As long as the loan continues to be paid timely, nothing happens. If it is not paid, the lender enforces against the living signer and tries to enforce against the deaf citizens-signer. Upon learning of the demise, they may proceed to file a claim in the probate estate.
Do I need to hire attorney to represent our family and handle the estate? If he passes away we do not know anything about life insurance or burial insurance but we will have to pay the bill for the funeral because we do not know any thing about his finances etc.
It is not true that the sole beneficiary cannot be the sole trustee. However, it is true that if you set it up that way, it is virtually impossible to afford the beneficiary any asset protection. If asset protection for her is your goal, then you should name an independent trustee and also take...Read more »
My mom passed away a few months before my uncle, but we have been advised that my brother and I are valid heirs. I read about the 120 hour rule, but that does not seem to apply here, because my mom has living sons. He had three sisters, including my mom. One of the two living sisters is... Read more »
A Virginia resident can file a Warrant in Detinue for the return of specific personal property or its fair market value. A person who converts another's property to his or her own use has committed the tort of conversion. If someone takes someone else's property with the specific intent...Read more »
In Virginia, a personal property owner can file a Warrant in Detinue in General District Court for the return of personal property or an award of its fair market value. The Warrant in Detinue is a fill-in-the-blanks form. In Circuit Court, a Complaint for Detinue would have to be drafted by the...Read more »
Maybe. I need more information. Is the person staying a spouse? Is it a dependent child? Even if there is no duty of support, criminal law only becomes involved if there is a crime, such as breaking and entering or trespass, so calling the tenancy illegal stretches the common meaning of illegality....Read more »
A spouse is not required to make his or her spouse a beneficiary of a last will and testament; however, there are statutory rights for surviving spouses that limit the ability to completely disinherit a spouse in Virginia. A surviving spouse can effectively renounce a will and claim an elective...Read more »
Every state in which I practice gives executors, administrators, and personal representatives powers to accomplish their objectives. If you don't know what those powers are or how to use them, you need to retain counsel. The estate can pay for that legal advice, so it isn't coming out of...Read more »
If a beneficiary accepts his or her inheritance and then donates it to charity then the beneficiary gets the tax deduction. If the estate distributes money to charity because that’s what the decedent’s will specified then the estate gets the deduction.
So the check with the bank name that is now closed under my father and my name. it does state "F/B/O fathers name IRA and acct#****. but the bank won't even accept the check and create an estate account. This is the second check that was issued from them and they cant get it right.
I don't know whether there is enough money involved to make it worthwhile, but I think a simple one-hour consult would straighten things out. It sounds to me like the brokerage hasn't explained that the funds are not part of the probate estate, so they don't belong in an estate...Read more »
This year my husband and I sold our house and bought another single-story house with the plan to move my parents in with us. My parents now live with us. They plan to sell their house that now sits empty. My parents have agreed to either give us money towards our remaining mortgage or pay us... Read more »
A lump sum would definitely raise red flags as a gift and would have to be justified, documented and argued. Reasonable rent is easy to justify and document. It would be good to have a written lease and have them pay you rent, you can always apply it toward extra principal payments on your...Read more »
He should be able to sign a waiver of qualification form and allow you to qualify without him unless the Will specifies that something different happen under the circumstances that he is not able or willing to serve.
She told me to withdraw the money if she died suddenly - her will was not complete - she gave me PIN number I did - she also told me to use credit card I did - family wants money back ? What do I do - I have a paper I wrote down and she initialed it before she died - she died suddenly without... Read more »
This is a really sad situation. Your friend did not engage in proper estate planning and you could end up being the victim of that. Most likely you are going to have to return the money. In situations like this you need to be able to produce SOMETHING in writing, signed by the decedent, that...Read more »
The executor must file an inventory and an account. Anything that isn't accounted will come into question. If you suspect a greater problem, you should communicate with the estate's attorney or with the Commissioner of Accounts.
Dad wanted me & my brother to be co-trustees. My mother redid the trust and named my brother & herself as co-trustees. They tried to keep Dad's will out of my hands. I finally got a copy from her lawyer. Seems fishy to me.
If the land was held by entireties with his wife, and if he predeceased her, it wasn’t his to give in his will. The land passed outside of probate to the survivor. Nevertheless, there are confusing references to trusts, and trusts imply inter vivos grants prior to demise or special titling of...Read more »
My sister was the holder of the will. I was told she lost the will which we all knew how he wanted the estate to be left to his children. Since she lost the will the court suggested we do a estate transfer. If we do the estate transfer it not only will go to his children but the now ex wife since... Read more »
The remarriage is irrelevant. The theft of the Will by the sister is a felony, but it must be proven. After all, storing the Will with one of the heirs or beneficiaries was just plain stupid. The widow is entitled to her intestate succession or her spousal share (often called dower) rights, which...Read more »
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