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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
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.
Who is an estate surveyor and a valuer?
An estate surveyor and valver is a person who has undergone the required academic training and has acquired the needed practical experience recongnized by N.I.E.S.V and registered by E.S.VA.R.B.O.N
What property did the two brothers inherit from their father?
if my father's brother wants to share in our property what did my father do if he didn't want to give him any share becoz hedidn't spent any money on this property
The executor has no authority to change the will and must distribute the estate in accordance with the document.
Can someone remove a Payable of Death off the account if they were not the original owner?
No one other than the owner of the account can change the POD beneficiary.
However, there is a conceivable possibility that a person with a sole account naming a POD beneficiary later added a joint owner to that account. Upon the death of the original owner that account would become the sole property of the surviving joint owner who could then change the POD beneficiary.
Yes, the executor is responsible for securing the assets. Although co-operating with beneficiaries to avoid contentious probate is always wiser
Can the beneficiary see a copy of the life insurance policy of a deceased parent?
Contact the insurance company for information on how to make your claim and ask if they can supply a copy of the policy.
Yes. A trust that manages a large amount of trust property, such as a realty trust, could hire employees. Such trust documents generally contain provisions that enable the trustees to do whatever is necessary to carry out the business of the trust. Charitable trusts generally hire staffs that carry out the mission of the trust.
How long after a death does the executor have to settle the estate?
That time period is generally governed by state laws. In most cases the executor should submit the will for probate within 30 days and thus commence the probate process. The executor has an obligation to settle the estate as soon as possible and with expediency. It is a violation of their duties as executor to drag it out unnecessarily.
Is a inheritance of 10000 taxable?
10000? this is just a number?? if you mean 10000 in US dollars or British Sterling then NO, in the UK anything under £325,000 is NOT taxable.
The unmarried partner has no rights in the property. The life estate is extinguished immediately upon the death of the life tenant. You have only as much time as the fee owner is willing to give.
How long does it take to receive word if you are in a will?
There is no set time limit, it would depend how professional or knowledgeable the persons or persons dealing with the estate are.
Can you legally stop a financial decision by your mother without power of attorney?
You must be a court appointed guardian to over-ride your mother's decisions. A Power of Attorney does not give you that type of authority.
What is the definition of estate planning?
Simply put an estate plan is a long term scheme devised to take care of your family and assets in the event that you or your partner either need long term residential care or perhaps pass away
Can the testator and executor be the same person?
No. The testator is the person who makes a Will.
The executor is the person named in a Will as the person who will settle the estate according to the provisions in the Will after the death of the testator. The executor must submit the Will for probate and petition for appointment by the court.
What kind of Power of Attorney remains valid even after the signer becomes debilitated?
A Durable POA remains in effect even after the principal becomes incapacitated.
How do you save my parents money from estate tax after they die?
Federal estate tax doesn't kick in until the estate is worth $3.5 million. State taxes vary by state, of course.
The key to avoiding estate taxes is careful planning before they die.
One way to avoid estate taxes is by setting up irrevocable life insurance trust (this has to be done at least three years in advance).
Another method is for parents to make gifts to children (each parent can give up to $13,000 a year to each child) in advance.
A third method is to set up an elaborate scheme called a "Crummey Trust". This requires lawyers and accountants who specialize in this sort of thing.
Can you inherit property from your mother-in-law?
You can inherit property from your mother-in-law if she mentions you in her will by leaving a gift. If she dies intestate, or without a will, you are not her legal heir.
Who is the Grantor in a testamentary trust?
The grantor is the person who declares the trust and then transfers property to the trustee. In a testamentary trust the decedent is the grantor. That person can also be called the testator.
