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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 executor must be appointed by the court. Once appointed they have the authority and responsibility to do whatever is necessary to settle the estate. That is the purpose of having an executor. If repairs are necessary to maintain the property or to prepare it for sale the executor has the authority to arrange for the repairs.
You need to consult with an attorney who can review the situation, your needs and the estate and determine what your options are.
What are some valid reasons for recording a lien against real property?
In and of itself a lien is a valid encumbrance on a property because there must be a valid claim to support a lien. Generally, liens are recorded for unpaid taxes, court judgments, contractor's services, mortgages, municipal services, etc.
First, the brother is not the executor until the will has been filed in probate court and he has been appointed by the court as the executor. Until that happens, he has no power or authority over the estate.
Once appointed by the court the executor must settle the estate according to the provisions in the will and the state probate laws under the supervision of the court. If an executor abuses their authority they are subject to sanctions by the court and removal. They can be held personally liable for their mistakes. The executor has no legal power to change anything. The court will always try to carry out the last will and testament of a testator. It will not allow anyone to make changes. Only a judge has that power and only when the will is unclear or cannot be carried out for some reason.
When a will is filed for probate, there is a period during which objections can be made to the appointment of the executor who is named in the will. In this case, the named executor has already displayed outrageous behavior. If the will hasn't been filed for probate yet, someone should file it now and request to be appointed the executor. The named executor's behavior can be reported at that time. If he was appointed by the court already then his behavior should be reported and a new executor should be appointed.
"Executors" that haven't been legally appointed by the probate court are a serious and common problem. They are only self-appointed and have no idea they have a body of law that governs their powers and actions. If he does what he claims then he can face criminal prosecution. Report him ASAP.
What is the minimum taxable estate?
It depends on what year it is and whether they decedent has made any taxable gifts during his or her lifetime. Generally, if someone died in 2009, their estate is free of estate tax up to $3.5 million. In 2010, there is currently no estate tax at all, no matter what the size of the estate is. For 2011 and beyond, currently estates are taxable after the first $1 million.
Can an irrevocable trust be changed if never funded?
An irrevocable trust generally cannot be changed once it has been established, regardless of whether it has been funded. However, if the trust has not been funded and the trust document includes specific provisions allowing for modifications, or if all beneficiaries consent to the changes, it may be possible to amend the trust. Additionally, some jurisdictions allow for court modifications under certain circumstances. It's essential to consult with a legal professional for guidance specific to your situation.
How did the purpose of the meeting of the Estate-General in 1789 change?
They insisted that all three estates meet together and that each delegate have a vote. This would give the advantage to the Third Estate, which had as many delegates as the other two estates combined
If your sister died who is your brother-in-law's next of kin?
His children are his next of kin, then his parents, then his siblings.
You can check the laws of intestate succession for your state at the related question link. Those laws set forth the legal scheme for heirs at law and next of kin.
Can you borrow from an Irrevocable Trust?
You must review the provisions in the trust document to determine if the trustee can make loans.
In most jurisdictions in the US, the spouse is the next of kin unless there is a legal divorce. After the spouse, the children are next of kin; only after them come the brothers and sisters.
Sure. Don't do it. If he does this, most likely the insurance company cannot pay the minors, nor can they pay you even for them, so what happens is that the insurance company will have to hold the money until they reach the age of majority in his state of residence. A trust or even wording the beneficiary clause to state that he names you as beneficiary for their benefit. This would allow the money to be used for them but to go through you. Remember this entitles you to be sued by them when they are grown, so keep good records on how it was spent. Tell him to pay for the trust or live until they are grown.
If there is any other property such as real estate then it must be sold to pay the debts. If there are no assets the estate will be deemed insolvent by the court and the creditors are out of luck.
The correct grammatical phrase is to say "trust in." An example of this used in a sentence would be "You have to believe the coach is doing the right thing. Put your trust in him this season!"
you trust someone on whatever ur trusting the person on for exanple Lilly trusted on Jakie for her homework/wordpuzzle
Is money inherited from a parent's estate taxable?
No, inheritances are not subject to federal income taxes.
How do you create a trust that can receive assets?
The purpose of a trust IS to receive assets and hold them for the benefit of someone else.
Trust law is one of the most complex areas of law. If you want to create a trust you should consult with an attorney who specializes in trust law and who has a good reputation in your community. She/he will review your situation, discuss your needs, evaluate the property you want to transfer to your trust and then draft a trust that will meet your needs.
Who owns the assets in a trust?
The trust owns the trust property and that property is managed by a trustee who carries out the provisions of the trust.
Do you pay tax on inherited personal property when you sell it in new york?
You can have a taxable gain on the sale of personal property however you obtain the property. Individuals do no have to pay estate taxes, the estate of a deceased person would have to pay any inheritance taxes due before property was dispersed to the heirs. As to the sale of property by someone who inherited property, you would owe taxes on any gain on have from the sale of such property. You basis (value) of the property is the fair market value of such property on the date of death of the previous owner. This is called a stepped up basis and a benefit of inherited property.
No. The life insurance proceeds pass outside of the parent's will.
Are you responsible for your deceased sisters credit card bills?
No. There is an order by which creditor's must be paid upon a decendent's death. This depends on state law. But, the executor is never held liable for the debts of the decedent. There would be an exception to this if you are listed as a co-borrower on your sister's credit cards.
You must review the trust document for the provisions for terminating the trust. Those provisions must be followed.
What happens when the beneficiary of the irrevocable trust dies?
It depends on the terms of the trust. You'll have to read the trust and find out. Sometimes, the benefits pass to the decedent's children. Sometimes, the benefits lapse. Sometimes, they pass to someone completely different.
How do you find your father's life insurance policies?
Check all of his papers. Look for payments to insurance companies, they typically require a policy number on cancelled checks or transfers. Check safe deposit boxes. Check with the HR department of his employer as well. Often fraternal organizations and even some banks have small policies for all their members (It's a come on to get you to purchase a full policy from them, since you already have the $500 or $1000 policy with them).
Should one place regular savings in revocable trust?
The purpose of a living trust is to avoid probate when you die. This can only occur if your assets are titled in the name of your revocable living trust. Therefore, as a general rule, all of your assets should be retitled in the name of your living trust with two exceptions. Read more at
http://sandiegoestateplanningblog.blogspot.com/2010/02/should-one-place-regular-savings-in.html
