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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
You should consult with an attorney about filing a petition with the court to compel an accounting. A trustee's actions are governed by law and one of a trustee's responsibilities is to provide an accounting. A trustee who misbehaves is personally liable for any damages or waste of trust assets. However, you have waited a long time and there may be a statute of limitations in effect. You may have a valid claim against the trustee and may be able to sue them personally but you must consult with an attorney ASAP.
How do you claim assets of a deceased father with no will?
If your father owned any property at the time of his death then his estate must be probated. If he died without a will then his estate is an intestate estate. (See related question link.) You should contact an attorney who specializes in probate if there is considerable property that includes real estate. For very small estates without real estate most probate courts have an expedited process. If that is the case you should inquire at the probate court in your jurisdiction.
In most cases the will, if there is one, designates that the funeral be paid out of the estate. Yes, it would be a part of the estate. One of the primary reasons someone should open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
How do you write a document to create a testamentary trust?
The rules vary in every jurisdiction and such a complex testamentary document should be drafted by a professional. You should consult with an attorney who specializes in probate law in your jurisdiction.
Once they have been appointed by the court the executor must pay the debts of the decedent before any assets can be distributed. Generally, if the mortgage isn't paid the lender will take possession of the property. If you want to keep the property you must arrange to pay off or refinance the mortgage.
Can a bank provide a loan to an estate beneficiary if the will is true to what is stated within?
Yes, but only if ALL of the following are true:
* The death is not contested
* The will is not contested
* Probate debt is clear
* Beneficiaries are well defined
* Beneficiaries shares are well defined
The higher the amount of complexity in the estate and the will, the longer that it will take for the beneficiaries to receive their share of the estate. There are few banks that will take a risk on that complexity until there is a clear ownership of the assets and that will only be made clear during the end of the probate process.
Can the executor assume the mortgage of the deceased?
The executor must discuss that with the lender. If the executor is going to inherit the property the lender may agree to allow an assumption of the mortgage.
That will usually work. See related question link.
Is personal representative responsible for mortgage of estate?
They are responsible for paying it from the estate's funds. They do not have to pay it personally.
Generally an attorney-in-fact under a Power of Attorney cannot make changes in beneficiaries. However, you should review the original Power of Attorney document.
How can a creditor collect monies owing from a deceased estate when executor ignores claim?
File the claim with the court where the probate has been filed. If the claim is ignored then speak with someone at the court about a motion to compel the executor to pay your claim.
What would the inheritance tax be on a million dollars?
Current US estate tax for values over $500,000 is $155,800 for the first $500,000, and 35% of the amount in excess of $500,000. In this case that would be $155,800 + $175,000, totalling $330,800. Obviously this is a simplified calculation; the actual paperwork involved is significant, but can lower the amount of tax.
What happens when someone dies and they owe you money?
You can file a claim against their estate in probate court with proof of the debt.
If you have proof of the debt and they have assets of value, you must be paid by the estate before any remaining assets can legally be distributed to their heirs.
If they have nothing of value, than you have nothing you can claim from them.
What are the functions of estate surveyors and valuers?
(1) Property Managent: i. Negociation of terms and conditions of the tennants. ii. Collect rents. iii. Liasing with clients solicitors in advicing in an appropriate lease agreement. iv. Advice on adequate insurance policy. v. Disbustment of outgoings. (2) property Finance: Property finance refers to the process of obtaining funds or capital, generally for the purpose of supportin development and re-development or carrying out major renovation works on property development. The valuer may be required to estimate mortgage value of the property in order to secure a loan. He also will be required to advice on the best source of finance for project options. (3) Property Market: i. Advice the client to invest on future development. ii. Proffessionally engaged in problems that might arise. iii. Assist in estimating the likely worth of the property which forms the basis for negociations between the owners and the prospective tennant and buyer. (4) Developmental Appraisal: Developmental appraisal starts with conceptualization of an idea to developin a visibility and viability of appraisal. Purchase and acquisition of land and carrying out the developments. The valuer advices clients on potential development that a client desires property investment. (5) Property Investment And Financial Analysis: The investor will enquire from time to time financial appraisal of various property investment before he can commence any investment. He will also require the valuer to advice on the various growth in the capital value of his property.
No, a trust is not a juristic person. Only in matters of taxation and insolvency can they be sued or otherwise litigated. In ALL other matter the trustees are personally responsible for juristic acts, debts etc.
How much do lawyers and solicitor charege for testamentary expenses?
You need to call around in your jurisdiction since legal fees vary. The cost depends on so many factors: the size and complexity of the estate; the local rates; local law; etc.
Can an executor get a copy of the will before the maker's death?
No. Not unless it is provided by the testator.
Who are the primary owners of a corporation?
Typically, the owners of a corporation are the stockholders.
What did the duke and king receive from the deceased mans estate?
they received most of the estate holdings plus three thousand dollars
How often should your will be updated?
As often as there are material changes. If you need or want to add or remove a person, update it. If you get divorced, are widowed, have a child, etc, you'll want to update it to reflect those people.
If your assets change significantly, you'll also need an update. For example, buying a piece of real property or cashing out your investment accounts might prompt an update.
What happens to your share if you predecease the owner of a Transfer on Death account?
That depends on how the owner of the account has arranged the beneficiary designation. There may be a contingent beneficiary or the gift may lapse and become part of the testator's intestate estate. In that case it would pass to the heirs-at-law. That question should be asked when the beneficiary designation is arranged at the bank.
How do you name a beneficiary of real estate in a living trust?
You consult with an attorney who specializes in trust law in your state. Trust law is one on the most complex areas of law. Errors made by non-professionals can be costly to correct later if they can be corrected. Corrections to revocable trusts once the grantor had died must be made by a judge. Corrections cannot be made to irrevocable trusts.
No. You can name who you choose as your beneficiary.
