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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
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.
What is the french estates general much similar to?
English House of Commons (C)
F e2020, you burnout.
Is an irrevocable trust terminated if beneficiary dies before the trustor?
You need to review the terms of the trust to determine how it must be managed. A well drafted trust will include a provision for an alternate beneficiary if the primary beneficiary dies or it will include a provision for the termination of the trust and distribution of any remaining trust property.
Who does the Executor answer to?
Ultimately the Executor is the person in charge however all decisions made will be answerable to the beneficiaries.
You will need a court order and you should apply ASAP. You should consult with an attorney.
What happens to your real estate if you die in Virginia?
If you have a will your property will pass according to the provisions in your will. If you die intestate (without a will) your property will pass according to the state laws of intestacy. See link below.
Can a successor trustee be removed?
You need to review the terms of the trust for a provision that allows for the removal of a trustee. If that issue is not addressed in the instrument that created the trust then it must be done by a judge through a court order.
This illustrates why it is so important to have a trust drafted by a professional with a good reputation.
