Estates

Generally, if your mother conveyed her real property to her son before she died and she was legally capable of doing so then the property belongs to him. The other siblings would have no right in or to the property.

The powers of a trustee and the distribution of assets are set forth in the document that created the trust. For a testamentary trust the will would have to be presented to a court for allowance and an executor would be appointed by the court. If the trust is set forth in the will the court will then review and approve the trusteeship and appoint the named trustee once the estate has been settled. The executor would have collected the assets and they would be transferred to the custody of the trustee after the debts of the estate have been paid and according to the terms of the will. You should retain a probate attorney to supervise the estate.

Are you talking about the estate of you and your spouse? If you were married, then the estate will automatically be yours anyway. It would possibly be a different situation if you were divorced or separated.

A residual trust is known as the A-B trust. It its set up to handle someones estate and allow for part of it to be used for the spouse.

It depends on where the funds are invested. Banks have FDIC insurance up to certain levels. Otherwise, stocks, mutual funds and so on depend on the market value. You will always have the number of shares you started with. Wait it out and the value will come back--selling at a low price may be shortsighted. However, it is always your choice.

Trust law is one of the most complicated areas of law. Trusts must be drafted by a professional to meet the needs of the trustor. If contemplating a trust you make an appointment with an attorney with a good reputation who specializes in trust law. You explain your situation and your needs, supply a list of your properties and allow the attorney to educate you about the consequences of irrevocable trusts.

A Last Will and Testament must be executed by a person. In that sense "execute" means to make and to sign. A bank may be appointed the Executor of an estate. The Executor is given the power by the court to carry out the distribution of the assets as directed in the will, pay debts and taxes, sell the real estate if necessary, execute the necessary probate documents, etc. The bank is entitled to a fee for this service. When a bank is appointed as the Executor the bank assigns a bank official to the case who signs all the documents necesssary to settle the estate on behalf of the bank.

Your basis in the property inherited is the fair-market value on the date of transfer. Therefore, there would be no tax due unless you sold the vehicle for more than the stated $45,000.

A successor trustee must be appointed and the present trustees must be removed. There should be provisions in the trust document that direct how trustees will be appointed and removed. Hopefully, the trustor can appoint a new trustee who is a non-interested party.

In preparation for the Estates General, Louis XVI had the three estates compile cahiers that stated their grievances against the government. There was also the formation of the National Assembly, which in turn started the Tennis Court Oaths.

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INHERITANCE is the process by which a deceased individual (especially a parent) conveys his wealth and possessions to his heirs (especially offspring). Usually involving a legal document (will or testament), the inheritance process is also referred to as "succession".

You contact an attorney who specializes in trust law in your jurisdiction. Trust law is one of the most complex areas of law. Many professionals, both attorneys and accountants, will offer to draft a trust. However, an improperly drafted trust will fail and have tax consequences and other consequences. The results can be disastrous. You need to consult an attorney who specializes in trust law and who has a good reputation in your community. It is best to consult one from a firm that specializes in trust law with a long-standing practice.

Real property must be transferred by deed to the trustee of the trust. A deed to a trust should state the grantee as "Elvis Presley, trustee of the Graceland Realty Trust Under a Declaration of Trust Dated January 1, 1959". Accounts must be opened in the name of the trust (the bank will assist you) then your assets would be deposited in those accounts.

If the heir died after the decedent, any property that was inherited by that heir would become part of that heir's estate. The heir's estate would also need to be probated.

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In most instances, no income tax is due on life insurance proceeds. (A rare exception would be if the policy was sold, making it a capital asset. Very rare, though.) There is no estate tax on the insurance policy, per se. However, if the value of the decedent's estate, including the proceeds of the policy, exceeds a certain amount ($2 million this year), then the estate would be liable to pay an estate tax. The proceeds of the policy would not be included in the value of the estate if the decedent had no incidents of ownership in the policy at death. An example would be a policy that was owned by an irrevocable trust and the decedent did not own the policy within 3 years of death.

The impact depends on the nature of the scrivener's error. Some very small errors can have costly results.

If you have proof then you can make a claim on her malpractice insurance. You can also make a complaint to your state board of bar overseers.

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The court notice you receive when the will has been presented to the court for allowance shows a date by which any objections must be made. Go to that promptly and ask the clerk if there is a form for filing an objection to the will. Perhaps the clerk will provide some assistance in filling out the form. You must state your objection clearly on that form or in writing if there is no form available. File the objection with the court within the allotted time period. You must then appear at the hearing and explain your objection to the judge. You must have standing and you must have a valid objection. Remember that wills can't be challenged just because you think them unfair. The testator has a right to dispose of her property in any way as long as the gift is legal and the will conforms to state law. If you think your objection is reasonable then file the objection and let the court decide.

If your dad was your mother's sole heir under the laws of intestacy (dying without a Will) or sole beneficiary under a Will or trust, or sole designee under a beneficiary designation, then you probably can's "take your mom's share." You might be able to challenge beneficiary designations if your mother didn't have capacity, but that would be exceedingly difficult, it being natural for a wife to leave her estate to her husband. The only way you could find out, absent your dad disclosing information, would be to file a lawsuit.

An "heir" is someone who takes by intestacy. That means that if a person dies without leaving a Will, the laws of the decedent's state dictate where the decedent's assets go. If he truly means heirs, you would check the laws of his state. A "beneficiary" is someone who takes under a Will or trust. If that's what he means, you need to ask him to see a copy of the relevant document. That is not always an easy conversation to have . . . .

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You'll need to show your authority to get the records. That would be letters testamentary or letters of administration (issued by a court), or signature authority on the account.