Estates

If there is no living spouse, the children inherit, after them the siblings.

If there is no living spouse, children or siblings, parents inherit, after them first cousins, then second cousins, etc.

Edmund C Lynch owned it(Lynch in Merrill Lynch). His daughter Vernon Merrill subdivided it into one of the nicest subdivisions in the U.S.

No. You do not inherit taxes due on anything. Still, if taxes are due on one piece of property and there is money in a bank account elsewhere, the money in the bank account might go to pay the taxes rather than go to the heirs. That is one purpose of Probate Court. Claims against the estate are settled in Probate Court. The heirs get whatever is left over. If someone dies owing more than they are worth, you can not get stuck with the bill unless you cosigned a loan or are a joint owner or something like that.

The taxable distribution amounts will be taxed to the beneficiaries in the same way that were or would have been taxed to the deceased taxpayer.

If your meaning inherited IRA or retiremen plans the rules can be much, much different.

In many jurisdictions the estate pays inheritance tax.

Trust law is one of the most complex areas of law. It depends on the instrument that creates the trust. You need to discuss this question with an attorney who specializes in trust law.

Generally a trust set forth in a will is revocable by the testator during her life and irrevocable after her death.

If the credit card company has filed a claim against the estate the debt must be paid before any assets can be distributed to the heirs. In any estate the debts must be paid first. The heirs get any assets that are left after the payment of debts. If the estate doesn't pay the bill the creditor can force the sale of the real estate to collect the debt. If the property is the only asset and the heirs want to keep it then the heirs must pay the credit card bill.

You normally can't until their die and their will is published.

if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do

If you have no children and you arrange to have all your property held as joint tenants with the right of survivorship then you don't need a will or probate when you die.

However, you should consider what will happen to your property in the case of a simultaneous death, or, upon the death of the surviving spouse. If you have no will the state will distribute your property according to the laws of intestacy after your debts are paid.

You can check the laws of intestacy at the related question link provided below.

Legislation enacted by the 2006 General Assembly, House Bill 5018, repeals the Virginia estate tax for the estates of decedents whose date of death occurs on or after July 1, 2007.

Peter Wilks

When you die either your named executor or someone in your family who knows where your will is must file it for probate. You must make certain someone knows where to find your will at the time of your death.

A life tenant has the use of the property as long as that tenant lives even if the deed holder dies. Exactly how the deed works depends on state law. It may need to be registered with the tax accessors office or some other agency and a tax or fee paid.

Any debts owed to you are listed as personal property in the estate inventory. As long as they are evidenced in writing they will become part of your estate. Your executor will have the authority and responsibility to demand payment. Any proceeds collected will be distributed according to the provisions of the will or the state laws of intestacy if they were not addressed in the will.

Nothing. The benefactor will have to find another beneficiary, unless it has already been accounted for.

A well drafted will names an alternate beneficiary or provides that any gift to a beneficiary who predeceased the testator should lapse and the gift become part of the residuary of the estate. The residuary holds any property that was not specifically devised. A well drafted will provides how the residuary should be distributed. If there are no such provisions in the will and the testator has any heirs-at-law, the estate will pass according to the state laws of intestacy. If there are no heirs-at-law, the estate will "escheat" to the state.

The administrator of an estate simply takes care of the details. When there is an administrator, he decides how the estate will be divided. The spouse has no rights to the stocks and bonds. The spouse has rights to a percent of the estate as determined by the law, will, or probate judge. The administrator can decide to give the spouse only stocks, only bonds, or only cash. The administrator can sell everything and divide the money. That is the way it works.

Yes. A beneficiary who refuses to release their demands in an estate cannot delay the process for long. The executor can ask for a hearing on the final account and the court will allow it even though all the beneficiaries have not signed releases.

You have a very good question. If you are the cash beneficiary of the estate and the other beneficiary receives an annuity, the costs of settling the estate will come out of the cash. You should frame a motion to have the court review the matter and render a decision regrading the issue. The court may decide the other heir should pay a portion of the costs.

Yes. Your estate is responsible for your debts after your death.

First let's clear up the basics. The court appoints the Administrator and the court generally favors the surviving spouse. The Administrator will settle the estate under the supervision of the court and according to the state probate code.

The answer depends on how the law suit is filed. It can be filed by the surviving spouse as an individual or by the Administrator of the estate.

If filed by the estate, the Administrator will represent the estate in the court action. Any award will be paid to the estate and will be distributed as intestate property according to the intestacy laws in your state. You can check your state at the related question link provided below.

You should consult with an attorney who can review this situation and explain your rights and your options.

A Power of Attorney is extinguished when the principal dies. It's purpose is for assistance while a person is living.

When the principal dies their estate must be probated. Their property will be distributed according to the provisions in their will or by the laws of intestacy if they have no will. You can check the laws of intestacy for your state at the related question link provided below.

It is assumed your son is a minor who is in the care of your mother. You should consult with an attorney to make certain your POA is properly drafted for your state. Some states are updating their laws regarding POAs. In New York, the agent does need to sign. You need to find out how long that type of POA is effective. It may need to be renewed every six months or so. You should also determine if your signature alone, as the parent, will be effective.

A trust has to have a tax ID. There should not be a requirement to change the trust documents, just amend them to reflect the new information.