Mortgage paid and small savings to go to son. Easiest and least costly way for him to inherited. Please advise. Thank you
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answered on Aug 3, 2023
You could transfer your bank accounts to your son at your death using beneficiary designations, and you could transfer your real estate to him at your death using a transfer on death deed. That does not necessarily mean that those are the very best options for you. They do not provide any... View More 
Is this still true if the trust has not been funded?
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answered on Jul 30, 2023
If the trust is unfunded, then all of the decedent’s assets that do not have beneficiary designations become part of the decedent’s probate estate and, having no will, the decedent’s estate will be governed by the laws of intestate succession.
This demonstrates a classic estate... View More
On June 2023 my mother passed on leaving a truck and van in her name brought by my father years back. I have a problem with 4 siblings. All siblings are not related to marriage of mother and father they are from different marriages. I wasn’t born yet when they got married and now I am heir in... View More
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answered on Jul 28, 2023
If your mother died single (widowed) and is survived by any descendants at all and did NOT have a will, then her heirs at law are her then living biological and adopted children and descendants of any predeceased biological and adopted children. Stepchildren of your mother are NOT heirs at law if... View More
Has several personal bank accounts. Tools, and other assets. Wants to leave them to ONLY 2-3 specific children out of numerous kids. Would you need a regular last will & Testament or Living Trust? Also wants someone to go to the bank for them bc they are bedridden so do I need a financial power... View More
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answered on Jul 27, 2023
Your goals can be accomplished using just a trust or a combination of will and financial power of attorney. The choice depends somewhat on how motivated you are to avoid the hassle of probate for your intended beneficiaries by using a trust. Trusts also tend to invite less litigation. Will... View More
dated the same date Last will and Testament and irrevocable trust does one cancel out the other,
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answered on Jul 26, 2023
No, a trust and a will do not cancel each other out. The will governs the probate estate, and the trust governs the trust estate.
You will need to determine what is owned by the trust and what makes up the probate estate by checking to see how things are titled. Also look for bills of... View More
My parent's have a car title with that states my father OR my mother. My father is passed away and divorced from my mother before he passed. My dad also payed off the rest of the loan on the Cadillac car in question after they were divorced and before he passed. Since I, the son, am executor... View More
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answered on Jul 20, 2023
As far as the County Clerk is concerned (that is who handles motor vehicle titles in Tennessee), upon learning of your dad's passing, they will consider your mother to be the owner. That is because it sounds like they never updated the title during the divorce like they (probably) should... View More
California will states "I give all my probate estate, excluding any property over which I have a power of appointment, after expenses and taxes are paid under this Will, to the then-acting trustee of the John Doe Living Trust and executed before this Will, to be added to the property of that... View More
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answered on Jul 18, 2023
A power of appointment is a power to designate beneficiaries for assets owned by someone else. Often it must be exercised within the power holder's own will, but not always. If the will does not mention the exercise of a power of appointment, then chances are it does not exist or if it did... View More
I have been paying the mortgage for her for years and the cash is to be split between 3 children. Do I need to go through probate? What should I do with the mortgage company? Do I need to let them know or can I just continue to pay the mortgage? There is a will in place.
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answered on Jul 10, 2023
You should contact the lender and let them know your mother passed and you are the successor in interest, so that they will start sending the monthly statements to you. (They will require a copy of your mother's will, at a minimum. They might also require a final order of distribution or... View More
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answered on Jul 9, 2023
Your statement of facts does not contain enough information to answer your question.
When you say you are "on" your parent's bank accounts, exactly what do you mean by "on"?
Are you a tenant in common? Joint tenant with right of survivorship? Attorney in... View More
I granted the property to a 3rd party trustee on behalf of the lender.
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answered on Jul 5, 2023
The answer depends on the type of property. If this is your home in which you now live and will continue to live, then you may transfer the property to your revocable living trust, and you do not have to obtain the lender's consent to do so. If this is any other type of property you most... View More
Divide all of his assets between the beneficiaries. My stepsister told my blood sister that they we’re getting a 2mil life insurance payoff and that they won’t be splitting it up as per the trust. Can she do that?
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answered on May 22, 2023
Your question is missing important facts. The life insurance must be paid according to the death beneficiary designation that the owner specified for the policy.
If the death beneficiary is the trust, then the proceeds must be distributed according to the terms of the trust. The trust... View More
My father passed away one week before his brother. The deceased brother , my uncle, had a life insurance policy that listed his three brothers ( including my father) as beneficiaries. After his death one brother made claim and collected the insurance payout for himself and other living uncle.... View More
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answered on May 14, 2023
This question demonstrates a problem with relying on beneficiary designations as an estate planning technique (yes, even for life insurance). When more than one person is named as a death beneficiary, with nothing more, there is an ambiguity created as to what should happen if one of them... View More
Son, Zach who is still alive. Bill died in California, we live in missouri.
Bills siblings got a letter from California Inheritance Group claiming Bill had unclaimed assets and they are going to divide it between his siblings. I don’t believe that is correct I believe it should be all... View More
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answered on Apr 30, 2023
First, you do not need to go through California Inheritance Group to claim these funds. You can find it here and make a claim yourself: https://www.sco.ca.gov/upd_msg.html
Under the laws of California, if a person dies unmarried with living descendants and no will, the descendants... View More
My grandfather passed and his wife hates me. She's made attempts to remove me from the deed since my grandfather passed.
I'm listed as a "joint tenant" on the deed. What are my options for selling or cashing out my share?
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answered on Apr 27, 2023
Theoretically you could sell your share, but as a practical matter nobody is going to want to buy your share and then have to share use and occupancy with the other co-owners. The practical solution is to either buy out the other co-owner(s) or have one or more of them buy out your share. If you... View More
to know if there is a way to ensure that my stepchildren can not ever inherit the land that I intend to leave to my children as it has been in our family for several generations.
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answered on Apr 18, 2023
One way to accomplish this is to place the land in a trust during your lifetime. The trust can then be structured to continue after you pass in favor or your children and then your children's children, etc. Or you could place the land in a limited liability company that itself contains... View More
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answered on Apr 6, 2023
I agree with attorney Gunther’t but would add that waivers like that are usually meant to streamline the process and speed up administration. That saves the estate money and could mean more money in your pocket compared to no waiver. But only sign a waiver if you trust the person doing the... View More
My uncle's house was listed in the will, but I thought the quit claim deed signed just before he died 4 months ago would keep us out of probate. I'm going through probate anyway since my name wasn't on some accounts (I am the sole inheritor). I'm trying to sell the house but I... View More
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answered on Apr 4, 2023
That is quite unfortunate. If your uncle deeded the house to you during his lifetime, as a lifetime gift, then your basis is the same as whatever his basis was (the amount he paid for it plus capital improvements). This is called carryover basis. If the house has appreciated in value since he... View More
and then on line 2, the name of her mother's deceased husband as "TTEE" and then my sister's mailing address below that. Can she deposit this check?
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answered on Mar 22, 2023
Any check can be deposited. You just need an account in the name of the trust. If you do not have such an account, then you will need to open one. In order to open one you will need a taxpayer ID number for the trust. You are probably also going to need an updated certification of trust. My best... View More
They presented it to the bank, social security what legal actions can I do to charge them if any accountability on their part for doing this? I am the oldest as well as the executor of the estate
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answered on Mar 18, 2023
You can file a petition to nullify the POA due to your mother’s lack of capacity, which you can prove with medical records and doctor testimony.
After the POA is nullified, you can file a petition for the appointment of a conservator for her. The conservator will be required to account... View More
She is said to have left Me a house and land
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answered on Mar 6, 2023
Call the probate court in the county in which your aunt had lived to see if a probate has been opened. If yes, request a copy of the petition and her will and the letters of administration and the final order of distribution. Also search the land records with respect to the properties in question.... View More
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