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Wills
A will is a legal statement detailing the transfer of property and belongings when a person dies.
740 Questions
What is the order of pay out when paying out an estate in the state of Ohio?
Typically taxes are considered the first thing to be resolved. Then the fees to the executor. The debtors need to be paid out evenly with anything left.
Can your attorney friend be your will executor?
Yes, an attorney is often used as executor. The court will often appoint an attorney if no one else is available.
It depends on how the checking account is held. If the account is a custodial account it will pass according to the will, then she cannot take the money. However, if this is a joint checking account, in the eyes of the bank she is a co-owner and is legally permitted to take the money.
What percent is Inheritance Tax in pa?
As of July 2010
Inheritance tax is imposed as a percentage of the value of a decedent's estate transferred to beneficiaries by will, heirs by intestacy and transferees by operation of law. The tax rate varies depending on the relationship of the heir to the decedent.
The rates for Pennsylvania inheritance tax are as follows:
0 percent on transfers to a surviving spouse or to a parent from a child aged 21 or younger;
4.5 percent on transfers to direct descendants and lineal heirs;
12 percent on transfers to siblings; and
15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax.
Property owned jointly between husband and wife is exempt from inheritance tax.
Inheritance tax payments are due upon the death of the decedent and become delinquent nine months after the individual's death. If inheritance tax is paid within three months of the decedent's death, a 5 percent discount is allowed.
The executor doesn't borrow money to pay off heirs. They get paid from the remaining estate, according to the provisions in the will, after the debts have been paid. If there is nothing left then the heirs get nothing.
As to "how long", it depends on how complicated the situation is; an executor is expected to act in good faith with all reasonable and prudent speed, but the law does not require that the executor work miracles. If a substantial part of the estate is non-liquid assets, it could legitimately take longer for the estate to settle than if it were primarily cash.
Yes. ANYONE named in the will is eligible to be included in the inheritance.
On the other hand, if the decedent died intestate (without a will) their property would pass according to the state laws of intestacy. In some states, children by a former marriage would automatically inherit a share. You can check the laws in your state at the related question link.
When your mother died, the executor took her place. The executor may not act without approval of the probate court. Your forclosure action must be against your mother's estate, as she is deceased, there you must go to probate.
The self-employed person who received the fee is responsible for their own income taxes.
What is the lawers responsibility over executor over estate?
The lawyer serves as an advisor. They assist the executor with the handling of the estate. They can recommend people to value the estate as well as tax advice.
What prevents a executor from not following the will?
One issue may be that there are not enough assets to settle the debts of the estate. Or the specific assets left for someone are no longer in the estate.
Once they have their letter of authority, they should be able to access the account. Then they can change the account.
Is probate of will compulsory?
Probate of the will is compulsory if the decedent died owning real property. The will must be allowed by the court and an executor must be appointed for the title to the real estate to pass to the devisees.
How does removing an executor make negative strikes on estate?
It doesn't. Executors need replacing for many reasons and there is no negative effect on the estate.
When an estate case is closed by probate is the will still in effect?
An estate is closed after all the provisions in the Will have been executed. It remains a public document forever to show how the property was distributed and how title to property was transferred.
An estate is closed after all the provisions in the Will have been executed. It remains a public document forever to show how the property was distributed and how title to property was transferred.
An estate is closed after all the provisions in the Will have been executed. It remains a public document forever to show how the property was distributed and how title to property was transferred.
An estate is closed after all the provisions in the Will have been executed. It remains a public document forever to show how the property was distributed and how title to property was transferred.
When assets automatically pass to surviving spouse what are duties of executor?
To make sure all debts are settled. They have to inventory and value the estate for tax purposes. And they need to make sure all of the title documents are properly changed.
Can a executor withhold monies from an estate for 6 years?
They would not be withholding money from the estate. They hold the money on behalf of the estate. They do not have to distribute the remainder until all debts and liabilities are resolved.
Why would an estate administrator be sued in a fiduciary lawsuit?
For mishandling an estate.
For mishandling an estate.
For mishandling an estate.
For mishandling an estate.
How long does an executor have to administer a will in NC?
As long as it takes. Not trying to be flippant, but each estate is different and there is no legal limit. The executor has to make regular reports to the court to demonstrate movement.
Should the names of the utility bills be put into the executors name?
It should be in the name of the estate. Putting it in the executor's name might make them liable for the money.
Can siblings see a will if only one is executor?
The executor should give the other heirs a copy of the Will upon request. The executor has no actual authority until they have been appointed by the court. Once the Will has been submitted to the probate court it becomes a public record and anyone can obtain a copy from the court.
What rights do you have to your fathers estate in Texas when there is no will and he has remarried?
The community property will be split in half, half for his spouse and the other half for his children. The separate property, if any, will go to the children, with 1/3rd going to the spouse. And the spouse will have a life estate in 1/3rd of all real property with the remainder to the children.
What do you do when your crossover games bottle expires?
Get your money back. Simple. You didn't pay software to expire and then pay again, and again and again. You paid to have the software to use for all times. Of course you can't expect CrossOver developers to give you updates for free all the time. It costs them time and money and you pay for the period of support and updates you have chosen at time of purchase. But if you don't want the updates and happy to use CrossOver in its current version, you are entitled after payment to use the software for as long as you like. If you don't, the product is not fit for the purpose after the payment period. Therefore get a refund.
It would seem that you have been left out of the will. As a natural heir, you would have standing to contest the will. You should consult a probate attorney to determine what you want to do.
Can you be both a witness and a personal representative for the same will?
No. A third party who is not mentioned in the will should act as witness.
Do you need family social secuity number to write a will?
No, there is no requirement to have an SSN to write a will. The individuals named in the will have to be readible identifiable.
