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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 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.
You should consult with an attorney and file a petition to be appointed the administrator of your wife's estate as though she died without a will. Her heirs-at-law will be notified of the petition and be provided with an opportunity to object.
If there is a will then the person who has it will likely produce it. They may then file it for probate. You would have a viable objection to the appointment of the named executor in that will since they have already displayed evidence that they would be a hostile executor. You could petition to be appointed the executor.
If the will is not produced then the estate would be distributed according to the intestacy laws of your state. You would reveive a share of your wife's property by law. You can check the laws out at the related question link provided below.
You should contact an attorney ASAP.
Does children have rights if parent dies and has a will?
That depends greatly on the state or country and age of the children. The law will change the will if the child was born after the will was initially created. Some places also allow a child to elect against the will, which might obtain more money for them. Consult a probate attorney in the jurisdiction in question.
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.
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.
