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Probate
Probate is the process and the type of court that handles the evaluation of an estate. This includes the inventory and the subsequent liquidation through settling debts and the transfer of property.
2,421 Questions
Can an executor keep a death benefit by law without being named as a beneficiary?
The court appointed Executor of a will is entitled to payment or monetary compensation for taking on the task of performing the executor's duties. Generally, there is a statutory rate depending on where you are located. A death benefit that has no named beneficiary would be paid over to the estate. The Executor can pay herself the statutory rate out of the assets of the estate the same as payment of any debt, before any assets can be distributed to the heirs.
Apart from statutory compensation that is reported to the court, the Executor is not permitted to simply take any assets and convert them to her own use.
What happens to stock upon death of owner?
It becomes a part of the estate. The executor has to determine their value and either liquidate them or transfer them to the inheritor.
Does Kentucky's executor compensation limit of 5 percent include expenses?
As a general rule, executor compensation is in addition to fees. For example, if the executor pays $400,000 in lawyers' fees, as an expense of the estate, it has no impact on the claim for a percentage as a fee. Many family executors or administrators waive any fee and consider it a privilege to assist in interpreting the intent of the decedent.
What expenses can be charged to manage an estate. Would this include time and mileage?
Many states specify the rate of reimbursement. Reasonable costs for mileage and time are normally charged. The court approves the charges as part of the estate's accounting.
That is the duty of the executor, to be accountable for all distributions from the estate. They have to answer to the court.
When someone dies without a will why would the estate go to the government?
The estate of someone who dies without a will (intestate) doesn't necessarily pass to the government. It passes to their heirs at law under the state laws of intestacy. You can check the laws in your state at the related question link below.
When a person dies intestate with no known heirs at law their estate escheats to the state since that way, it benefits everyone. The state doesn't want to take the estate from anyone who is entitled. Therefore if an unknown heir comes forward eventually, who can prove their relationship to the decedent, the state will turn the remaining assets over to that heir.
How does urinating in public affect probation?
That, in itself, is probably too minor an offense to warrant a return to jail. However, if the UIP offense was in addition to other charges that COULD change the picture. It's always best to check with your PO.
Was there a will or a trust? That will be an important thing to have. The question suggests that your husband died intestate (without a will). In any event, it seems you need to contact an attorney.
AnswerIt depends on how the title to the business and business property is held, whether the business is incorporated, who owns shares and how many, etc. If it is a partnership, your husband's interest may pass to the surviving partners. On the other hand, there may not exist any proof of his having had a legal "share" in the business if it is a long standing family business. Business interests may not exist as property that can be distributed by a will or by intestate succession laws. Another problem with family businesses is that the bookkeeping is often casual, with scant hard copy records. You need to consult with an attorney who specializes in probate and business law who can ascertain the status of the business and explain your rights and options, if any.
How much of a percentage is three quarters?
3/4 as a percentage is 75% because think of 4 quarters 3 of 4 quarters is 75 cents
There is a child caregiver exemption that you might be thinking of. Usually assets are turned over to nursing home/medicad but if a child has been living in the home, providing care, then that person can receive the home.
Check around your community for an "elder law" attorney and get this done as soon as possible before nursing home is needed.
All the best.
Do all beneficiaries named in a will have to be present at the reading?
Considering that there is no requirement for a reading, no.
Hold on there. You are not a beneficiary until the testator has died. If the person who wrote the Will is alive, mentally incompetent and in need of care, their own assets can be sold in order to provide that care. You have no legal interest in their estate whatsoever as long as they are living.
The only person who would have the authority to sell off the assets of a mentally incapacitated person is an attorney in fact under a durable power of attorney or a court appointed guardian under a license issued by the probate court.
Hold on there. You are not a beneficiary until the testator has died. If the person who wrote the Will is alive, mentally incompetent and in need of care, their own assets can be sold in order to provide that care. You have no legal interest in their estate whatsoever as long as they are living.
The only person who would have the authority to sell off the assets of a mentally incapacitated person is an attorney in fact under a durable power of attorney or a court appointed guardian under a license issued by the probate court.
Hold on there. You are not a beneficiary until the testator has died. If the person who wrote the Will is alive, mentally incompetent and in need of care, their own assets can be sold in order to provide that care. You have no legal interest in their estate whatsoever as long as they are living.
The only person who would have the authority to sell off the assets of a mentally incapacitated person is an attorney in fact under a durable power of attorney or a court appointed guardian under a license issued by the probate court.
Hold on there. You are not a beneficiary until the testator has died. If the person who wrote the Will is alive, mentally incompetent and in need of care, their own assets can be sold in order to provide that care. You have no legal interest in their estate whatsoever as long as they are living.
The only person who would have the authority to sell off the assets of a mentally incapacitated person is an attorney in fact under a durable power of attorney or a court appointed guardian under a license issued by the probate court.
Do you have to report cash found in deceased safety deposit box if you are the only heir?
There is a short answer to this and a long answer. The short answer is yes. If it is part of the deceased's estate, then that cash is to be used to pay off creditors, final expenses and what ever there current tax liability is or was. However, if you are a named person on the safety deposit box, i.e., you have the right to access the safety deposit box and your name is on the access list/or account holder, varies by state, you do not need to report it as you have joint access to the funds.
The long answer is it comes down to your moral scruples, in assuming you already have access to the box, and there is cash in it, there is absolutley nothing that will stop you from walking out with the cash and not reporting it. It is highly doubtful that anyone would ever question you regarding the contents of the box.
"This is not to be considered legal advice; mainly opinion based on fact and experience"
Who can sign a correction deed for decedent?
If a corrective deed is required for a deed executed by someone who is now deceased, the deed must be executed by the court appointed estate represented according to the laws in the decedent's jurisdiction. You should contact an attorney who can review the situation.
If a corrective deed is required for a deed executed by someone who is now deceased, the deed must be executed by the court appointed estate represented according to the laws in the decedent's jurisdiction. You should contact an attorney who can review the situation.
If a corrective deed is required for a deed executed by someone who is now deceased, the deed must be executed by the court appointed estate represented according to the laws in the decedent's jurisdiction. You should contact an attorney who can review the situation.
If a corrective deed is required for a deed executed by someone who is now deceased, the deed must be executed by the court appointed estate represented according to the laws in the decedent's jurisdiction. You should contact an attorney who can review the situation.
What are the administrative duties of trustee after trustor dies?
You need to review the terms and provisions of the trust for your instructions.
Does the executor have the right to prevent heirs from entering the property in Virginia?
You should contact the attorney who is handling the estate if you have any questions about the executor's rights and responsibilities.
Once the executor has been appointed by the court, she/he has the responsibility of securing and safeguarding the property until it can be distributed once the debts of the decedent have been paid. Since the executor has that legal responsibility, they cannot allow people to come and go from the property, especially people who don't understand the probate process and may remove property from the premises.
You should contact the attorney who is handling the estate if you have any questions about the executor's rights and responsibilities.
Once the executor has been appointed by the court, she/he has the responsibility of securing and safeguarding the property until it can be distributed once the debts of the decedent have been paid. Since the executor has that legal responsibility, they cannot allow people to come and go from the property, especially people who don't understand the probate process and may remove property from the premises.
You should contact the attorney who is handling the estate if you have any questions about the executor's rights and responsibilities.
Once the executor has been appointed by the court, she/he has the responsibility of securing and safeguarding the property until it can be distributed once the debts of the decedent have been paid. Since the executor has that legal responsibility, they cannot allow people to come and go from the property, especially people who don't understand the probate process and may remove property from the premises.
You should contact the attorney who is handling the estate if you have any questions about the executor's rights and responsibilities.
Once the executor has been appointed by the court, she/he has the responsibility of securing and safeguarding the property until it can be distributed once the debts of the decedent have been paid. Since the executor has that legal responsibility, they cannot allow people to come and go from the property, especially people who don't understand the probate process and may remove property from the premises.
Need more details. Name first names, the reverter clause and explain who took the property.
When a will does not provide for a minor in Minnesota probate?
The best thing is to consult a probate attorney in Minnesota. Depending on the laws, there may be the opportunity to claim a portion of the estate.
That would depend on either (a) a will, or (b) state laws of intestacy, or (c) both of the above.
Generally:
A properly drafted will gives instructions in that situation by making the gift per stirpes (see related question). If that instruction was inadvertently omitted from the will not there may be a statutory provision that will pass the share to the children of the deceased beneficiary. If none of that happens the legacy will lapse and become part of the residue of the estate.
In a properly drafted will a residuary clause directs how the residue (any property not specifically devised) will be distributed. If there is no residuary clause the remaining estate will pass as intestate property according to the laws of intestacy in your state.
If the decedent had no will the property will pass to the next of kin according to the state laws of intestacy and the children would inherit the share of their deceased pare
What is a fiduciary agent and why would I have one?
" A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence.[1] " A fiduciary duty is the highest standard of care at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom they owe the duty (the "principal"): they must not put their personal interests before the duty, and must not profit from their position as a fiduciary, unless the principal consents. The fiduciary relationship is highlighted by good faith, loyalty and trust, and the word itself originally comes from the Latin fides, meaning faith, and fiducia. When a fiduciary duty is imposed, equity requires a stricter standard of behavior than the comparable tortious duty of care at common law. It is said the fiduciary has a duty not to be in a situation where personal interests and fiduciary duty conflict, a duty not to be in a situation where their fiduciary duty conflicts with another fiduciary duty, and a duty not to profit from their fiduciary position without express knowledge and consent. A fiduciary cannot have a conflict of interest. It has been said that fiduciaries must conduct themselves "at a level higher than that trodden by the crowd"[2] and that "[t]he distinguishing or overriding duty of a fiduciary is the obligation of undivided loyalty."[3]
How do you know if a person who has died has an estate?
All persons have an estate
It may be just the clothing they are wearing but Legally there is an estate.
Ask who is the "Executor". The family and immediate Friends will know who. In most jurisdictions the Executor is required to file with the government and wait a period of time.
This person is assigned the task of winding up the deceased affairs and distributing the estate.
Are last wills public after death?
England and Wales
Once they have been executed, they become public records.
United States
Once a will has been filed for probate it becomes a public record.
No, in order be executor, you must have a probate court order. Banks and other individuals must have the court papers in order to reveal any information. It should be pretty straight forward and the court house can provide the appropriate forms for you, but a propate attorney can be a big help.
You should have complained to the court three and a half years ago. He can be compelled to produce an accounting of his activity and he can be replaced by the court. You should also file a complaint with the board of bar overseers in your state. You have let it go too long.
You should have complained to the court three and a half years ago. He can be compelled to produce an accounting of his activity and he can be replaced by the court. You should also file a complaint with the board of bar overseers in your state. You have let it go too long.
You should have complained to the court three and a half years ago. He can be compelled to produce an accounting of his activity and he can be replaced by the court. You should also file a complaint with the board of bar overseers in your state. You have let it go too long.
You should have complained to the court three and a half years ago. He can be compelled to produce an accounting of his activity and he can be replaced by the court. You should also file a complaint with the board of bar overseers in your state. You have let it go too long.
