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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 happens to your money when you have no kids or wife and you die?
You must have a will to distribute your money to whomever you chose, if you do not have one this means that you die intestate and your money will go to the government.
If I've been left a house in a will do you have to sell it if they go into a care home?
If the testator is still living then you haven't "been left a house" yet. You will only inherit it after the death of the testator and IF it is still in their estate.
When a person dies their estate must be probated through the probate court. The court will appoint an executor and the debts of the decedent must be paid before any property can be distributed to the heirs. If the decedent owes money for medical care the facility can file a claim for any money due. If the state provides medical assistance, the state can file a claim against the estate.
All of the above is the reason more affluent and sophisticated people do "estate planning" and transfer their property to trusts drafted by trust attorneys. When they die they don't "own" any property and it will pass to their heirs from the trust free and clear.
Would bank accounts fall under the residuray estate if they're not named to anyone in the Will?
Yes. Any assets not specifically devised will pass under the residuary clause as well as any assets that come into the estate after the death of the testator such as a judgment award.
Who has legal rights over deceased spouse if surviving spouse remarries?
The surviving spouse has legal rights regardless of whether he/she remarries after the death of his/her spouse.
Are spouses entitled to per stirpes distributions?
No. Think of 'per stirpes' distribution as distribution that follows a branch of a family by descent. For example, suppose William died and by the terms of his will William's estate was to be distributed in equal shares to his three daughters, Mary, Judith and Sarah 'per stirpes".
Mary received one-third. Judith received one-third. Sarah predeceased her father and left two living daughters, Paula & Janet. One other daughter, Samantha, had predeceased her mother (Sarah). Samantha left two sons, Sean and Patrick.
Sarah's one-third would be evenly divided between her three daughters: Paula, Janet and Samantha. Samantha's share would be evenly divided between her two sons: Sean and Patrick.
Although the formula may vary in different jurisdictions (some will divide the estate equally among all the living 'per stirpes' descendents) , no spouses would be included in the distribution.
I assume if there was no will, there was no trust. I also assume the beneficiary(s) on the policy are also deceased. The estate will go through probate. You will have to advise the court of your status as an heir and once the probate proceedings are completed, you will get your share of the life insurance proceeds.
Not generally. Although state laws vary on the signing of wills, generally, a will must be signed and there must be two disinterested witnesses who also sign. In some states a will must also be acknowledge. In some states a completely handwritten will can be allowed as long as it is signed. You need to check the laws in your state.
How can you find out if when someone died they left a will?
Contact the Probate Court in the jurisdiction where the person lived.
In England, all executed wills are a matter of public record. Depending on when the death occurred, and what your objective was, the National Records Office might be a good place to start. Alternatively, contacting a local Probate expert.
Does your home jointly owned by your wife and you have to be transferred to your revocable trust?
That is a decision you make on your own based on the reasons for which you have a trust. There is no special rule book telling you what to transfer to your trust. If you want your home to be transferred out of your individual names and into a trust then you must execute a deed signed by both owners transferring the property to the trustee of the trust.
It doesn't sound as though you know much about your "revocable trust". Trust law is extremely complex. Transferring your property to a revocable trust will keep the property in your names for tax purposes. It may also make the property vulnerable to creditors. It sounds as though you should consult with an attorney who specialize in trusts and estate planning before drafting any legal documents and transferring property on your own.
Will there be a Vladimir tod movie?
yes... i think theres more than one.... but when you go on youtube itll just give you the trailer. but if i were you i would stick to the books because the trailer was a bit cheesy.... but check it out for your self.
actually no there is no movie, the trailers on youtube are for the books.
yeah there isn't a movie out yet not that i know of at least and the books r rlly great thoughh
The trustees must follow the provisions of the trust. If the trust doesn't provide that option or an option for the trustees to act at their discretion then the trustees must petition the court to modify the trust. They should be prepared to explain to the court why the trust should be modified. The judge will review the matter and issue a decision.
Can you get money before an estate is settled?
It is possible to obtain a partial payout. It will depend on the estates assets and the identified debts.
Why was inheritance tax abolished?
it was hard to collect the tax, so the state followed the feds by repealing the inheritance tax laws and inacting an estate tax. basically the tax was paid by the estate before it was distributed to the heirs
An heir does not have any authority over the distribution under a will. Once the estate has been filed for probate the executor is provided with that authority by the court. The executor can take suggestions about how the personal property should be divided and should take care to set personal feelings aside and be fair about the distribution. However, making the distribution of the estate is the executor's legal responsibility.
How did birth order affect inheritance and role in Medieval society?
Primogeniture was the custom of land inheritance whereby the entire estate passed to the eldest son. The custom spread from Normandy to Britain with the arrival of William the Conqueror in 1066. As part of the feudal system, primogeniture prevented the division of estates. However, it also disenfranchised women altogether and forced younger sons to leave to seek their own fortunes or live at the courtesy and in the service of their elder brothers.
The estate tax prevents the perpetual acquisition and transfer of tax free wealth. It helps to mitigate the great disparities in those who have and those who do not have and never will have. It only affects estates of a considerably large size. It is a single tax on the inheritor who didn't earn the wealth and in these times of tax loopholes for the rich it is often the case there were no taxes ever paid on the assets of the estate while they were being acquired.
Estate taxes divert some of that wealth back into the society as a whole. When estate taxes are not assessed, that loss of tax revenue must be placed on society as a whole. Either taxes increase for everyone or the infrastructure suffers from inadequate funding. In ancient times the wealthy were buried with their wealth leaving their descendants to accumulate their own riches.
Who has the lowest real estate taxes in Nassau county NY?
who has the cheapest house taxes in nassau county , n.y. ? where is the best places to move where taxes aren"t high include sufflock county, n.y. too.
Should a Trustee for a family trust be paid?
Yes. There is a lot of work involved in being a trustee. The trustee needs to keep an account of all the money coming into the trust and all the money going out. The trustee must be extremely careful to not co-mingle their own funds with the funds of the trust or pay any of their own bills with trust funds. The account books for the trust should be made available to the trustor and the beneficiaries of the trust.
If your mother dies and and you have a brother and sister who inherits the estate?
Generally, under most state laws of intestacy, if your mother died without a will her children would share equally if there is no surviving spouse. You can check the laws of intestacy for your state at the related question link provided below.
If you are next of kin to a deceased relative what do you have to do to claim the assets?
You need to petition the court to be appointed the Administrator of the estate. If there are other heirs-at-law, debts, real property and other assets you should also consult with an attorney who specializes in probate law.
What is the tax on 1 million estate?
There is no inheritance tax on the estate left to a married partner.
On the 6th April 2009 in the United Kingdom the Inheitance Tax threshold was £325,000 per person. Thus 40% tax would be payed on £675,000, giving a tax bill of £270,000.
However a man and wife can combine their threshold limit when passing their estate from one to the other then on to a relative. If this is done then when the second partner dies the threshold will be £650,000. Thus 40% tax would be payed on £350,000, giving a tax bill of £140,000.
