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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Life insurance made out to the estate but no will in Florida how can the spouse claim?
An Administrator would need to be appointed by the court and the proceeds of the insurance would pass as intestate property. You should seek the advice of an attorney if that is the only asset of the estate to determine if there is any easier option available in your state.
Can you get insurance on a apartment to protect a co-signer if you die?
If you die, your estate does not need to keep renting the apartment. You could purchase term insurance with your co-signer as a beneficiary so that any expenses you leave behind could be paid. It would not need to be specifically for the apartment.
When did the inheritance tax start?
This is when, why Federal estate taxing started. Inheritance taxation was generally imposed by the States, so the government in all it's wisdom enacted a Federal tax too.
In 1916 Congress for the first time levied a tax upon the transfer of a decedent's net estate. The Committee on Ways and Means of the U.S. House of Representatives explained that a new type of tax was needed, because the "consumption taxes" in effect at that time bore most heavily upon those least able to pay them. The Committee further explained that the revenue system should be more evenly and equitably balanced and "a larger portion of our necessary revenues collected from the incomes and inheritances of those deriving the most benefit and protection from the Government."
The Committee recommended an estate tax rather than an inheritance tax because many states already imposed inheritance taxes. It felt that the estate tax helped to form a well-balanced system of inheritance taxation between the Federal Government and the various states and that an estate tax could be readily administered with less conflict than a tax based upon inherited shares.
Various changes in the estate tax provisions of law, as well as their repeal, have been proposed over the years, but the principle has been retained. Our office has available an excerpt from the Ways and Means Committee's report on the Revenue Act of 1935. The report reproduces a June 19, 1935, message from President Roosevelt to Congress advocating an inheritance tax, in addition to the estate tax. Although the inheritance tax proposal was not adopted, the message provides information on why the taxation of individuals' estates was considered appropriate.
What happens to house when father and stepmother both dies no will 2 children left?
If both the father and stepmother die without a will, the distribution of their assets will typically follow the laws of intestacy. In most jurisdictions, this means the assets will be divided equally among the surviving children. Therefore, in this situation, the house would likely be inherited jointly by the two remaining children.
When does the executor distribute funds from a probated will?
The executor of a probated will should distribute the proceeds of the will after it is settled in probate court. Some states have laws in place that state a certain time limit for the funds to be issued to heirs.
An heir is someone that inherits from an estate due to being a descendant or relative of the deceased.
Forever. The attorney doesn't represent you. He / she represents the trustee of the trust. The attorney advises the trustee, and probably should advise the trustee to make disclosure to the beneficiaries (unless the trust instrument waives that duty for the trustee). However, the attorney doesn't control the trustee; he / she only advises the trustee. If you want information, you are going to have to ask for it. If you get no response in a reasonable about of time (say 10 days), you may have to demand it and possibly sue for an accounting.
The immediate family, or closest living relatives if there is no immediate family, will get it nearly 100% of the time. In this case, that means the wife and sons. In most cases, it will, be equally divided among all three. However, it is a possibility that the wife may get a bit more. It is rarely cut and dry in cases like these. Your absolute best bet would be to contact a lawyer to be completely certain.
Should an IRA be the beneficiary of a trust?
You need to speak with a tax professional. Contributions to an Individual Retirement Account come from an individual's earnings and are limited by the IRS.
Does a will administrator get paid?
Yes. The statutory fees vary in different jurisdictions and often the probate court will offer guidelines to provide the consumer with some idea of the costs. You need to check your own state practices.
Can a life estate be challenged?
A life estate is granted by the owner of the property. You have no right to challenge their right to control their own property.
When are inheritance assets distributed?
After all matters involving administration of the estate have been concluded. This typically involves paying debts, possibly selling assets, filing all required tax returns, and getting discharged from the IRS (if such discharge is requested). It can take a very short time (two weeks is the quickest I have seen) for an uncontested simple estate to 10 years or more for complicated or contested estates.
Life estate is an interest in real property. It is measured by the life of the person that it has been granted to. As long as they are alive, they have that right in the property. Once they die, it ceases to exist and goes to the remainderman, the person listed to get it after their death.
No money to bury deceased who is responsible?
In such cases, it is always better to approach local authorities and municipal corporations to assist in burying the dead body. We cannot determine the responsibility unless we have some information about the deceased.
What are some causes of land litigation?
One person is unhappy about some aspect of the land and wants to change the status quo. The other person isn't willing to accommodate the request to change the status quo. ==Clarification== There are many reasons for land litigation. Several are listed below. Incorrect deed descriptions that described too much or too little land. In the first case the grantor wants the extra land back. In the other case the grantee wants the land they agreed to buy. Two people who both claim ownership to the same parcel. They need to litigate to see who has superior proof of ownership. A developer who is trying to move a cart road easement that runs through the middle of a parcel that could other wise be subdivided into country lots. A landowner who has been using a private road for access for many years and is barred by a new owner of the land over which she has been crossing would need to bring an action in court for a prescriptive easement. A title exam reveals that several heirs in a chain of title never released their interests in the land. They may come forward and make a claim that will need to be settled by a court decree. An owner may bring a suit to prohibit someone else from using his land to prevent a later claim of adverse possession. An owner may litigate to remove a right of way that is no longer operative because an interstate cut through the land extinguishing the need for the ROW.
How can you find out if you were a beneficiary on someones insurance that passed away?
Check with The Center for Life Insurance Disputes.
_________________ [signature line] John Doe, Trustee of the Biff Doe Trust.
My house has equity but will be getting repossessed what will happen to the money?
England and Wales answer. The bank/building society has to give you the equity after all fees etc. The fees are HUGE, and will eat up about 10% of the sale value. Roughly the same answer for the US. See if you can sell it FAST. It'll save you a lot if you can.
Should your stepmom be allowed to punish you?
A stepmother should be allowed to discipline a child such as grounding. However, a stepmother should not be able to physically discipline a child.
What if name was changed on mortgage afer death of deceased?
The name on a mortgage cannot be changed. A different person can become obligated on the mortgage if he guarantees it or the mortgage is refinanced.
Yes. And what a mess it would be.
I need to Locate bank accounts who can do this?
Wait for bank statements to arrive in the mail. Review tax returns for clues to bank accounts a person might have had. I can't really think of anything else.
What happens if a person named in a will has died?
It depends on the language of the Will. Depending on the language, it could pass to the deceased beneficiary's estate or it may lapse.
In a properly drafted will there is a clause called the residuary clause that provides for any property not specifically devised, any property that comes into the estate after the death of the testator (wrongful death proceeds, etc.) and for any property from a devise that has lapsed for any reason. The residuary clause dictates who will receive that property. If there is no residuary clause the testator's "left over" property passes according to state law as intestate property.
If the gift was made to Elizabeth, per stirpes, the gift would pass to Elizabeth's issue (children born of her body or adopted) if she predeceased the testator.
If the gift was made simply to Elizabeth and she predeceased the testator, the gift would lapse and pass to the residuary estate.
How long does charged off credit card debt stay on credit report?
An account is no longer reported after a period of 7 years of inactivity in the USA; 6 years in Canada.
Can heirs transfer title of house to deceased father's wife?
Yes. They sign a deed conveying their interest in the house to the wife.
