attorney is only in effect while the principal is alive. Once the principal has died the court must appoint an executor if the decedent left a will or an administrator if the decedent died intestate (without a will).
When can a decedents estate claim a charitable deduction?
They claim it on the estate taxes as a deduction. It has to be to an approved charity.
Do you need to open an estate account if you are a surviving spouse?
The method in which a deceased person's assets and debts are handled depends upon whether there was a Will and/or the laws of the state in which the person resided at the time of his or her death.
The best option for the surviving spouse in such cases is to seek advice from an attorney qualified in such matters. The majority of attorneys offer free or minimal charge consultations to explore options.
