Yes, he has the ability to do that. It allows him to get the estate the most for its assets. That will allow the beneficiaries to obtain more in the end.
My brother wants to borrow 150K from me. Is my brother or I obligated to pay taxes to Uncle Sam?
A loan is not a taxable transaction. If the loan is forgiven, the brother would have to pay income tax on the forgiven amount.
Most (if not all) states require a will to be filed with the clerk of the court in the county where the decedent lived. Once the will is filed, it becomes public record and anyone can request a copy.
Can you write a will if you are 15 years old and emancipated from your parents?
If you are emancipated, you can write a will. Even if you are not emancipated, you could write one, but there is no obligation for the state to follow it. They will execute according to the intestacy laws if the will is not considered reasonable.
Can you sue a person that has sold a house without checking with the executor?
Yes, you can certainly sue for that. The executor can go to the court and have the sale nullified. Only the executor can transfer the property of the estate.
Is the executor responsible for maintening house and garden?
The executor is responsible for the estate. That would include keeping the property in good condition.
Is it possible for an executor to falsify the true value of an estate?
Yes, they could falsify the true value. That would be a breach of duty and could result in criminal charges.
Because laws, rules and regulations differ from state to state and possibly even within states, the safest way to proceed is to contact the probate court that has jurisdiction over the will. They can tell you if someone can be excluded (my guess is that people can't be arbitrarily excluded) and what you can do at this point. It may be possible, depending on what probate court says, to demand a reading or viewing of the will. Probate court is not just for the disposition of property for people who had no will. Probate courts have control of wills as well. If for some reason a will is out of order, it would be probate court that would clarify the matter. Trusts (there are several different kinds) do not go through probate at all.
Can your brother who has been left out of the will come back and sue the estate?
Your brother can contest the will or bill the estate for money he beleves is owed to him by the deceased. The judge will decide the validity of the will and/or if the claim against the estate should be paid.
Can executor sell property once deed is transferred to heirs?
Once they have transferred the property, it is no longer a part of the estate. If they try to sell it, they would be selling something they have no control over. They may be able to bring the property back into the estate, but it would take a court order to do so.
If a Beneficiary is deceased who is entitled to the Policy if no secondary beneficiary is named?
The policy will be paid to the decedent's estate if there are no named beneficiaries or if the ones named have predeceased. the legal spouse or next of kin
Can an executor charge an estate for its services?
They are entitled for a reasonable hourly rate. In some states the fee is set at a specific rate. They are also entitled to be paid for all reasonable costs such as copying, phone calls, mileage, etc. The executor must answer to the court in the accounting.
The ex-wife has no legal interest in her ex-husband's property unless she was specifically mentioned in his will with an acknowledgment the gift should be given even after a divorce. The divorce severs the legal relationship enjoyed by people who are legally married.
The ex-wife has no legal interest in her ex-husband's property unless she was specifically mentioned in his will with an acknowledgment the gift should be given even after a divorce. The divorce severs the legal relationship enjoyed by people who are legally married.
The ex-wife has no legal interest in her ex-husband's property unless she was specifically mentioned in his will with an acknowledgment the gift should be given even after a divorce. The divorce severs the legal relationship enjoyed by people who are legally married.
The ex-wife has no legal interest in her ex-husband's property unless she was specifically mentioned in his will with an acknowledgment the gift should be given even after a divorce. The divorce severs the legal relationship enjoyed by people who are legally married.
That child's interest would pass to any living parent and if no parent to their siblings.
Does next of kin have rights over estate over unmarried partner?
In a case of no will, the next of kin has priority. Unless there is a will, the unmarried partner will not have any rights.
== == * Usually most people name an Executor (male) or Executrix (female) in charge of the Will. You do have a right to see that Will, so I'd ask your brother if you could see it. He may or may not let you read it if you are on the young side. If your father just left a Will and never mentioned an Executor/Executrix, then if you are a minor and your brother isn't it's his responsibility to take charge. If you aren't a minor and a few years younger than your brother then BOTH of you should be working on this Will. The court can appoint a neutral party to be responsible for taking care of the estate if the others are minors or decline the responsibility. * No, he does not HAVE to sort out the estate. He can decline the responsibility. If he wants to, and you have a problem with that, you can object and the court may appoint a neutral administrator to ensure that the estate is handled properly.
Can an adult child be an executor and a beneficiary?
An adult child can be the executor. They can also be a beneficiary. They are required to be impartial when distributing the estate.
Can the executor pay for work needed on properties?
The executor is responsible for the assets of the estate. That would include taking care of the property taxes, upkeep and maintenance. The executor is not personally responsible for the bills, the estate is.
Do you need the signature of the co-executor to remove them from a will?
The naming of the executor is something done by the person making the will. If they are still living, they can do what they like and no signature is required.
Does Kentucky's executor compensation limit of 5 percent include expenses?
As a general rule, executor compensation is in addition to fees. For example, if the executor pays $400,000 in lawyers' fees, as an expense of the estate, it has no impact on the claim for a percentage as a fee. Many family executors or administrators waive any fee and consider it a privilege to assist in interpreting the intent of the decedent.
if you can get a copy of that years tax return, did she make any big ticket purchases that year? hire a private detective for a few hundred dollars, the money will be worth the peace of mind and he will have the resources to find the information.
Will you be contacted though you are not a relative but you are a named beneficiary in a will?
Yes, the executor must contact you. They are required to execute the will to the full extent possible.