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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
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.
Which of these instruments makes clear how you want your property to be distributed after you die?
will
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
North Carolina does have an estate tax. They do not have an inheritance tax. It would be a good idea to consult a probate attorney in North Carolina. They will know how to reduce the tax liabilities of the estate.
You need to speak with the attorney who is handling the estate. There are many variables in your situation that must be reviewed by an attorney.
The court would need to appoint a new executor. The timing of the death of the beneficiary would dictate where the property will go. If the named beneficiary died prior to the testator then the property will remain in the testator's estate and be distributed as intestate property to the heirs-at-law of the testator. If the beneficary died after the testator died then the property is in the beneficiary's estate. That estate would need to be probated and any intestate property would 'escheat' to the state if there are no heirs-at-law. If the beneficiary has a will, the property would pass according to the will once it has been probated.
You can check the laws of intestacy for your state at the related question link provided below.
I have been left some money in a friends will how long will i have to wait to receive it?
It will depend greatly on the extent of the estate. All of the debts of the deceased have to be resolved before others can be paid. There may be things that have to be sold in order to pay out. A simple estate can easily take 4 months or more to resolve.
How can I give property to a family member?
If it is personal property, such as jewelry or china, you just give it to them! It would be good to document the transfer in some manner, a simple letter or listing should suffice. If it is real property, (land) a quit claim deed is the simplest manner.
An ex-wife could sue her deceased ex-husband's estate for child support arrears or for financial obligations in the divorce decree that were not satisfied. You should consult with your divorce attorney who could review your situation and determine what your options are.
Who owns the legal interest called the leasehold estate?
The tenant owns the legal interest in the leasehold estate. The fee owner is the one who actually owns the property but the property is subject to the lease.
Do you have rights to estate before parent dies?
An estate can refer to all the property a person owns both real and personal. However, the term is more commonly used to refer to all the property that a person owns at death, both real and personal. You have no rights to your parents' property while they are alive. You may not have any interest in it after their death if they have made a valid will devising their property to someone else. Children can be disinherited in many jurisdictions.
You have a difficult situation. Once a home is built it becomes part of the real estate. It cannot be owned separately nor can it be left separately in a will or trust. The owner of the real estate has the right to sell that real estate. The house went with it. You cannot receive money for the house unless your parent and the owner of the real estate has a written agreement to that effect. Also, you have absolutely no right to any property devised to you in your parent's will or trust until they have died. If they no longer own the property when they die, the gift is extinguished.
A freehold lease may refer to the lease of land that belongs to another person. Your question is confusing because a freehold estate is the right to the use and possession of land for an indefinite period and a leasehold estate is a lease of land that belongs to another.
What is the format for an estimization of fees for an executor?
This is a general answer. It is rather a guideline or example of how you can determine fees for an executor.
An executor is entitled to compensation. the beneficiaries are entitled to review and approve or disapprove of the level of compensation. If the beneficiaries do not agree with the level of compensation, a court must set it.
The amount of the executor's compensation may be adjusted up or down based upon a number of factors. these factors include:
a. The total value of the estate;
b. the complexity of the estate;
c. The time spent by the executor in the discharge of their duties;
d. the skill displayed by the executor in the administration of the estate;
e. The degree of care exercised by the executor;
f. The results of the administration and any investments made by the executor.
There used to be a rule, which prohibited an executor from "pre-taking" compensation before it had been approved the the beneficiaries or fixed, by the court. This rule has been modified by recent court decisions. As a result, an executor is entitled to "pre-take" compensation beforfe it has been approved by the beneficiaries or by the court. It is generally prudent to obtain beneficiary or court approval before taking the compensation. In the event that compensation is pre-taken, if it is ultimately determined by a court to have been excessive, the executor will be required to pay the excessive amount together with interest.
The preparation of accounts, income tax returns, management of investments, and other estate administration are the duty of the trustee. In appropriate cases, these functions can be delegated to qualified expers (accountants, lawyers, property managers, etc.) and the cost of such experts will be paid in addition to the executor's compensation.
First, Rhode Island doesn't have an inheritance tax, it has an estate tax - there is a difference but unless you are going to be handling interstate estate matters, don't worry about it.
Regardless of whether Rhode Island has inheritance tax or an estate tax, if the deceased was a New York resident and the property was in New York, only the New York taxes would be levied.
New York would collect the taxes from the estate, however, if the executor somehow paid you and didn't pay the New York taxes then New York could collect the taxes, penalties and interest from you.
Tax attorney/CPA
If there is no estate of deceased family member who is responsible for debt?
Generally, the estate is responsible for paying the debts of the decedent when the debts are in the sole name of the decedent. If there are no assets then the creditors are out of luck.
How can you find out who is a beneficiary and the share entitled to in a living trust?
That's a difficult situation. You would need to ask the grantor of the trust if you can review a copy of their trust. It is a private document and they may not want to share it with you. If you think you are a beneficiary and are not receiving income you may be able to petition a court of equity to examine the trust document. If you are very serious about wanting to know more you should consult with an attorney.
How do you change the Executor or Executrix of a Will?
To change the Executor or Executrix of a Will, you would need to create a new Will that specifically revokes the previous one and appoints a new Executor or Executrix. It is important to follow the legal requirements for creating a valid Will in your jurisdiction. It's advisable to seek legal advice when making changes to your Will.
Can the grantor sell assets listed in irrevocable living trust?
The grantor has no control over the assets in an irrevocable trust. Those assets are under the control of the trustee.
Does the person named by the deceased as administrator of will have to file the will?
Yes, the person named by the deceased as administrator of the will is called the executor. The job of the executor is (out of the deceased's estate) to settle all the deceased outstanding debts and pay for the funeral. Then the executor adds up everything in the deceased's estate, pays any outstanding taxes and any inheritance taxes that may be due and presents the account of all this along with the will to a special court called a probate court. If the court is happy with what has been done the executor is then granted a probate document which allows him dispose of the remainder of the estate as the person's will instructs. Without the deed of probate, companies like banks and stockbrokers will not accept the executors instructions to do things with the deceased's property.
The filing of the will is the act of presenting it (and the accounts) to the probate court.
Do trustees hold legal titles to trust assets?
Yes. A trust is set up for the purpose of enabling the legal title of the trust property to be held by the trustees. The trustees have the legal power to deal with the trust property according to the provisions set forth in the trust document only.
No, an heir is not a spouse. An heir is a person who is entitled to inherit a deceased person's assets or property according to the laws of inheritance. A spouse may be an heir if they are named in the deceased person's will or if they are entitled to inherit under intestacy laws.
The trustee has only the power that is set forth in the trust document. You should review the trust document to determine if that specific power was granted to the trustee.
Challenging a will is a court process and it will be in your best interest to find an estate planning attorney. That being said you need good cause to successfully challenge a will. This can be shown by one of many different ways including: * The will maker was not mentally competent at the time he drafted or signed the will * The will maker was pressured by someone to agree to those terms * The will maker has another will or trust which trumps this one * The will was not properly witnessed or signed * The will maker was mistaken or induced by fraud to sign
If a house is in probate what happens if one of the heirs dies?
The gift to the beneficiary will become part of the beneficiary's estate.
Generally, the interest of the deceased heir will pass to their own heirs according to the provisions in their will or to their heirs-at-law under the state laws of intestacy. Also, their estate will need to be probated. The attorney who is handling the original estate can explain what needs to be done in order to clear the title to the property.
