After an estate is closed how long does it take to get your money?
The length of time for probate vary by county and state to state. But, mostly it depends on the executor as to how efficient they are in doing their duties after the probate process is complete. Find out who the executor (or admnistrator) is and ask them how long it will be before they start distributing the estate. ( You can find out who the executor is by viewing the will at your local Probate Court.)
Can an executor give themselves interim payments before the other beneficiaries?
They may pay their fees on a regular basis. The costs must be reasonable and adhere to the probate law of the jurisdiction.
What happens if 2 out of 3 beneficiaries agree to sell and the third does not?
When land is under co-ownership of two or more people who cannot agree on what to do with the land, any owner can file a Petition to Partition in the appropriate court.
The court has the power to divide the land if that is feasible such as when there are multiple tracts or a single large tract. If dividing the land is not feasible then the court can order a sale and the net proceeds are divided according to each owner's interest after the costs and expenses associated with the Partition have been deducted. You should consult with an attorney who specializes in real estate law.
Can you be taxed for withdrawing large amounts from a trust?
Money pulled out of a trust is considered income. All income is taxable under the laws of the US and the states.
Sometimes a will might specify that someone must survive the decedent for a period of time (such 30 days) before the inheritance is distributed. Once you have actually inherited the money, it belongs to you and you can do with it as you please. If the money is actually held in trust, then the dispostion would be governed by the terms of the trust document. Another factor will be how the property is held by those that inherited it. If there is a right of survivorship clause, the estate would not get it, the siblings would get it. I am truly sorry to hear about your mother's death. A Will usually has an Executrix (female) or Executor (male) or possibly a Trustee. It is up to them to account for every cent of the total Estate which includes the house, contents, properties, stocks, bonds, monies in accounts, cars, boats, etc. This all must be Probated first and once the Probate is passed (takes from 6 months to a year) then after all creditors and lawyers have been paid and the Executor/Executrix/Trustee takes a percentage (anywhere from 1% - 5 %, but anything over 3% is usually questioned) then the total Estate is divided amongst the Heirs according to the instructions of the deceased (your mother)which is probably the four of you siblings. The house can be sold to anyone of the siblings should they chose to buy it and at market value, or the majority has to agree to sell it or not sell it. This also goes for property. Wills are meant to be followed to the letter so no matter what the Heirs think is fair the deceased has made up their Will to what they want and not what the Heirs feel should happen. Example: You mother chooses to leave more to one sibling than another; she could also leave the majority of her Estate to the Black Sheep of the family; a church or any other organization she has stipulated. In most cases all jewelry (unless specified in the Will) goes to the daughters along with China and linens. If there is a son in the family your mother may leave the son something of value or momento or make up the difference in cash if the others are girls in the family and receive more from expensive jewelry, china, etc.
Are Wills filed in court before the testators death in Massachusetts?
Generally, no. However, a testator may file their will in probate for a nominal fee where it will be safeguarded in the files until it needs to be probated. If a testator decides to take advantage of that service they should make it known to other family members that their will has been filed for safekeeping.
If you inherit money but no one can find you what happens?
The money will go into an escrow account for a period of time. The time varies based on state laws, but could be as long as 7 years.
How is the head of estate determined after person dies with no will?
First you should consult with an attorney if the decedent left property that must be distributed. There are specifically defined (by state laws) persons who can be appointed to administer the estate of a person who died intestate. A probate attorney can draft the petition and the court will appoint an administrator who can settle the estate according to state laws and under the supervision of the court.
Do you have to accept an inheritance?
You do not have to accept an inheritance. You can certainly waive your rights to any property bequethed to you. That portion of the estate will then be distributed according to the will as if you did not exist.
How long and how hard does executor look for heirs?
You should consult with an attorney who specializes in probate in your jurisdiction.
You should consult with an attorney who specializes in probate in your jurisdiction.
You should consult with an attorney who specializes in probate in your jurisdiction.
You should consult with an attorney who specializes in probate in your jurisdiction.
Can an executor who is also an heir refuse to pay out other heirs?
No, they cannot refuse to pay, if there is anything to pay out. They are required by law to pay off the debts of the deceased. Then they must execute the will as written.
How long is the time frame after someone dies can you settle estate in Memphis TN?
There is no time frame specified for Tennessee. The estate has to be inventoried and appraised, the debts collected, taxes paid and the terms of the will meet.
When is it too late to contest the executor?
The time period to object is clearly defined on the face of the notice to heirs at law and beneficiaries. It will give the date of the hearing and you must appear on that date.
The time period to object is clearly defined on the face of the notice to heirs at law and beneficiaries. It will give the date of the hearing and you must appear on that date.
The time period to object is clearly defined on the face of the notice to heirs at law and beneficiaries. It will give the date of the hearing and you must appear on that date.
The time period to object is clearly defined on the face of the notice to heirs at law and beneficiaries. It will give the date of the hearing and you must appear on that date.
Can an executor withhold information concerning assets to the heir of an estate?
The executor must file an inventory of assets with the court and at the end of the probate procedure they must file an accounting to notify the court where all the assets were spent or distributed. You can visit the court and review all the filings in the case. If they withhold information or assets from the court they will be held personally liable and can be removed. If you have proof you should notify the court.
What does it mean that the estate has not been opened yet?
It means that the estate has not been set up. No one has been appointed as executor to handle the assets and bills.
Can you get a copy of fathers will if not gone through probate?
No. A will doesn't become public until it is filed for probate.
If that beneficiary inherited the property by himself- yes.
If that beneficiary inherited the property along with other beneficiaries- no.
Remember that the estate must be probated if it includes real estate in order for legal title to pass to the beneficiaries.
When a guardian is appointed by the Court does the executor lose his power?
No. The executor has the power and authority to settle the estate according to the provisions in the will and the state probate laws. A guardian is appointed to act on behalf of a child or legally incapacitated person who may be a beneficiary. The guardian is treated by the executor as though she was the person she represents if that person had legal capacity.
How are executor fees reported to the IRS?
They are reported as income.
They are reported as income.
They are reported as income.
They are reported as income.
How do you obtain letters testamentary in Arkansas?
You file with the probate court on the appropriate county. The court will take a look at the forms and issue the letters.
How does heat is differ from temperature?
heat differs because temperature is the amount of coldness and hotness it is in a certain area. and heat is the substance that temperature measures
How do you get power of attorney of your mother who has been detained under the mental health act?
A person under care for mental health issues may not have legal capacity to execute a Power of Attorney. You should consult with an attorney. You may need to petition the court to be appointed the guardian.