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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
you read a will when someone dies.
Contrary to what you see in movies and TV, there is seldom any sort of a formal will reading. The will is submitted to the probate court and they will appoint an executor to do what the will says, if possible.
Can assets be transferred to avoid probate?
Yes. Assets can be transferred by a person before they die. That is called estate planning and you should seek the advice of an attorney who specializes in that area of law. Once a person has died their estate must be probated if they owned probate assets such as bank accounts, investment accounts and real estate.
Would a daughter in law receive inheritance from her mother-in-law if her husband died?
Typically the wife, or daughter-in-law, would receive the inheritance. However, if there are stipulation placed on the inheritance then this may change. It is best to ask a lawyer who is involved with the estate.
How can executor of an estate buy out other family members on real estate?
First, the estate must be probated and the executor must be appointed by the court. Then there are different ways the executor can purchase the real estate.
They could petition the court for a license to sell the real estate with the executor as the purchaser after a fair market offer has been accepted by the beneficiaries. The executor would need to obtain the assents of all the other beneficiaries to the petition. The court would likely allow such a transfer. Another method would be for the executor could wait until the probate procedure has been completed and then purchase the property from the beneficiaries who inherited it and are now the legal title holders.
Either way, the executor should consult with the attorney who is handling the estate to make certain the transfer is done properly and title is passed legally.
Can an heir stop an executor from removing funds from the estate?
Once the debts of the estate have been paid and the costs of probating the estate have been paid the executor must make distribution.
Once the debts of the estate have been paid and the costs of probating the estate have been paid the executor must make distribution.
Once the debts of the estate have been paid and the costs of probating the estate have been paid the executor must make distribution.
Once the debts of the estate have been paid and the costs of probating the estate have been paid the executor must make distribution.
Does the amendment to a will trust have to be notarized?
Yes, a deed must be notarized to make it enforceable and recordable. The requirement for notarization has been codified by state recording statutes. Some states require that a deed also be witnessed. You should call your attorney or land records office to determine what the requirements are in your particular jurisdiction.
Can a beneficiary also be a testator?
The maker of a will should take every precaution so as to make the will not vulnerable to challenges. The witnesses should not be related to you, and should not be a beneficiary. You should pick objective witnesses instead of a beneficiary, spouse or other relative.
Yes, in many states a witness to a will may also be a beneficiary. In some, a witness may not be a beneficiary. Depending on the state's laws, a witness-beneficiary might forfeit whatever he/she receives under the will, or, the witness-beneficiary might forfeit only so much of what he/she receives in the will that is in excess of the amount he/she would have received in absence of a will. The old rule used to be that a will witnessed by a beneficiary was completely invalid. That thinking changed over time because it is too harsh a remedy and is unfair to the decedent and to the other beneficiaries. Sometimes it is impossible to avoid having a beneficiary be a witness, such as when a person is on his/her deathbed and only a spouse or children are present to witness the will.
Still it is a good idea to avoid the situation if possible as it invites will contest litigation.
Does executor know contents of will?
Generally, yes. The testator should make the whereabouts of their will known to the executor in the event of their death. If the testator has died the executor has the right to take possession of the will in order to submit it for probate. During that process they can read the will before it is made public.
What is the difference between and executor and conservator?
A conservator is appointed by the court to manage the estate of a living person who is incapable of managing their own affairs. An executor is appointed by the court to settle the estate of a person who died leaving a will.
Do you have to pay inheritance taxes on a life estate?
I'm not sure that there is one. It depends on the transaction and the life estate, which can take many forms and cover many things.
Any beneficiary of a life estate has to pay taxes on what they inherit. It is based on the value of the estate at the date of death.
Life estates and taxes is an extremely complicated issue and there is no quick universal answer. You need to speak with a CPA (or two) for a professional opinion. See the information in the link provided below for a good discussion of the many aspects of taxation relating to life estates.
Where do you get a form to replace the executor of a will before death?
A testator can make changes to their will by using a codicil. A codicil is written in the same form as a will and should clearly explain its purpose: which provision in the will is being stricken or what provision is being added. The codicil must clearly state the added provision if there is one.
In the case of changing the named executor the codicil must state the section appointing (name) as executor is hereby stricken and is replaced with the appointment of (new name) as executor.
Wills and codicils should be drafted by professionals to make certain they conform to state laws. If legal documents do no conform to state law they may be deemed invalid.
Can the executor of the estate sell the heirs property?
In most cases the executor of a will by law has to liquidate all nonexempt assets to pay creditors. State probate laws determine which property can be sold to pay the deceased's debts. If it is thought an executor is mishandling an estate, the concerned party should seek legal counsel.
You need to have your parent's estate probated in order for legal title to pass to the heirs at law. You cannot insure the premises until you have legal title. If the premises are covered by an existing homeowner's policy and any damages occur, the proceeds will be paid over to your parent's estate, not you. If there are other heirs you are depriving them of their property and that can cause legal problems for you that may be costly to resolve. If your parent died owing any debts, they must be paid before any property can pass to you. You will be required to publish a notice of death in the local paper.
If someone gets injured on the property you have no protection if they sue since you are not the legal owner of the property. A creditor could open a probate and make a claim against or sue the estate and you could lose the property. On the other hand, if you do things the right way and probate the estate so that you have legal title, you will be able to take advantage of a state homestead protection to protect your primary residence from creditors.
You should consult with an attorney who specializes in probate in your area. You should note that by not doing things properly you are inviting legal trouble that could prove to be costly.
Can you make someone probate a will?
Simply to get probate:-
- You must be named on the will as the executor of the will or if none is named the court will appoint an executor.
- You must have the original of the will
- You must have the original death certifficate
- You must inventory the estate is worth on the day of death.
- You must pay all outstanding income tax owed.
- You must settle all the decedent's debts to the day of death.
- You pay any death duties that the estate will attract and pay these to the government
- You must fill in a government form showing all the above and present this form to the government probate office where you mus swear the accuracy of the form and pay the probate fee.
- The form then goes before a probate court which will grant probate after scrutinizing (and maybe challenging) what is presented.
- After probate is granted your job as executor is then to settle (pass out the money etc) the estate as the will directs. The probate document gives you the legal authority to do this and you will need to show it to banks, share registrars, land registry etc when you instruct them to do things with the estate.
- You need to keep a record of what you have done in case a beneficiary challenges what you have done.
Can an executor appoint an attorney in fact?
An executor of an estate has the right to appoint an attorney to act on behalf of the estate. The attorney may collect debts owed of the estate, and defend the estate against any claims against it.
How can you find out if your deceased parent had a bank account?
Go to the bank with signed proof of the parent's death, and proof that you are the executor of the will, or that you are a trustee if the account/box is in the name of a trust. You should have your parent's safe deposit box key.
If the executor has died what happens now?
The court must be notified of the death and a new executor must be appointed. You should speak with the attorney who is handling the estate.
How old does a beneficiary have to be for to receive payment from a life insurance policy?
at what age can a minor be insured in NY state for life insurance
What is an appointment letter?
These three terms are often confused:
An appointment letter is written to inform a person that he or she has been selected for a particular position in an organization.
A business appointment letter is written to schedule a meeting for business purposes. You should mention the purpose for the meeting or any other event in the letter. Also, please ensure to describe your expectations from the meeting. Try to keep the language very sophisticated and tone of letter cordial if you are seeking an appointment for job interview. Please ensure that you briefly mention your past experience, qualifications, and other relevant information.
A letter of appointment or letter of administration assigns estate executors or successors. They are also known as Letters Testamentary, giving legal authority to engage in probate actions on behalf of the deceased and/or the family.
How can you remove yourself as executor of an estate?
You can bring a lawsuit in the probate court asking the court to remove the executrix and appoint another person to handle the estate, usually the alternate executor named in the will. Each state has its own laws setting the basis for a removal. Generally these have to do with the executrix not doing what she is supposed to do, harming the estate in some or failing to obey the terms of the will or a court order. It is not easy to remove an executrix because most courts start with the premise that the acting executrix is the person the decedent has the most faith in. The court strives to uphold the wishes of a decedent. A court will not remove an executrix just because of disagreements or even animosity between her and beneficiaries. There must be some type of wrongdoing or breach of trust involved.
Do all estates need to be filed in probate?
They need to be probated so that any issues and claims can be determined and settled.
AnswerYes. If the decedent owned any property their estate must be probated. The title to real property cannot pass to the heirs legally until the estate is probated.
What do probate cases involve?
Probate is a general term for the entire process of administration of estates of dead persons, including those without wills, by means of court supervision.
How much time can an executor wait to probate a will?
This depends on the state in which the decedent died, so those laws must be checked. Generally, an executor is under a duty to offer te will for probate and begin things as reasonably can be done. However; there is no set time within which it must be done. In other words there is no statute of limitations for probating a will. A beneficiary can force a tardy executor by getting a court order directing him/her to offer the will for probate or at least lodge the will with the court for someone else to offer it for probate. In this sense, in most cases the length of time a delay can be made is up to how long the beneficiaries allow it to go on.
Does an estate have to go into probate if there is a will in place?
If there are bank accounts, investment accounts, life insurance, real estate or any other property owned by the decedent then the estate must be probated. An executor must be appointed by the court and will be given the authority to transfer the property. For the title to real property to vest in the heirs the estate (will) must be probated.
What powers does an executor of a will have?
The executor has specific powers under the laws in every jurisdiction, once they have been appointed by the probate court. The testator can grant additional powers such as the power to sell real property without a license from the court.
