You will want to receive an opinion from a California attorney if the trust is in California, however a trust has a Trustee and the trustee is the person authorized to administer the trust according to the terms specified by the Grantor.
I am married and live in Colorado. Is my wife automatically the beneficiary of 100% of my 401k, my multiple IRA's, and regular savings accounts, regardless of who I have specifically designated as the beneficiaries on those accounts? I've read conflicting information online regarding... Read more »
In Colorado, a spouse in entitled to up to 50% of your estate depending on how long you’ve been married. They reach 50% at 10 years. If you designate someone else it can cause expensive court proceedings as your spouse seeks the share to which they are entitled. You could designate your spouse as...Read more »
My mom passed away and her will states that her estate be gifted to a 2004 Revocable Trust that references California law. My mom sold her California property in 2005 when she moved to Colorado that same year. She just passed away in Colorado and none of her property here was in the name of the... Read more »
No, not at all. That is called a pour over will. The will needs to be probated. Pursuant to the will, the probate court will order that all of the assets in her estate be transferred into the name of the trust. Then the trust needs to be administered according to its terms. You need a probate...Read more »
Hi, my father passed away about 16 years ago. I visited https://colorado.findyourunclaimedproperty.com/ to search for unclaimed assets, and I found some in his name. He did not leave a will, and there wasn't an obituary. I was executor and sole heir of his estate because I am his only child. I... Read more »
Yes, the state made the check payable that way to impress upon you the obligation to share the funds with your dad's other theoretical heirs, but as there are none, you can safely deposit the funds in your bank account and you need not worry about having to share it with other heirs.
In estate after a death, do secured assets that go to auction but fail to raise funds to pay off balance get paid off before unsecured debt or should they be treated equally? Credit cards are clamoring for money, but so is company that financed deceased loved ones camp trailer for delta between... Read more »
it was purchased for $33,000 and is selling for $420,000. In February of this year, she purchased a condo with my husband and I for $410,000. Her name is on the loan but it wasn't on the title. So we did a Quit Claim Deed to put her name on the title. She will be living in the condo by... Read more »
There USED to be a rule allowing taxpayers to defer capital gain on the sale of a house by purchasing a more expensive house within two years. That rule was repealed in 1997. So the purchase of the condo makes no difference.
The new rule allows single taxpayers to permanently avoid paying...Read more »
You are asking really good questions. The bottom line is that divorce is one of those events that should trigger an update of your existing estate plan. Schedule an appointment with an estate planning attorney and, in the meantime, be thinking about who you will want to nominate as the guardian...Read more »
My father was in my grandmas will upon her death in 2015. The estate has been sitting with real property. My father passed in December of 2018. I am the executor of his estate. Am I entitled to my father's portion of my grandmother's estate and listed in her will? Or is my father's... Read more »
Most likely your father lived long enough for his inheritance to vest in him but the only way to know for certain is to review your grandmother’s will. Whether you inherit from your father and to what extent depends on what his will says or, if he did not have a will, what next of kin survived...Read more »
Probate should be opened within three years after the date of death, but there are exceptions to this rule. The important thing for you to know is if the executor of the will has not opened a probate by now, there is nothing to prevent any other interested party (such as an heir) from opening a...Read more »
He talked about wanting specific items to go to other people after having a falling out with the original recipient. He verbally told people and wrote it down but never got it back to the lawyer to rewrite the will
My grandparents died 5 years ago and had a house out of state that hasn’t sold. It is listed online as “off market” and we still have not received the inheritance from the executor. Do they have a time limit on when this needs to be paid out? It’s been 5 years and it still is not settled.
There is no set time for an estate to be wound up and paid out; it depends on the size of the estate and other factors. The executor (or personal representative) of a last will has a fiduciary responsibility to protect the assets entrusted to them and to insure that everything is done legally so as...Read more »
My mother in-law helped us secure a mortgage for a home we shared with her. The loan is only in her name. We have paid for ever bill in association with the property and loan. Now my father in-law who doesn’t and hasn’t lived with us discovered the equity is in our home is sizable and is... Read more »
My dad passed away June 2018. He had no will, only his name is on the house (which is paid off). My mom lives in the house as she was married to him for 39+ years. My dad had 3 kids prior to marrying my mom, then 4 kids with my mom. All 7 'kids' are over 21 years old. We all agree... Read more »
It is not likely that a probate under these facts will result in a forced sale. But, if the estate is contentious, i.e. someone wants money, your Mother should hire an attorney to assist and defend her.
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