Does an estate have to sell real property to meet a beneficiary's claim of assets?
If there are specific items given out, the executor must give it to those individuals. A beneficiary doesn't normally have a claim against the estate. All debts have to be resolved before distribution.
Can the children of a deceased person be held responsible for their outstanding debt?
No you are not responsible, but if your parent(s) left a Will and you are named Executor (male) Executrix (female) or someone else is and you are heirs in the Will (highly possible) then the Estate of your parent(s) meaning house, property, summer homes, monies, stocks/bonds, savings in banks, etc., will have to go to Probate. Probate makes sure that all taxes on any property are paid and all out-standing debts are paid first. What is left is divided according to the wishes of your parent(s) in the Will. It take approx. 1 year (or less) to Probate a Will. If you are named Executor/Executrix you will be informed, and if you are an heir in the Will you are entitled to a copy of the Will. Don't count on the fact that you were estranged from your parents and you're not in the Will because they can do odd things for their kids. My mother and I were estranged due to her having Dementia, but I was left money in her Will although she told me I would never see a cent. If in doubt, always see a lawyer to be sure you are in the Will as an heir and if not and you feel you are entitled to your share then you can "contest the Will" which can hold up the Will for 3 years or more depending on the amount of monies or properties (including business') left behind. If you have greedy siblings or relatives they really don't want to go down that road of contesting a Will ... they want their money now! They would be more than willing to settle with you. It's worth seeing a lawyer to be sure what you are entitled too. Hope things work out for you. Marcy
What expenses can be claimed as an executor of an estate?
Reasonable expenses can be charged to the estate. The executor can also receive payment.
Can a small estate have letters of Administration?
Yes, they can have letters of administration. It allows the property to be transferred to the heirs.
You will need to provide some proof of your relationship to the decedent when you file a claim against the estate. You should consult with an attorney who specializes in probate law who could review your situation and determine what your options are. She would also know how you can establish your relationship to the decedent.
Is a niece by marriage an heir if no other living relative?
No. However, you should contact an attorney who can review your situation and determine if the niece's husband could be determined to be an heir. In that case, the niece could inherit from her husband's estate.
Can a will or trust be probated before trustees decease?
You are mixing your terms. A will provides instructions regarding the distribution of a person's estate after they have died. A will must be probated after the death of the testator.
A trust is not probated. It is created to hold title to property so the property is not included in a person's estate. It is created by a living person who then transfers their property to the trustee of the trust. A trust is then managed by trustee according to the provisions in the trust document.
A trust and a will are not the same. See related question link provided below.
Does the surviving spouse have the right to live in the spousal home after the death of a spouse?
That depends on whether your spouse left a will and the provisions in the will or if they died without a will (intestate). If your spouse left the home to you in their will the estate must be probated and title will pass to you. If they provided you with a life estate in their will you can continue to live there for the duration of your natural life. If they left it to someone else, their children, you may have a statutory right to a share.
If they died without a will you may have a statutory share under the state laws of intestacy which you can check at the related question link provided below. You need to consult with an attorney who can review your situation and explain your rights and options.
How do you prove your spouse is not mentally capable?
At the risk of stating the obvious, consult an attorney in your jurisdiction who can review your situation and determine what your options are and what the requirements are to obtain a legal guardianship. You may be able to get some advice from your doctor or/and a social worker.
If the owner of the property dies can the executer of her will take a loan out against the property?
The executor may grant a mortgage only by permission of the court and only when the proceeds are necessary to pay debts and charges of the estate.
If a will has not been notarized is it valid?
Specifics of drawing up a will vary from state to state, but generally wills need to be witnessed by at least two people, and be notarized. It would be a good idea to also have a self-proving affidavit from the witnesses as well.
The sister in law's status as a tenant in common does not give her any special advantage to be appointed as executor. The daughter should continue with her petition for appointment as her parents' heir. As tenants in common, the parents' interest in the property will not pass to the sister in law.
Son an his mother have right of survivorship deed can she demand property to be sold?
From the question, it appears to be a "joint tenancy" rather than a "tenancy in common", so the two joint owners would need to agree on selling the entire property, or take the dispute to court if it can't be resolved amicably.
Or they could agree to enter tenancy in common, partition the property, and sell their respective shares.
Who is executor of the state when there is no will in the state of IL?
The court will appoint someone. It may be the person opening the estate, or an attorney or bank.
If he listed you as the beneficiary of his 401K then it will bypass his estate, be payable to you and you do not have to share it. If you are the court appointed executor of his estate you must distribute his property according to the provisions in the will and according to state probate laws under the supervision of the probate court. His debts must be paid before any distribution of his estate can be made.
Yes. That beneficiary's portion should have been deposited with the court or in an interest bearing bank account. It should be waiting for him. There are many reasons a beneficiary may not be able to be found at the time of a probate of an estate. That's no reason to squander their inheritance. He would have a cause of action against the executor if his inheritance was not accounted for.
What is the Slott Solution for saving retirement money?
Ed Slott hosted a program where he defined the fiscal problems Americans face. He outlines a solution for a plan of action that Americans who have concerns about their retirement can follow.
Please refer to the related link to view segments from this program.
What is a proof of claim filed in an estate?
A proof of claim is filed by a creditor of the decedent. That claim must be paid before any assets are distributed to the heirs. A Proof of Claim is a form that a creditor submits to the court to get paid.
Has a person rights to anyones house when lived as man and wife?
That depends on who has title to the premises, marital status, when the property was acquired and state laws. If you lived with a person who already owned their own home, then split up, you would not acquire any interest in their home.
That depends on who has title to the premises, marital status, when the property was acquired and state laws. If you lived with a person who already owned their own home, then split up, you would not acquire any interest in their home.
That depends on who has title to the premises, marital status, when the property was acquired and state laws. If you lived with a person who already owned their own home, then split up, you would not acquire any interest in their home.
That depends on who has title to the premises, marital status, when the property was acquired and state laws. If you lived with a person who already owned their own home, then split up, you would not acquire any interest in their home.
The named beneficiary on the life insurance policy gets it. It is a contract and specifies who gets paid, usually it will be the spouse.
What is Joint account with survivorship?
That means two or more people share an account and when one dies the other or others automatically acquire the share of the decedent. The last one living will become the sole owner of the account. A joint account does not need to pass through probate.
The executor should file an annual accounting with the court. If they have not the heirs should file a motion for the court to compel an accounting. An executor who acts in secret and resists reporting to the heirs should be watched closely.
The executor should file an annual accounting with the court. If they have not the heirs should file a motion for the court to compel an accounting. An executor who acts in secret and resists reporting to the heirs should be watched closely.
The executor should file an annual accounting with the court. If they have not the heirs should file a motion for the court to compel an accounting. An executor who acts in secret and resists reporting to the heirs should be watched closely.
The executor should file an annual accounting with the court. If they have not the heirs should file a motion for the court to compel an accounting. An executor who acts in secret and resists reporting to the heirs should be watched closely.
Will the life insurance policies also be part of the probate file?
Generally, no. Life insurance proceeds are paid directly to the beneficiary of the policy, if that person is living at the time of the insured's death. If a contingent beneficiary is named, the proceeds are paid to him/her.
If the policy specifies that the proceeds are to be paid to the estate of the insured, or if none of the named beneficiaries are living upon the insured's death, proceeds will be paid to the estate. In that event, they become part of the Estate. If the law of the State in which the insured died requires a probate proceeding (usually depending upon the size of the estate), the life insurance proceeds would pass through the estate.
Can you buy a probate house for any price?
The estate has to sell the house for a fair market price. They cannot sell it at a discount.