Oldest child is executor of will. Both children are residents of KY. Deceased is resident of TN at time of death. Will leaves oldest house (to be sold) youngest being me car jewlry and guns. Guns and jewelry were given to me yrs ago. I buried jewelry ( necklace) with deceased. Is probate necessary... Read more »
Your question cannot be answered without reviewing the will and understanding exactly what assets are in the estate and how much the decedent owed to creditors. As a general rule, real estate is not a probate asset in Tennessee, but that can be changed by will and also it can be drawn into a...Read more »
No, a will cannot be made or amended by an agent under a power of attorney. When it comes to making a will, that authority is not delegable. It is sometimes possible for a conservator to make or amend a will for a ward, but that is rare and it requires court approval.
I have a friend who recently passed away. A group of my friends including myself, 5 in total, would like to create and contribute to a fund for our deceased friend daughter. Is it possible to do so considering the contributors are in 3 different states (CA, TX, and GA) with the recipient being in... Read more »
This can be done. Usually the trust is created and seeded by one person and then it can receive contributions from other people. A really important decision you all need to make is who is going to be the trustee in charge of investing the funds and who is going to be the trustee in charge of...Read more »
As a general rule, life insurance proceeds payable to a named beneficiary are NOT included in the decedent's probate estate. The law presumes that the decedent meant what she said when she named you as the sole life insurance beneficiary. It is a very tough presumption to overcome. Your...Read more »
If nobody claims the account within a certain period of time (which varies by state and financial institution but is usually around 3 years), then the bank will remit the funds to the state treasurer as unclaimed property.
I have a transfer on death dead for my dad and a separate one for my stepmom. They are joint owners of a home and I am the sole beneficiary for both. My dad passed away. Do I now own his 50% share of the home or is his share now owned by his widow?
It is not possible to answer your question without seeing exactly how title was held by your dad and stepmom. If they truly held title jointly with right of survivorship, then your stepmom now owns the home. If the TOD to you remains in place until she dies, then you will own it when she dies.
in the process of purchasing a new home. Mom is putting the down payment down, gifting to me. Condition is, she wants to be on the deed of the home so as to say, when she passes, her portion of the home will be willed to me and I will have majority ownership of the home. What issues might I run... Read more »
You and your mother need to arrive at complete clarity about what you are doing. A lot of problems arise when inconsistent positions are taken. For example, your mother acquiring an interest in the home is inconsistent with saying she is "gifting" the money. It is one or the other...Read more »
allowed to have home placed in her name without losing her benefits? They reside in Va. There is currently a reverse mortgage on the home,but my mother has a large life insurance policy to pay they lean off. My sister has lived with my mother her entire life and has no other assets. I live in Ky... Read more »
Ownership of a home is not disqualifying, so that is not much of a concern. But if your sister is going to inherit anything else besides the home such as cash or life insurance proceeds or a car, etc., your mother would be doing your sister a huge favor by contacting an estate planning attorney to...Read more »
Based upon the facts you supplied, the property is still in trust a. The conveyance to trust b would be considered a "wildcat" deed. It would not change the current vesting, but it does create what is called a "cloud" on title. If you try to sell the property, a title...Read more »
An estate planning attorney would need to review your trust in order to answer your question. The answer will initially depend on whether your trust is revocable or irrevocable. If revocable, you can most likely do this by amendment or appointment. If irrevocable, you have to follow the rules in...Read more »
as she wishes which however is currently financed and my son (me) is responsible for the payement” Right to occupy or Life Estate? Also, What are my rights as the land owner? The widow and I have been fighting for well over a year now as to what the will is or isn’t. Any help would be appreciated.
It sounds like you might be dealing with a poorly drafted right of occupancy. You should take this to an estate planning attorney or trust administration attorney for review and assistance. If the right of occupancy was set out in the will, your attorney can help you petition the court handing...Read more »
The main purpose of prorate is to retitle assets in the name of a decedent. You not need to open a probate to transfer assets to you if all assets have already transferred to you via beneficiary designations or other non-probate transfer methods such as ownership with right of survivorship.
Some kind of legal process will be necessary in order to vest record title in the remainder heirs/beneficiaries. Without knowing more about what ELSE was in your father's estate, it is hard to say which process would be recommended. If the house was the only thing, this can be handled...Read more »
At this time, a transfer of any property to almost anybody else without receiving fair value in exchange would be considered an uncompensated transfer, i.e. a "gift", and would cause you to incur a penalty period for a number of days equal to the value of the gift divided by the then...Read more »
A co-owner does not have the right to exclude another co-owner. You can take the owner that locked you out to court for a variety of remedies but probably the best remedy in the long run would be for you to obtain a court order to force the sale of the property and then split the proceeds. If you...Read more »
There no law that requires you to update any of your estate planning documents when you move from one state to another, but it is always a good idea to at least have them reviewed by an estate planning attorney in the state to which you have moved.
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