Since ‘14 I’ve received monthly payouts from a trust set up by my brother & his wife. No taxes/fees were charged to me. He died in ‘19; she in ‘20. The only correspondence I have received from the bank over the years are quarterly reports. Yesterday, 4/6/22, I received an email notice... Read more »
It was very nice for your brother and his wife to leave you the money they did. It is even nicer that they filed and paid the tax for you. Yes, the taxes need to be paid. I cannot emphasize that enough. I would advise you to know who the trustee of the trust is so you can speak to that person....Read more »
The estate will pass to the heirs of the deceased according to the laws of the state in which the person died. It is possible that probate can be avoided depending on the size of the estate and the laws of the state.
My mother took care of my great uncle years ago before he passed away. He left the house she lives in, to his granddaughter with the stipulation my parents could live there for life for a set rent price. They sold the property to another company and that is not being honoured anymore. Rent has... Read more »
If your great uncle stipulated in his will or in his trust that your parents could live in the house at a set rent price, then depending on how those instructions were worded - it is possible that your mom has a case. If this was an "understanding" not in writing, the case becomes much...Read more »
Executors have the power to fulfill the wishes of the grantor of the will. They have the power to pay all debts owed by the estate of the deceased, to collect money owed to the deceased on behalf of the estate, to pay all taxes, and to distribute all remaining assets after debts have been paid, to...Read more »
I'm opening a 401k with my new employer and want to know if I can list my former fraternity's chapter specifically as my beneficiary or not. Assume that there will be no spouse in the picture and that the beneficiary will be updated if there is.
I would NOT list your fraternity as a beneficiary to your 401K, but rather make other arrangements in your estate plan. As to if you can name a specific chapter in your fraternity - that could depend on the fraternity, so I cannot give you a good answer on that, you would need to speak to them....Read more »
That depends on certain situations. In general, for a will, the witness must be present when witnessing the signing and also sign indicating that they witnessed the signing. However, during the Pandemic, the Governor of Illinois issued and executive order (2020-14) which allowed for the use of...Read more »
Sorry for your loss, Amber. If you are sure that there is a will, and if you are sure that your cousin is the executor, you should ask the executor. These things do take time to work themselves out, so depending on "recently", it may still have a lot of time before it is all said and...Read more »
I'm from Illinois. I was named in my fathers will. There is also a trust attached to the will. I am estranged from my family so simply asking the executor is out of the question. I was never notified of the will being filed in probate (I found out doing a probate search online). My question is... Read more »
Being named in a will does not necessarily mean that you will inherit from the will. I doubt that the attorney who drafted the will is going to answer your questions. If the decedent's estate plan included a trust, it is very unlikely that the probate attorney will be of much help unless...Read more »
Your mother should contact a few estate planning attorneys to find one she is comfortable working with on her estate plan. The attorney can discuss options based on the initial consultation about how she might best set up her estate plan.
There is not a question, only a situation. And it really isn't estate planning.
You cannot give him the property as long as he takes over the mortgage. How do you plan on giving him the property, and when? Is this transfer to be done in your will? Will you deed the property over...Read more »
For the vast majority of my clients the decision between a trust and a will is not about net worth. With the Death tax threshold being so high right now ($11,700,000 federally, and $4,000,000 in Illinois) most of the time this is not about avoiding paying taxes. The 2 big differences between...Read more »
There's also a house he claimed he bought from my parents I asked him
Show proof he will not its part of the asset well time is up and he will not add the house just wants to split the trust as is what is my legal right he also had to take money out of the trust fund to pay off this... Read more »
If you are a beneficiary you have a right to see at least some of the trust paperwork, and likely all of it. Some trusts may include language limiting information which can be shared. It sounds like your brother is the named trustee. To start, you can ask to see the names of trustees in the...Read more »
When it comes to selling and buying, most everything is negotiable. If they are not willing to sell 100% of their share, then the value of that share may be greatly diminished. The remaining plaintiffs could sue in court demanding that the sale include mineral rights, although nothing is...Read more »
Those who don't want to sell can buy the fair market value of those who want to sell. Otherwise, there may be language in the will or trust which has provisions regarding the sale of items such as a specific number or % of beneficiaries required to sell assets.
I live with my mother, helping her with bills and running errands for her since she had been on oxygen, she just had a stroke and is now in the hospital. I am one of 3 sons. One brother has legally been left in charge of her finances, the other in charge of her medical. She was wanting to put me on... Read more »
It is very likely that the initial attorney represents the executor of the estate, not the individual beneficiaries. The executor would be entitled to pay that attorney out of the estate funds, so yes, your share as well. The attorney you hired to represent you personally will be paid by you...Read more »
Threatening legal actions saying that it’s illegal for anyone to have these items deceased gave to them & have to return to them or risk arrests. Deceased had no legal will, though does have a video of one on social media. Deceased was married however ended many years ago but never legally... Read more »
An owner has every right to sell, gift, give away, trade, barter, destroy, or otherwise dispose of any or all of their worldly possessions. There is no law against eliminating the burden of "stuff" of one's own free will.
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