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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Where was the havemeyer estate in Islip Long Island?
It was just right of the Captree Boat Basin, Havemeyers Island
What items are part of the residuary estate?
Assets that are not specifically devised, a devise that fails for some reason and assets that come into the estate after the death of the testator, such as an award in a lawsuit, make up the residuary estate. For example, if the testator simply left all her estate to be equally shared by her three children, they will share the entire residuary estate. She could also leave her real estate to one daughter and direct that all the rest of her estate be shared by her other two daughters. In that case, the real estate is not part of the residuary.
Can you cash a check made out to your deceased mother?
Not without a Letter of Authority appointing you as the executor of the estate or committing fraud.
Put air and heir in a sentence?
The air was crisp, and i was the heir of the richest man in the world. Im the happiest man on the earth.
"As the heir to the thrown, you should not air your dirty laundry, for nobility must be held to a higher standard."
tangible
Can you get a copy of the will before the death?
The person who writes the will can give copies to whomever he/she pleases prior to death; however only the official copy of the will has any legal validity.
The bank will not pay over the account to you unless you have some type of authority from the probate court. You can check with the court to ask how you would go about claiming a small estate.
Yes, it's generally advisable to remove your deceased husband's name from the title of the house, even if it is in a living trust with you as co-trustees. This can help clarify ownership and avoid potential legal complications in the future. You may need to provide a death certificate and possibly complete a deed transfer to update the title accordingly. Consult with an estate attorney for guidance specific to your situation and jurisdiction.
The beneficiary has no control over the filing of tax returns. The law requires that tax returns be filed in a timely manner. It is not extortion of any sort.
What is the purpose of an irrevocable living trust?
Generally, an irrevocable living trust is created in order to transfer assets from a parent's estate to the trust in order to avoid inheritance taxes on the parent's estate, protect assets from creditors, make charitable contributions and other purposes. The key thing about the irrevocable trust is that the trustor (the trust maker) can not later change the terms of the trust once the documents have been signed.
What is a large estae run by owner or manager and farmed by workers living on it?
A large estate run by the owner or manager and farmed by workers living on it is called a plantation. The produce grown is often for distant markets.
Executor fees are considered income. As such they are subject to income tax at a federal and state level. Depending on the situation, it may be beneficial to waive the fees if the executor is inheriting a part of the estate. Consult a tax attorney or CPA.
When there is no executor named to will but only named are beneficiaries what happens?
The will must be presented to the court for allowance and the court will appoint an executor. A member of the family can sign the petition for probate asking to be appointed the executor. You should seek the advice of an attorney who specializes in probate law.
The rights in the real property are a part of the estate. If the property was owned with rights of survivorship, the daughter may claim title without going through probate. Consult an attorney who does probate work in your jurisdiciton.
Generally, a person names a beneficiary when they set up a 401K account. The account manager will distribute the proceeds according to that instruction when it receives official notification of the death.
Does a revocable trust become irrevocable upon death of grantor?
It depends upon how the trust is written. Generally, yes.
Which of these instruments makes clear how you want your property to be distributed after you die?
will
Not immediately. When you inherit something it is separate property because it was specifically designated to go to you. If you put these funds in a joint account or share them with your spouse then it would likely be deemed as transforming to community property.
Does fl have an inheritance tax?
No Florida does not have an inheritance tax. Only 11 states do have one enacted. Seventeen states have estate taxes, but Florida is not one of those either.
No. The executor's family is not relevant (unless by coincidence). The distribution of an estate where a will is not made, or where a will does not cover all the possibilities (such as a beneficiary dying before they receive the estate) is complex and will depend on the exact circumstances, and often will rely on the decision of the Probate Court.
This answer refers to English and Welsh Law, but principles may apply to other jurisdictions.
United States
Once the Will is allowed by the probate court the property will be distributed according to the provisions in the Will. If the Will is insufficient, the distribution will be done according to the laws of intestacy. If the executor died, the court will appoint a successor.
If the beneficiary died after the Will was allowed, the property will pass to the beneficiaries estate unless the Will included other provisions regarding the subsequent death of a beneficiary. For example, a Will may provide that a beneficiary must survive the testator for 60 days or the gift will lapse and return to the estate. If the gift lapses, the property will be distributed to the testator's heirs at law under the state laws of intestacy.
On the other hand, if there is no such provision that the gift lapses the property will pass to the beneficiary's estate. If they have no legal heirs the property will escheat to the state.
You should consult with an attorney who specializes in probate law.
If unmarried father dies who would be the next of kin?
The decendants are the natural heirs. If they are not yet adults, the court will create a trust for their suppport. They will also appoint an executor to manage the estate.
