Source: bfdlawyers.com
Video: Probate Property ? Why Should I Take Probate Investing Seriously?
What Happens To Estate Property Upon the Death of the Decedent?
For anyone who has never been through the probate process after the death of a family member or loved one, it can seem confusing and complicated. One question that is commonly asked is ?what happens to the decedent?s property?? How the property left behind by a decedent is handled during the probate process can depend on a number of factors; however, there are some common ways in which property is disposed of during probate that may help you understand the process a little better.
Source: worcester-estate-planning.com
The Joint Tenancy Deed : A tool to Avoid Probate
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Source: probatecourtco.com
Attorney O's Midnight Musings: Connecticut Law
1.? Real Property owned solely by the decedent (person who died) or as a tenant in common with another person.? In the latter, another person owns a portion of the property but there is no designation by law for how that property passes when the co-owner dies.? Married couples generally own real property in survivorship rather than as tenants in common, meaning that when one spouse dies, his or her interest in the property goes to the surviving spouse.
Source: ireneolszewski.com
Probate & Trust Real Estate Sales: Tales from the Court: Selling Celebrity
But, as listing agents, our job is not only to get the property sold, but also to protect the privacy of the owner. In this case, that meant assisting the conservator to make the most of the property, carefully monitoring access to the residence, marketing it aggressively and representing the conservator and conservatee in court.
Source: blogspot.com
Estate Planning For Owning Real Estate In More Than One State
is made to lessen the burden on those that will have to carry out your estate in probate as an executor or personal representative. This burden is greater when one owns property in multiple states. If one is a resident in one state and has property any other state that ranges from a house, ranch, or to land as small as just a timeshare, there may be a more difficult and expensive situation for your loved ones down the road. The property that is in your state of residence will be probated through the probate court in your state of residence. Probate courts exist to change title from the deceased name to the name of potential heirs. The probate court in your state of residence does not have the authority to probate property in other states. This means that a probate proceeding must be initiated in each state that one owns property in even if it is just a timeshare in Florida that you spend one week in a year. This also means your estate must pay additional fees for probate and most likely attorneys in each additional state.
Source: blogspot.com
Probating an Estate Without a Will in Colorado
A person, called a personal representative, is appointed by the court to be in charge of the probate estate. In Colorado, ?personal representative? has replaced the term executor. This person must be over twenty-one years old. Generally, the decedent?s surviving spouse has first priority to be named personal representative. If the decedent was not married or if the spouse is otherwise unavailable, then any of the other persons who will inherit the decedent?s probate property can serve as personal representative. The law determines which heir has priority to be personal representative according to his or her relationship to the decedent.
Source: bradfordpublishing.com
Is joint property subject to inheritance tax in St. Petersburg?
In answering the question, the first issue to address is the difference between federal and state taxes. Federal estate taxes are imposed based on an exemption amount. If an estate is valued beyond the exemption amount, everything above that threshold is taxable. State laws are different everywhere and the property passed could be subject the laws of the state in which it is located. Some states laws require that a 10 percent inheritance tax be paid on the ownership interest passed.
Source: floridaprobatelitigationlawyers.com
How Do I Find Out The New York Probate Status of a Will?
If the decedent had assets that were not required to pass through probate, then it may not be necessary for there to be a probate because those assets would pass to the beneficiaries and heirs outside of the probate. Assets that pass outside of probate are not of public record. In addition, assets that pass outside of probate are typically assets that are held in joint ownership or have a designated beneficiary. Examples include real estate, bank, stock and other financial accounts, title to motor vehicles or other vessels, life insurance policies, 401(k) and other types of retirement accounts.? Property that a decedent transfers to a trust is passed to the beneficiaries of the decedent at the decedent?s death outside of probate as well and are not of public record either.
Source: nyestateslawyer.com
Kalish Law Texas Blog: Family and Business Lawyers: Filing a Deed after a Probate Case is Finished
If you have inherited property in Texas, and have already gone through the probate process, don?t forget that you may still need to have additional documents filed in the county real property records. This filing is the final step to transfer ownership,?puts other people on notice that you own the property, allows the?taxing authorities to update the account, and will be available to a title company in case you should ever decide to sell the property. ?
Source: blogspot.com
Life Estates In 5 Minutes
Although theoretically a life tenant can encumber her life estate or sell her life estate, all she can do is dispose of or restrict whatever it is she owns . . . a life estate. No banker in his right mind will lend against a life estate because when the borrow dies . . . poof! . . . so does the banker?s security. The property passes free to the remainder interests. Same thing happens with respect to the life tenant?s creditors. Poof! Gone. Now don?t get excited . . . if the life tenant owned the property in fee simple and encumbered it before setting up the life estate the creditor isn?t going anywhere until someone pays up!
Source: masonlawpc.com
How should inheritance property in New Jersey be organized?
Estate planning is not always limited to the decisions of the asset holder. New Jersey residents who know they are in line to receive an inheritance may also have some work to do. When older relatives make it known that their furniture and other personal property will be left to the family, those heirs may have to help the asset holder decide how the items should be divided. And that division of assets may depend on more than just the likes and dislikes of the heirs. Often, the best first step for everyone involved is figuring out exactly what property will make up an inheritance.
Source: newjerseyprobateandestatelawyer.com
Turtle Ridge and Luxury Real Estate at Irvine CA
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Source: trustandprobateproperty.com
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