You are just the guardian. You own nothing.
In Florida who inherits your estate if you die without a will?
As I am not an attorney, nor in the legal profession, this will be a layman's answer, until a professional improves it. The laws governing Probate [the process of settling the just debts of a deceased's estate, and distribution of the remaining assets to legally qualified beneficiaries] are different in each state, and are governed by the Probate laws or statutes of the state in which the deceased had legal residence at the time of death. Generally, when a person dies Intestate [without a legal will], most state laws divide the deceased's assets[after paying all just debts of the deceased] between the legal spouse and the legal children of the deceased. In community property states the spouse already has half of all the assets of the marriage, and is entitled to half of the deceased spouse's half. The remaining half of the deceased's interests, are divided as equally as possible among the qualified children. Again, I remind readers of this answer that I am not an attorney, nor in the legal profession, so it is imperative that you consult an attorney, preferably well experienced and qualified in Probate Law, before making any decisions. ==Additional Information== Click on the link provided below and choose your state. Then click on "Read the Law".
No. If the estate has been probated and the file is closed then the owners by inheritance can convey the property by a deed that cites the probate as their source of title. An attorney who specializes in conveyancing should draft the deed.
The executor must distribute the estate according to the provisions in the will and the state probate laws. Any time an executor encounters a difficult situation that involves not being able to follow the provisions in the will (such as not enough assets to pay debts and legacies) the executor can explain the situation in a motion to the court and ask for a ruling. The court will review the problem, apply state law and render a decision that instructs the executor how to handle the situation. The decision protects the executor from any future claims of malpractice as the executor.
If one receives a final notice that a will has been admitted to probate. What does that mean?
It means, if you are going to raise an objection you better act swiftly. i.e Have you been cut out of the will?
How does the executor in a living trust remove a family member from property?
A trust doesn't have an executor. A trustee manages a trust according to the provisions set forth in the instrument that created the trust- the Declaration of Trust. You need to review that declaration to determine what the trustee can do and how.
In Florida in a will what is the age limit of a minor to an inheritance?
There are no age limits for inheritance. When a minor inherits property the court will appoint a guardian ad litem to protect and supervise the minor's inheritance.
Can you get a loan on property that is in probate court?
Advance on an Inheritance : Probate Loans & Trust Fund Inheritance Advances
Technically, what you are talking about is an inheritance advance rather than a loan. With an inheritance cash advance, you can get your money in less than a week, compared to the 6 months to 2 years Probate normally takes to release your inheritance.
Because this is an inheritance advance rather than a loan, your credit is never an issue, there are no monthly payments, and you'll never have to borrow against your home or any other personal assets. The cost structure associated with an inheritance advance depends on a number of factors. These factors include the nature of assets in the estate (cash vs. stocks/bonds vs. real estate), expected time to distribution etc.
It's worth noting that Inheritance advances are frequently referred to as inheritance loans, as they are here, however in fact they are technically inheritance cash advance "assignments", not credit and interest based loans with long term monthly payments. An inheritance advance is also called an heir advance or estate loan by many people who are actually experienced with the inheritance advance process. Getting an advance on an inheritance has been around for over 20 years, and the title for the process has gone through many revisions from attorneys, executors, trustees and heirs.
Basically, the cost corresponds with the amount of risk the company takes on and overall size of the inheritance cash advance. For example, if the estate is expected to pay out very quickly (say 6 months or less), or is comprised of only cash assets (bank accounts etc.), the price will be relatively low.
On the other hand, if the estate is comprised of unsold real estate or the decedent passed intestate (without a will), and it looks like it could take up to 2 years to distribute, the cost will naturally be higher. In other words, the level of risk to the company determines the overall cost of the advance -- along with the amount of the inheritance loan and of course when final distribution is reached.
Because an inheritance advance is not a loan, your credit is not a critical issue, and there are no monthly payments. Inheritance loans, or inheritance advances, are paid back in one lump sum -- when probate closes if it's a probate loan, or when a trust reaches "final distribution" if it is a trust fund inheritance loan.
If the inheritance fails to materialize or is seized by any government agency (for taxes or child support), inheritance advance companies build the risk into the pricing and will never seek repayment from you. Inheritance cash advance businesses charge a fee in exchange for the convenience of receiving funds in such a short amount of time.
Generally, these firms charge a fee that comes directly from the estate of 10 to 40% of the cash advance. The beneficiary agrees to assign a portion of their inheritance to the funding source. Firms specializing in inheritance loans, probate loans and trust cash advances, are often seen as being in the same category as funding sources that buy out structured settlements for immediate cash. They are in fact very different, and rarely crossover.
Speed, or a fast turnaround, is often an issue with a probate loan or trust fund inheritance advance. inheritance loans are frequently a last and final financial option before losing one's home or car, or other catastrophic results related to a lack of cash flow or financial liquidity. Businesses that specialize in inheritance loans charge a fee to advance you inheritance money when you need it urgently. It's okay as long as the party entering an inheritance loan agreement is fully informed and fully understands the inheritance advance process -- whether it be an inheritance loan for a trust, or for a probate loan.
Loan on Property in an Estate
The duly appointed administrator or executor of an estate can petition the court to approve obtaining a mortgage on the property for several reasons that include:
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Rights of second wife after husbands death if first wifes name is still on titles to house?
I would like to know where I stand as my husband has died and left our house to me, but his first wifes name is still on the titles to the house. Where do i stand with this. After his divorce he was under the impression he had bough his wife out of her right to the house.
I am the beneficiary of an estate, do I need to hire a trust attorney?
As long as the will isn't contested, you shouldn't need to hire a trust attorney. Just make sure you follow the instructions of the will.
Absolutely not. An "executor" has no power or authority until they have been appointed as the executor by the court. The most anyone should do until then is to secure the property and collect important records that will need to be turned over to the court appointed executor.
What happens to my adopted fathers estate now that he is deceased?
His estate will pass according to his will or according to the state laws of intestacy if there is no will. You can check the laws in your state at the related question link provided below. If you were legally adopted then you are a legal heir-at-law.
That issue is governed by your state laws. You should consult with the attorney who is handling the estate. If the creditors aren't paid according to the statutory provisions in your state you could be held personally liable.
Can an heir receive funds from an estate prior the persons death?
Let's examine your question and look for the answer in the legal terms you used to ask it.
An 'heir' is a person who is entitled under the laws of intestacy to receive an intestate decedent's property. A decedent is a person who has died. Therefore a person to whom you would be considered a legal heir would need to die in order for you to be classified as their heir. 'Heir' is sometimes used informally to describe a beneficiary under a will. Despite the fact that a person is named a beneficiary under a will they do not become a beneficiary until the testator has died and the will has been probated.
'Estate' has two common meanings: all the property a living person owns both real and personal, and, all the property that a person leaves after death.
You have no right to the property of a living person and you don't become an heir until they have died.
What does it take to get money out of a deceased person's savings account?
Proof of death and proof of entitlement. ===Clarification=== Unless you are the joint owner of the account or listed as the beneficiary with the bank you need to be appointed the Administrator of the estate. As Administrator, the court will issue Letters of Administration to you that will empower you to administer the estate including the power to close the decedent's bank accounts.
Consider first the ownership of this house. A mortgage means you signed an agreement to pay for the property. It does not mean you own the home. It just means you have to pay for it. A deed indicates ownership and if your name is on the deed, you are an owner. Otherwise the deeded owner is free to do what he wants to with his property. The only wrench in the works for your son is that he can not get clear title to his property until the mortgage is satisfied. You are not going to want to continue making payments on a place you do not own. This is a sort of "Catch 22" and might help you and your son come to some reasonable decisions regarding this property that are fair to you. If your name is on the deed, your son does not get to decide what you do with your property, even if it was willed to him by your spouse, as long as you are alive.
How can you make your five year old niece be nice?
Don't take it to heart if she's not nice, children can be like that! She'll grow out of it when she's older! In the meantime, you just be nice to her no matter how mean she is to you because remember she is only five! And who knows maybe then she'll start to realise that you are a good kind person and her attitude will change! but the one thing you musn't do is take to heart. Its not personal AT ALL!!
--Answer--
We cannot "make" anyone be anything - that's the great thing about humans, we're all individual and are generally in total control of our own moods and opinions... we don't take kindly (as history has repeatedly shown) to people trying to force us to be, or do, something we don't wish to.
Don't have expectations of a five-year-old and you'll find that she's quite nice. If you expect, you'll only be disappointed.,
Where can you find out if you are a benificary of your deceased father?
If he had a lawyer there may be a will and you should be able to find out from the lawyer if you are included. The Executor of his estate may also have the will and you should be able to see a copy or at least find out. Otherwise his estate will go to probate court and the judge will determine how the estate is divided.
if the house is sold can that money be divided before the total estate is closed
You haven't provided enough detail. If it is in the address on a piece of mail it has been sent to the addressee at another person's address, perhaps because the addressee has no home or is visiting away from home. For example, a letter might be sent to Michael Smith (a visiting brother), in care of (c/o) Sandra Smith at Sandra's address.
What happens to estates when there are no heirs?
When a person dies and has no heirs or next of kin their property "escheats" to the state.
What if an executor of an estate is found to be mentally ill?
Another interested party can petition the court to have the executor removed (state the reason and provide any evidence) and the court will appoint a successor.