It is occupied by a beneficiary who pays utilities, lot fee and was making mortgage payments until unable.
The mortgage is only due from the person named on the mortgage. However, if they want to avoid foreclosure the beneficiaries would be smart to keep paying the mortgage.
When the property is distributed to them, they will have to either pay it off or get a new mortgage in their names.... Read more »
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 this... 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 had... 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 »
That delta is referred to as a “deficiency” and it is an unsecured debt with the same priority as other unsecured debts such as credit cards.
Does the person wanting to keep the house buy out the others with property value or equity in it
Certainly one co-owner can buyout the other owners, assuming that you can negotiate a purchase price that is acceptable to all.
Do I have to pay taxes on the money I got from my farm inheritance?
You don't pay tax on inherited property. But it sounds as if you inherited the property then sold it which is different.
You would need to determine the basis in the shares when you received them and compare that to the sales price to determine if any gain exists.
This is actually the second time our landlord has done this. We live in a duplex, and our land lord posted it for sell without notifying us. What happens when it sells and changes hands?
Yes a landlord can sell the property. The buyer must honor your lease.
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 herself... 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 »
Will Colorado still consider my ex my next of kin even though we're divorced? Would it go to my teenage daughter? She's not old enough to make medical decisions for me if I'm incapacitated.
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 portion... 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 »
We have been waiting 22 mos with it not contested or in probate. Is there a time limit law?
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 »
Two witnesses, a notary, and a self-proving affidavit.
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
Have a probate attorney review those writings. If they were entirely or mostly in his handwriting they might qualify and halographic wills and would be enforceable.
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 »
until each beneficiary receives their yearly distribution until the money runs out? Is there something official that can help back me up on that?
This depends on the terms of the trust. The trust document controls. It may call for distribution or it may remain in the trust. You have to review the trust statement to see what it says.
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 »
Ultimately, someone will have to Probate the Mother's Estate. If you have a lot of equity at stake I recommend you talk to an attorney to protect you in this process.
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 she will be... 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.
This is because of a car-pedestrian accident. The injured party needs to hire a PI lawyer, and he isn't well versed in claims and because of the injury, a family member needs to be able to be the contact to assist the lawyer and make medical decisions. Is the dual state a problem?
The first issue is whether the injured party is of sound mind and memory and/or has the capacity to sign a POA. If the injured person hires an attorney, then that attorney would be empowered by the attorney-client contract in most instances to handle most of the issues you raise excepting the... Read more »
My mother in law owned a house jointly with her husband from a second marriage who passed 3 years ago. The house was re-titled into her name and she refinanced the mortgage. If she passes instate, does the house pass equally to her daughters? Or will it go equally to the daughters and to the son of... Read more »
Short Answer: If the son of her deceased husband was never actually adopted by your mother-in-law, then there is a chance that such un-adopted stepchild will not participate in her estate as one of her own children.
Long Answer: If your mother-in-law is the sole owner of the house and she... Read more »
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