answersLogoWhite

0

🏘

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

What task does an executer do when settling and estate?

The duties of the Executor are too broad to write them all in this forum and they vary from state to state. Briefly, the general duties are the following:

  • Safeguard the assets, changing locks if necessary until the will is presented for probate
  • Select the attorney who will handle the estate
  • Submit the will for allowance and petition for appointment as executor
  • Publish notice and notifies heirs at law and beneficiaries
  • (Once appointed) Open an estate account if necessary
  • Assemble, Inventory and take custody of assets
  • Notify Social Security and insurance companies of the death
  • Pay the debts of the estate according to statutory priority
  • Administer the estate according to the provisions of the will and state law
  • File the estate tax return
  • Distribute the estate
  • File the final account

When someone dies does the executor of the estate have to notify all possible heirs?

Depending on the process, most places require that to happen prior to appointing an executor. If the beneficiaries are not happy with the choice of executor, they can request the court appoint a neutral party. That can cost the estate a lot of money.

Is Life Estate part of the deceased's estate?

If life insurance is payable to a beneficiary other than "the estate of ...[the decedent]", proceeds are payable directly to the named beneficiary and do not normally become part of the estate. However, if the designation of beneficiary of the life insurance policy is the estate of the decedent, proceeds do usually become part of the estate.

What are the duties of an administrator of an estate?

The duties of the Administrator are too broad to write them all in this forum and they vary from state to state. Briefly, the general duties are the following:

  • Safeguard the assets, changing locks if necessary until the will is presented for probate
  • Select the attorney who will handle the estate
  • Submit the petition for appointment as Administrator
  • Publish notice and notifies heirs at law and beneficiaries
  • (Once appointed) Open an estate account if necessary
  • Assemble, Inventory and take custody of assets
  • Notify Social Security and insurance companies of the death
  • Pay the debts of the estate according to statutory priority
  • Administer the estate according to the provisions of state laws
  • File the estate tax return
  • Distribute the estate
  • File the final account

What if a wife made her husband executive of estate after her death and then the husband dies who becomes executive of the estate then?

The widow can write a new will or simply have her attorney draft a codicil that names a new executor. The codicil should be drafted and executed with the same formality as a will and attached to it.

All executors, whether named in a will or not must be appointed by the court in order to exercise any powers as an executor. In general, if the executor named in a decedent's will has died and no alternate was named, the court will appoint an executor.

How can you help a parent understand that their adult child's behavior is the result of narcissism?

I don't think that there's any way to help or even change a narcissistic parent. Both my mother and my sister are narcissistic and I've been their supply target all of my life! I'm 55 years old. It was like living in a constant nightmare, putting up with their insane jealousy, lying, controlling, head games that never stopped. Finally, after working very had to try to please these two women for years and years, I had to get away from my whole family. I never knew what it was like to have total peace of mind until now. They are very twisted people and the reason I was picked as their target was because I have a high standard of the way I treat others with nothing but love and kindness. They haven't a clue on how to be a good person and they hate others who are. I thank goodness that I wasn't the favored child when I was growing up or my chances of being like this N sister would have been high. These people don't even see nor realize how bad they are so how could they begin to recover when they think that they are the perfect, right ones? I believe that if you can see how bad this narcissistict parent is then it's a good sign that you won't allow yourself to become one. Only the individual person themself can determine how they choose to treat others. If you find yourself repeating how they are then it's your decision of what to do to stop it. Saying and doing the right thing to others isn't very hard to do. To hurt another either by actions or with words is totally inhumane and it's usually what drives the narcissistic person. I believe we all know when we are hurting another person, it's just that the N doesn't care. So if you have the knowledge of this then it shouldn't be to hard to correct it. I always treated others nicely but when I was involved with my N mother and sister I was always in some kind of a mess just like they always are in trouble with others! I haven't had any trouble with anyone every since I got away from them, so what does that tell you? They have to have the supply person because this person is used as their scapegoat to take the blame for their actions and to feel better about themselves after they inflick pain on others. Only you can become the person that you want to.

Can a trustee change the distribution of a trust after the other trustee dies?

No. Not unless that power was granted in the provisions of the trust. The only powers a trustee has are those specifically recited in the instrument that created the trust. Any changes not allowed by the provisions in the trust must be made by a court.

How long does it take to settle an estate in probate court?

If the estate is relatively straight forward, it can be done in about 6 months. However, there are tax issues and perhaps property issues that can take longer. And if the will establishes trusts and other requirements, it can take decades to resolve.

What happens if your father has passed away with no will and his mothers estate has not been settled yet?

This can become complicated and should be handled by professionals. Someone will need to start the probate of the father's estate immediately, so that debts can be paid (including taxes), and father's remaining assets collected for distribution according to intestacy laws of the local jurisdiction. The grandmother's estate will need to be settled within a short time, to determine if the father's estate has anything coming, not to mention dealing with anyone else who has a statutory claim to part of that estate.

Both parents have died and left a will does the estate still have to go through probate?

If they left any property in their own names the estates must be probated in order for title to property such as bank accounts to be changed. An estate of real property must be probated in order for title to pass to the heirs legally.

How is an estate administrator fee determined?

You should calculate one point four percent of the value of the estate that is to be executed to pay the fees of the estate executioner where the estate is calculated after your demise and ammounts to whatever the estate is worth at the time of your death and not decided upon before you die and the executor will then be paid one point four percent of that ammount Fees for an estate administrator will vary according to the particular state's laws. Since I don't know which state this is in, I cannot accurately answer it. However, in New Jersey executors and administrators receive the following percentages based on the value of the gross estate: 5% of the first $200,000. 3.5% on the excess over $200,000 up to $1,000.000. 2% on the excess over $1,000,000. In addition to this, they are entitled to 6% of the gross income that is earned by estate while it is being administered. And of course they are entitled to be reimbursed for legitimate expenses, including legal fees. Other states will probably have different formulas. This is for informational purposes only and not intended to be given as legal advice.

How a spouse can be appointed execetor by probate court?

When they apply to the court. The court will issue a letter of authorization appointing the executor.

Can one of many heirs to an estate legally rent the land without the consent of the other heirs?

In theory, the executor and attorney for the estate can rent to the highest bidder. However, other factors may be considered like when rent will be paid and in what form of lease. When a landowner is deceased, their estate must be opened and an executor is appointed. Often an estate will require at least nine months to complete and often it will take longer when a business or rental property is involved. For the duration of the estate, the executor is charged with the duty to protect the assets of the estate and pay the debts of the decedent. The executor and the attorney will determine how to accomplish these tasks. Therefore, theoretically if the renter is the highest bidder, and the lease may be completed or "paid up" prior to the end of the estate proceedings, the executor may rent the land to the heir if he fits these criteria. At a minimum, the heir would need to be the highest bidder.

Do you have to have a trustee for an estate?

In order for there to be an estate, there must be a trustee. You don't have to name one in your will, the court will appoint one. And many banks will serve as a trustee.

In most estates no trust is created and therefore no trustee is appointed. Generally, the only fiduciary needed is an executor (with a will) or administrator (without a will). The court will issue either Letters Testamentary or Letters of Administration and the fiduciary will have the authority to settle the estate.

What happens if the executor dies before the estate is distributed?

Answer

Usually the next of kin will be sought after by a company "In Trust". Children of the deceased will be sought out, or if there are no existing children it can go to a sister, brother, parent of the deceased.

Answer

The court will appoint a new executor. The residual amount then goes into the estate of the person who was to get the remainder and then their estate will distribute as appropriate.

Answer

The court will appoint a new executor. As to the residuary legatee, it depends on when they died. If they were deceased at the time of the death of the testator the gift will lapse unless there is language to the contrary in the Will. If the gift lapses and there is no successor residuary legatee, the residuary will be distributed according to the laws of intestacy as though there is no Will.

What is considered community property?

Generally, anything that a married couple accumulates during the marriage is considered community property, that is, both spouses own an undivided share of the whole. Community property courts start with a strong presumption that anything acquired during marriage is a community item, the spouse claiming a particular item is not community property has the burden of proving otherwise.

The main areas of separate property are those items acquired before marriage, items received as a gift through a will or by inheritance, and those properties purchased with separate property funds.

What does it mean to be the executor and a heir?

It means they are responsible to administer the estate. They will also receive some of the estate as an heir.

Do you have to go to the court to be appointed executor of someone's will?

The Will must be approved and the executor must be appointed by the court or they have no legal authority.

The Will must be approved and the executor must be appointed by the court or they have no legal authority.

The Will must be approved and the executor must be appointed by the court or they have no legal authority.

The Will must be approved and the executor must be appointed by the court or they have no legal authority.

What am I entitled to if I am married and not in my spouse's will in California?

California is a community property state. Generally, anything that a married couple accumulates during the marriage is considered community property, that is, both spouses own an undivided share of the whole. Community property courts start with a strong presumption that anything acquired during marriage is a community item, the spouse claiming a particular item is not community property has the burden of proving otherwise. It is important to note that anything obtained before the marriage, kept separate, and a few other notable exceptions will not be considered community property

What does a joint account-no survivorship mean?

If an account is described as joint but with no survivorship rights then the funds would become part of the primary holder's estate rather than automatically passing to the other joint owner. That type of account is generally set up for purposes of convenience to allow one person to pay bills and do the banking for another person.

Can a beneficiary sue an executor?

He CAN, but why bother. The word "sue" just means ask, but in legal terms. When you sue someone, you're asking the court to make you pay. Rather than have someone else make you pay, why not just pay it if it's a legitimate debt? If you're unsure about the validity of the debt, why not seek legal advice.

When will you know if you are a beneficiary?

My name is Rodney e Chester and in 2009 or early 2010 I was made beneficiary of a policy by my grandfather Ben E Butler SSN 404-42-1347. He had me sign a document that needed my SSN and he had to get it notarized before sending it in. I wasn't sure of the policy his insurance was under after he passed on Aug,6 2010. I've been trying to get information from the company The Standard insurance company which was the insurance company his job used for life insurance. He was a deputy for the maricopa county sherriffs office in arizona. The standard said that I was the benefactor of his policy and gave me a claim number. They told me that I needed to get the policy from the Maricopa county sheriffs office and they would need to send the policy info to The Standard Insurance company. After contacting the sheriffs office about my grandfathers claim they told me that they have no paperwork on my grandfather at all. It was like he hadn't worked for them at all not finding any info or any work history on him at all. I don't know what to do or were to go can you please help me track this down please..... Thank You Rodney E Chester

Unless there is something I am missing (or do not know), it seems unusual for an insurance company to need the actual policy to approve a life insurance claim. The policy number should be enough. I would call them back and speak to a supervisor. I hope this helps!

Do adult children have any rights after parent dies leaving survivor deed to spouse?

I am assuming that the "marital home" was in the husband's name alone. Yes. In Massachusetts there is a provision where a spouse can waive the will and take her share as if there was no will. I am sure other states have the same provision, at least I hope so. Those statutory provisions make it difficult for a man to disinherit his wife.

Can the executor and alternate executor share duties?

Of course the alternate can volunteer to assist the court appointed executor in the fulfillment of her duties. However, the alternate has no legal power and will not be entitled to any compensation.

What is the current tax rate in the US?

This question is far too expansive to cover in any accurate way. There is a reason why tax lawyers and accountants have such difficult jobs, the US Tax Code (as well as the tax codes in most jurisdictions) are infamously complex. There are general things that we can say about taxes, though, in the US:

  1. Taxes can be leveled by any level of government, be it federal, state, or municipal.
  2. Taxes in the US are generally applied in a progressive direction, e.g. those who have more wealth are paying a higher percentage of that wealth in taxes, in addition to a higher numerical value.
  3. Taxes are applied to almost all non-governmental transfers of money, such as income, sales, real property ownership, transfers of assets to non-family members, services rendered, etc.
Trending Questions
How long does one have to contest a probated will? How can you as the child become the executor of the estate over the suviving spouse and no will? Can an Administrator of a deceased estate rent out the estate property without consulting the beneficiaries? When settling an estate do you have to wait for everything to sell before getting money or do you get funds as they come in? Can an heir buyout other heirs while estate is in probate? Can an executor transfer the decedent's property into their own name under a executor deed? How do you feel when a family member dies? Can a guardian of a deceased developmentally disabled adult act as legal representative for the idividual's estate? If the Executor is not following deceased wishes as to the ashes as stated in his will-is this a criminal offense? Do entainment lawyers have to write a lot? If there is already one probate attorney how is the other clients attorney paid? What is the name of the court petition to remove an executor of a will? Can a father choose who to leave the estate to? What percentage of pay can executor get? What happens when 3 people own a home and one dies who will get the property when there is no will in place? What is the definition of personal effects when used in a will? Who needs to receive a copy of a person's will upon their death? Difference between a trustee and a personal representative? What do credit card companies and collection agencies do with an account when the debtor dies? How can you contact the attorney of your late fathers estate?