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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 trustee under a will MUST distribute the estate according to the provisions in the will. The trustee does NOT have the authority to make gifts to non-beneficiaries unless that power was granted in the testamentary trust. The trustee should be reported to the court that appointed her/him for mishandling their authority and the estate. You should ask the court to appoint a successor trustee.
Can revenue Canada freeze a joint bank account?
It is possible for Revenue Canada to freeze a person's bank account. This includes both single and joint bank accounts.
Where was the havemeyer estate in Islip Long Island?
It was just right of the Captree Boat Basin, Havemeyers Island
What is the difference between Estate Management and Property Management?
Property Management deals with running and maintaining business property for a firm or individual. Estate management deals with taking the estate of a deceased person through probate. They can be very similar and very different, but both require taking care of property.
Who are the beneficiaries of Merv Griffin's estate?
His son, who is entitled to receive $2 million a year and, if/when the assets are sold is entitled to 60% of the proceeds after payment of any liabilities -- Merv, who was gay, gave did not entrust his son with his beloved 2 dogs ($500000 for their care was given to another individual for their care)
What happens when no estate and no insurance who pays debts?
The decedent's estate is responsible for the decedent's debts. If there are no assets the creditors are out of luck.
How is the estate divided once the spouse of the decease dies?
In whatever way it was provided for. I am assuming that the deceased left everything to his or her spouse and now the spouse has died. If he or she had a will, trust, or other way to distribute the estate then it would be distributed according to his or her wishes. If not, then the estate would go through intestacy
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."
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.
tangible
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 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.
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.
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.
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.
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.
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.
