Cedulie Renee Laumann's answer As another attorney noted, legal analysis of a particular Will/Trust really requires a look at the Trust language itself. Lifetime rights usually mean just that, but in some cases a will/trust might impose conditions or restrictions on the exercise of such rights.
Attorneys unfortunately do not often help repair strained relationships. However, if you have questions about the rights under the trust document, you may wish to seek a legal consultation with an attorney in your area.
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Cedulie Renee Laumann's answer A house only goes into foreclosure if the mortgage isn't paid. As long as the owner pays the mortgage, foreclosure should not be a concern, regardless of where the owner lives.
Practically, though, if an owner doesn't have enough money to pay the mortgage if they move elsewhere, two logical options involve selling the property to pay off the mortgage or renting it to generate income for the monthly mortgage payment. Property managers routinely manage rentals for out-of-state...
Cedulie Renee Laumann's answer Generally, the law "freezes" the scene at the time the Testator (maker of the Will) dies. Depending on how a Will was written, it might require a beneficiary to survive the Testator by a certain amount of time to inherit (for example, 30 days). But typically an estate would need to be opened for the beneficiary who survived the Testator but died before disbursement and whatever they inherit would then get passed through a second estate.
Cedulie Renee Laumann's answer Generally an estate must be opened for the person who died. The Personal Representative is the person appointed by the court with power to deal with any estate issues, including collecting any payment due to the person who died. The Personal Representative must also disburse in proper order after paying administrative costs and any debts owed.
Estates for people who die without a Will get disbursed under the laws of intestate succession. (who gets this depends on if the child was...
That kind of standard language simply means the PR can take assets the decedent owned and sell them if appropriate in exchange for other assets. For example, if a decedent owned 1,000 shares in XYZ Corp., the PR could sell those stocks and reinvest them in ABC Corp owned by the estate, or could cash them out and put the money in the estate account or could in the estate's name, buy or sell whatever other asset would make sense. However, any assets belonging to the decedent /...
Cedulie Renee Laumann's answer It is unclear why a Will would read "cancelled upon death." If all of the assets were owned by a Trust, then the Trust terms will dictate how long it takes to disburse the assets. Some trusts are written to disburse over a long period of time while others disburse immediately after the death of the original maker (called the Trust "Grantor" or "Settlor")
Generally, you'll need to open up an estate (if an estate is necessary) in the state where the decedent (your mom) was "domiciled"...
However, Maryland law enumerates about 26 or so different situations exempt from transfer/recordation tax, some of which may potentially apply when an LLC is involved. Each one is heavily fact dependent. You can find these in the Annotated Code, Tax Property article, sections 12 & 13 or consult with a real estate lawyer.
Cedulie Renee Laumann's answer Any estate attorney helping with the estate should be able to sift through the deed(s) and beneficiaries to figure out who inherits in any given estate.
If someone dies domiciled in Maryland without a will, their property goes under the laws of intestate succession. If the person who died is unmarried, any property the decedent owned would pass to their children in equal shares. The timing of the deed has little to no bearing as the law looks at the family situation when the...
Cedulie Renee Laumann's answer A probate estate is a matter of public record, so the first place to start would be taking a look at the estate filings.
Keep in mind that some property might pass to family outside of the estate and the law does not require that people give away property equally in their Will or for assets passing by title designation. However, where someone dies without a Will, anything that does not pass by title should get distributed under the laws of intestate succession.
Cedulie Renee Laumann's answer Anyone can buy real estate for investment or other purposes and the law imposes no obligation to change residence just because someone buys real estate. However, a lender very well may require that a home be the borrower's principal residence to qualify for more favorable lending terms, so the real question likely is: what kind of financing are you seeking? A borrower should not tell a lender a property will be their principal residence unless it truly will be.
Cedulie Renee Laumann's answer It depends on how the deed is written. It may go to the surviving co-owner, or it may go through her estate to her heirs-at-law (spouse/children). An attorney can take a look at the deed and help you understand how your sister's interest passes.
Cedulie Renee Laumann's answer Deeds are a matter of public record, and any attorney should be able to pull this up in Land Records (or you could go to the Land Records office yourself to research and retrieve the deed).
There are several ways people can be "put on title," so there may or may not be an estate involved. It can get complicated if someone has lifetime rights but doesn't pay the taxes or other operational costs, so you may wish to seek legal counsel.
Cedulie Renee Laumann's answer As another attorney noted, property in the name of a deceased person needs to go through their estate. Legally, it belongs to their estate the moment they die. (even though it might take a few weeks, months or longer until an estate is formally opened). It generally gets more difficult and more expensive to pass property with the passage of time. In some cases, when heirs don't get around to deeding a residence until another tax year, the county will go back and "recapture" any homestead tax...
Cedulie Renee Laumann's answer Any monies payable to a deceased person typically run through their estate. Whenever money is disbursed from an estate, it should go to the lawful heirs of the person who died, meaning the people identified in the will of the person who died (or if there is no will, to the heirs under intestate succession laws).
It would be advisable to sit down with an attorney to get advice on whether a specific person (e.g., a child) has rights to specific property -- the attorney would need to...
Cedulie Renee Laumann's answer The Contract typically has a spot to write down how much the earnest money deposit will be, so an agent would reasonably need to know the amount of the deposit before you sign. That being said, there is no reason I can think of to actually cut the check before reviewing and signing a contract. An agent may want to verify that a buyer has resources to consummate the sale so they aren't wasting time but at the end of the day, discomfort with an agent in the very beginning might suggest problems...
Cedulie Renee Laumann's answer You'll need to go through the foreclosure process. The rules are complex and changing, particularly for residential properties, so it is advisable to do so with experienced legal counsel.
Cedulie Renee Laumann's answer Generally, No. Gifts given during lifetime do not ordinarily operate to reduce inheritance unless there is specific instruction in the Will to that effect (though there might be extraordinary circumstances).
You may wish to consult with an attorney if you have specific questions or want someone to analyze your particular situation. While not legal advice, I hope this general information helps.
Cedulie Renee Laumann's answer A Seller of an existing home ordinarily can sell the house entirely "as-is" thought they must provide either a disclosure or disclaimer listing known hidden defects (unless exempt from the disclosure/disclaimer rules).
Cedulie Renee Laumann's answer Property can be "bought out" by beneficiaries in one of two ways: the people who want to keep the house might pay the estate directly for the part they didn't inherit OR after the property is transferred to the heirs, they might work out a buy-out amongst themselves (in which case the money would go directly to the other owners who are deeding away their inherited interest) . Either way the estate expenses must get paid before the property gets disbursed.
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