Estates

If your spouse dies during the year, you can fill for that year only, the same joint return you usually do fill.

Next year onwards for the next 2 years, you can fill the form as a qualifying widow(er).

From the 4th year onwards - You can either file as a single or head or household, whatever is more appropriate.

Hope tht helps.!

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.

If he is appointed executor of the estate. If the car is the only asset, there are usually some short forms that can be acquired to transfer title. Consult a probate attorney in your area.

There are laws that govern estates and Wills. You cannot disinherit a minor child in most jurisdictions in the United States. You can disinherit an adult child but there are specific steps that must be taken in some jurisdictions. In some cases, the testator must state clearly in the Will that they are intentionally omitting a child or children (and name them) or the court will assume that child was simply forgotten and grant her a share of the estate. You should consult with an attorney who specializes in probate law who can review your needs, explain your options and draft a proper Will for your jurisdiction.

Yes. The period varies in every state. You need to check the laws of your state to determine the length of time provided to creditors in your jurisdiction.

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.

If someone is given exclusive use of the property of the decedent it generally means they have a life estate in the property. A life estate entitles the holder to the use and possession of property for the duration of their natural life.

A testamentary trust is one that is set forth in a person's Last Will and Testament. If you think you are named as a beneficiary in a testamentary trust you have no right to see the Will prior to the death of the testator.

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.

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.

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.

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.

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.

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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.

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".

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.

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.

Greed!

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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