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Estates

Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.

6,325 Questions

What happen to the irrevocable trust after the grantos death?

You need to review the document that created the trust. A trust should contain all the provisions necessary to the management of the trust property by the trustee. It should recite all the powers of the trustee and what should happen to the trust property at the termination of the trust.

Title to trust property stands in the name of the trustee who holds title in the name of the trust. The type of trust you refer to usually has detailed instructions as to how the trust property should be distributed upon the death of the grantor and how that property should be transferred by the trustee.

Who is responsible for the medical bills if the decedent left a will?

If there is a will the will should name an executor and the estate must be probated. While the "estate" is liable for the bills, it is the executor who is authorized to settle them out and pay them once they have been appointed by the probate court. The debts must be paid before any property can be distributed to the heirs.

Mr Adams left 25 percent of his estate to his wife and unevenly divided the balance between his son and his daughter If the son received 36000 as his share what was the total value of the estate?

Not enough information is given.

To find the value of the estate, you need to know either the daughter's share or the fractional part of the estate received by the son. Neither item of information is given.

Who is responsible to pay taxes and capital expenses when there is a life estate on a property?

The fee owner unless those issues are set forth in the document that created the life estate.

If someone dies and their beneficiary is dead who gets the money?

If the beneficiary predeceased the testator and there is no contingent beneficiary named in the will the property will be distributed as intestate property under the state laws of intestacy as if there was no will. You can check the laws of your state at the related question link provided below.

Can life insurance proceeds be taken away if the beneficiary has judgments against them?

Generally, almost any property can be reached by a creditor if they can find it. There is usually a statutory provision that allows a creditor to attach property of a debtor that is in the hands of some third party. In Massachusetts it's called trustee process.

Is it legal to live in the decease's house before the estate is settled?

It is certainly legal to do so. The executor must decide on what is appropriate and may charge rent.

The George M Paulson Revocable Trust. How do I alphabetize it?

The trust would be properly indexed under "g". The name of the trust is a title and the first letter of the title is "g". Since the title is derived from a name some land records systems would double index it under the name of Paulson. However, it would be properly indexed under "g".

For another example, suppose you were working with a trust entitled, "Powell Street Realty Trust". It would be indexed (alphabetized) under the letter "p".

What does an administratrix of the estate have power of attoney?

what is the power of attorney duties for a living will?

Recently my father died and left a trust fund to me and my 2 siblings. can one sibling invest the enitre trust fund without the consent of the others. why or why not?

You need to review the document that created the trust to determine what can and cannot be done with the trust property and who can do it. A trust is managed by a trustee. The trust document will tell you the identity of the trustee and will also set forth all the powers of the trustee.

Who owns an item that is given before death but then upon death is bequeathed in their will to someone else who is already dead?

A will doesn't become active until the testator has died. The testator is free to give away property while living. Only property owned at death can pass under the will.

Many people don't update their wills. If the property was given to someone during the life of the testator then it can't become part of the estate. In this case, the testator may have given the property away because they new the person who was to receive it by the will had already died.

The recipient of the property owns it.

If one tenant in common did not pay taxes on real estate for over 30 year does the other tenant in common have any recourse?

You can try to sue in a court of equity. You would need proof that you paid the taxes and the court could not go back for the full thirty years. The statute of limitations would be much shorter- three to five years in most cases. You need to consult with an attorney who can review your situation, determine what your options are and draft your complaint if you decide to sue.

What happened when loius xvi called the estates general?

When Louis XVI called the estates general the taxes went up and evrything such as leather was far beyond more expensive

If a person is going to inherit money from a estate and this person owes debt does that have to be paid before the estate gets settled?

Generally, if the creditor discovers that you have an inheritance coming it can attach the inheritance by filing in probate. There are people who regularly monitor new probate filings in many jurisdictions in order to create a data base of heirs that can be checked by creditors for a fee. Not all areas are covered. Your creditor may find your inheritance and it may not. If nothing is filed to notify the probate court of your debt then the administrator or executor can pay over the inheritance to you.

Who appoints substitute trustee?

You must review the trust document for the provision that addresses the appointment of a successor trustee.

Can you sell assets out of a irrevocable trust?

You must look to the trust for your answer. A trust document contains all the provisions necessary for the management of the trust by the trustee. There should be provisions for the sale of assets by the trustee. Those provisions must be followed.

Are the grown children of your deceased spouse entitled to any of your joint assets in NH?

No. Any assets held by you and your spouse as joint tenants became your sole property automatically upon his/her death. You are the sole owner.

Any property owned solely by the decedent would pass according to a will or according to the state laws of intestacy if there was no will. You can check the laws of intestacy for your state at the link provided below.

Can you sell a home that is in an irrevocable Trust?

You need to review the language in the document that created the trust for your answer. ALL the provisions of a trust and the powers of the trustee must be set forth in the trust document. You would be looking for the section dealing with trustees powers and under that the power to sell and convey real estate.

What are the three estates in the modern world?

The church, the upper class, and the lower class.

It's more of how you perceive them to be though.

The original Three Estates, as you may already know, are the church, the nobility, and the peasants. So if you were to translate that to today, the nobility would be those wealthiest in our society, and the peasants are those who are the lowest on the totem pole. The lower working class.

Hope this helps!

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