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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
Any interest that was earned from the estate over that time will be included in the payout. The trustees will have invested the money and the interest accumulated.
Your parents and you had a joint bank account they died who does the money belong to?
A joint bank account belongs to the surviving owner.
Can I contest the 401K beneficiary that a deceased son listed who is not a member of the family?
Your son had the right to name a beneficiary of his choosing for his 401K. Since it will bypass probate, there is no way for you to protest it unless you hire an attorney and try to bring a suit to a court of equity. It is unlikely that your suit would succeed.
Can you track the progress of a will through probate?
Yes. Once a Will has been filed the probate in that case becomes a public record. You can visit the court and ask to see the file.
When owners of property passes with no Will made will estate go into probate?
Without a will the property must go into probate. There is no other way to transfer the property.
If your spouse dies what happens to the house in Michigan?
Normally the spouse inherits the house. By law in Michigan a married couple should own the property as Tenants by the Entirety, which means that it transfers upon the death of the other spouse. Check the deed to insure that is so.
Does a will have to be recorded to be probated?
A will must be filed with the probate court in order for the executor to be officially appointed by the court.
When the will is filed for probate it is examined by the court for validity as to technical requirements. If it meets the technical requirements of state law the executor will be appointed. Until the will has been allowed and the executor appointed by the court, the executor named in the will has NO official power or authority.
Once the will is filed it remains in the probate case file and becomes a public record.
You personally cannot place a lien on the property. However, you could sue your joint owner in court for any money you have spent covering their costs and expenses. You would need an agreement in writing and proof of your payments for evidence. If you win, the judge will issue a judgment lien and you could record it in the land records against your joint owner's interest in the property.
No. One of the duties of the executrix is to identify all of the assets of the estate, including any other stocks, bonds, bank accounts and property. Only when a complete inventory has been finished and the debts identified can the estate be closed. You should probably consult with a probate attorney for the state that you are in.
How long does it take to get inhertiance if not in probate?
The purpose of probate is to distribute things. Without it, there is no way to appropriately inherit something.
What does probate and non-probate entail?
Assets that were owned by the decedent are probate assets. The estate needs to be probated in order for title to pass to the heirs. That property will pass according to the will or according to the laws of intestacy if there is no will.
Assets that were owned by survivorship with another person pass directly to the survivor and bypass probate. Those are called non-probate assets. Life insurance with a named beneficiary bypass probate. Bank accounts with a "payable on death" arrangement with the bank pass directly to the beneficiary and bypass probate.
Assets that were owned by the decedent are probate assets. The estate needs to be probated in order for title to pass to the heirs. That property will pass according to the will or according to the laws of intestacy if there is no will.
Assets that were owned by survivorship with another person pass directly to the survivor and bypass probate. Those are called non-probate assets. Life insurance with a named beneficiary bypass probate. Bank accounts with a "payable on death" arrangement with the bank pass directly to the beneficiary and bypass probate.
Assets that were owned by the decedent are probate assets. The estate needs to be probated in order for title to pass to the heirs. That property will pass according to the will or according to the laws of intestacy if there is no will.
Assets that were owned by survivorship with another person pass directly to the survivor and bypass probate. Those are called non-probate assets. Life insurance with a named beneficiary bypass probate. Bank accounts with a "payable on death" arrangement with the bank pass directly to the beneficiary and bypass probate.
Assets that were owned by the decedent are probate assets. The estate needs to be probated in order for title to pass to the heirs. That property will pass according to the will or according to the laws of intestacy if there is no will.
Assets that were owned by survivorship with another person pass directly to the survivor and bypass probate. Those are called non-probate assets. Life insurance with a named beneficiary bypass probate. Bank accounts with a "payable on death" arrangement with the bank pass directly to the beneficiary and bypass probate.
What is the fee an executor of an estate receives in Ohio?
Executors and administrators shall be allowed commissions upon the amount of all the personal estate, including the income from the personal estate, that is received and accounted for by them and upon the proceeds of real estate that is sold as follows: (A) For the first one hundred thousand dollars, at the rate of four per cent; (B) All above one hundred thousand dollars and not exceeding four hundred thousand dollars, at the rate of three per cent; (C) All above four hundred thousand dollars, at the rate of two per cent. Executors and administrators also shall be allowed a commission of one per cent on the value of real estate that is not sold. Executors and administrators also shall be allowed a commission of one per cent on all property that is not subject to administration and that is includable for purposes of computing the Ohio estate tax, except joint and survivorship property. The basis of valuation for the allowance of such commissions on real estate sold shall be the gross proceeds of sale, and for all other property the fair market value of the other property as of the date of death of the decedent. The commissions allowed to executors and administrators in this section shall be received in full compensation for all their ordinary services. If the probate court finds, after hearing, that an executor or administrator, in any respect, has not faithfully discharged his duties as executor or administrator, the court may deny the executor or administrator any compensation whatsoever or may allow the executor or administrator the reduced compensation that the court thinks proper.
What is Maximum Fee for Estate executors in Virginia?
(1) 5% of the first $400K, 4% of the next $3K, 2% over $1M. If the probate estate exceeds $10M, the executor must consult the Commissioner and secure approval before taking any fee on the excess amount.
AND
(2) 5% of income receipts (not including capital gains)
How many years do I have since a probate order to file a lien?
Every state has a statutory period during which claims must be filed with the court against the estate. If you miss that filing period you are out of luck. You need to check your state laws. Generally, that period is 6-12 months rather than years.
As an executor of an estate you received money do you pay taxes on it?
The fee paid to the executor is considered taxable income.
There are several missing details in your question. Generally, a joint bank account passes automatically to the other joint owner when one owner dies. However, a joint bank account does not necessarily pass to the surviving joint account owner if the account was arranged as a joint account only for purposes of convenience; so the other joint holder could perform the banking and bill paying tasks for the primary account owner. In that case, even though it is listed as a joint account, it would become part of the estate and pass according to the terms of the will.
However, there is another way a bank account can be set up to pass to a beneficiary on the death of the owner. If the owner executed a payable on death directive with the bank, the account will be paid over to the named beneficiary and bypass probate. Even if all the other assets of the testator are divided equally among the heirs in the will, a payable on death account would pass to the beneficiary named in the bank records. The existence of the arrangement at the bank is evidence the testator wanted that bank account to pass outside of probate.
If you have any doubts you should discuss them with the attorney who is handling the estate.
What good is filing a petition to compel an accounting in surrogate court going to do?
This is a question for your lawyer.
No. The executor gets no commissions. They get paid a fee set by the state.You need guidance from the attorney who is handling the estate. An executor is personally liable for mishandling estate property or funds.
What should you do when a family member dies without a will in Texas?
Open an estate under the intestacy laws. That will allow debts to be resolved and any remaining assets to be distributed.
With regards to estates in England & Wales the answer is no. Some bank and financial institutions will now release up to £30,000 others have stricter limits for example the Post Office will insist on Probate if the deceased's assets are over £5,000. Generally if the deceased owned land then probate is required.
Can a will be voided by signing a document voiding any previously signed documents?
No. Using the word "documents" will not void a previously executed last will and testament. In fact, using the word documents is an extremely indefinite reference that could cover a wide range of documents. It would likely be declared meaningless. Would it void your marriage license? mortgage? your child's birth certificate? job application? credit card account? purchase and sale agreement? contract for a new roof?
Voiding a will requires a specific written intention to do so and a statement to that effect is at the beginning of well drafted wills: I hereby revoke any and all prior wills made by me . . . .
No. Using the word "documents" will not void a previously executed last will and testament. In fact, using the word documents is an extremely indefinite reference that could cover a wide range of documents. It would likely be declared meaningless. Would it void your marriage license? mortgage? your child's birth certificate? job application? credit card account? purchase and sale agreement? contract for a new roof?
Voiding a will requires a specific written intention to do so and a statement to that effect is at the beginning of well drafted wills: I hereby revoke any and all prior wills made by me . . . .
No. Using the word "documents" will not void a previously executed last will and testament. In fact, using the word documents is an extremely indefinite reference that could cover a wide range of documents. It would likely be declared meaningless. Would it void your marriage license? mortgage? your child's birth certificate? job application? credit card account? purchase and sale agreement? contract for a new roof?
Voiding a will requires a specific written intention to do so and a statement to that effect is at the beginning of well drafted wills: I hereby revoke any and all prior wills made by me . . . .
No. Using the word "documents" will not void a previously executed last will and testament. In fact, using the word documents is an extremely indefinite reference that could cover a wide range of documents. It would likely be declared meaningless. Would it void your marriage license? mortgage? your child's birth certificate? job application? credit card account? purchase and sale agreement? contract for a new roof?
Voiding a will requires a specific written intention to do so and a statement to that effect is at the beginning of well drafted wills: I hereby revoke any and all prior wills made by me . . . .
Yes, you do have rights. According to the section of the North Carolina Statutes provided below a surviving spouse has the right to an elective share of her husband's estate. You should seek the advice of a probate attorney in your area.
Can a will be filed with the probate court before you die?
Yes. Many probate departments allow testators to file a will for safekeeping for a minimal charge. That way, no one needs to search for it when the testator dies. They simply visit the court and file a petition to commence the probate procedure.
Yes. Many probate departments allow testators to file a will for safekeeping for a minimal charge. That way, no one needs to search for it when the testator dies. They simply visit the court and file a petition to commence the probate procedure.
Yes. Many probate departments allow testators to file a will for safekeeping for a minimal charge. That way, no one needs to search for it when the testator dies. They simply visit the court and file a petition to commence the probate procedure.
Yes. Many probate departments allow testators to file a will for safekeeping for a minimal charge. That way, no one needs to search for it when the testator dies. They simply visit the court and file a petition to commence the probate procedure.
The executor has a duty to the estate. The price must be a fair market price and the beneficiary cannot choose what that is.
The province will have specific rules of intestacy (an estate without a will). In most place the fiancee has no legal standing to claim anything. Being listed as Next of Kin on forms does not provide a legal status of any type.
