What happens with estate?
611753
Dear Friend,\n\nYou'd need to consult with a lawyer on this one.  My GUESS is that if you contest the will there will be a hearing in probate court to determine what your interests under the will are.  If you do nothing, that may trigger such a hearing or may not.  It would be up to the laws of your particular state whether the executor has the burden to get your consent or whether she only has to notify you to give you a chance to contest.\n\nYour Friend,\nFrancesois
645983
Trot down to the probate court.  They have to open an "estate" and the will should be on file there.
565220
the lawyer settling the estate should take care of that for you. if there is no lawyer, call the irs toll free and ask them.
801146
At the time that the estate of the decesased transfers title to the property to a beneficiary, the estate is deemed to have "sold" that property at its current fair market value. If the property was used as a principal residence by the deceased prior to his/her death, no income tax will be payable by the estate on the increase in value between the deemed selling price at death and the original cost of the property to the deceased. \n\nThe beneficiary of the estate is deemed to have acquired the property at its current fair market value (cost base) on the date that title to the property transferred to that beneficiary. If the beneficiary decides to sell the property immediately, the liklihood is that there will be little or no capital gain since the selling price will be very close to the beneficiary's cost base. To the extent that there is a gain it will be subject to income tax in the hands of the beneficiary. At the present 50% of the gain would be taxable.\n\nIf the beneficiary moved into the property and used it as a principal residence prior to selling it, tax may be avoided entirely on any capital gain realized on a subsequent sale. Care must be taken to ensure that the property is in fact the principal residence of the person making the subsequent sale. Needless to say,  the Canada Revenue Agency is cognisant of the fact that people do try and use the exemtion on sales of a personal residence as a tax doge in some circumstances and look carefully at these transactions which are a matter of public record.
231315
A Life Estate means that the mother can live on her property for the remainder of her life.  Since wills usually can be changed, I'd think a Life Estate could also be modified.  Why not ask for a copy of the document setting up this arrangement, or better still go with your mother-in-law to her attorney, and ask your questions? \n\nDisgruntled family members can usually contest provisions, but a competent attorney can make it difficult for them to succeed by defining what they will receive should they contest.
74854
Every state has laws that specify how property is distributed if someone dies without a will, but the key is that the person must die without a will.\n\nMost wills have a clause that says what happens to the property if someone dies before the person making the will.  If the will is silent, then you need to look at state law and the laws will vary by state.\n\nConsult a probate/estate planning attorney if your area for further assistance.
276770
Be careful, if you are inheriting a deceased estate there may be some tax implications, depending on the assets in question. Speak to a tax accountant or financial planner for current advice. Better yet, speak to at least 2, that way you get a balanced opinion on the issue. \n\nCheers, L
319984
The proceeds are tax-free as along as a beneficiary is named weather that is an entity or an individual. If no beneficiary is named then the proceeds pay to the decedents estate and is then subject to estate taxation.
1087839
when the deceased estate goes thru probate an executer & rightful heir will be established.  you can take those papers showing you are the right heir/executer to the bank with the death certificate and close the account.
427136
Although it is entirely possible that information such as this CAN end up somewhere on the Internet, it is not a matter of public record. If your father had a Will then he would have appointed an Executor/Executrix to handle the dissolution of the estate and have the Will carried out as it was intended. If he died Intestate (without a Will) then it will be the courts (State or Provincial) who will act as the Executor and will settle all debts of the estate and pay out proceeds to beneficiaries based on a formula. Who is included to receive payouts (if any) depends on what jurisdiction your father was living in.\n\nSo the long and short of it is you are not getting the info on the net. Go and discuss it with the Executor of the estate and there may be some disclosure to beneficiares before the estate is settled. Usually, a meeting is called including the Executor, legal counsel, and all beneficiaries to discuss the impending dissolution of the estate.\n\nI hope this helps. And, I'm sorry for your loss.
944655
they are taken out of your estate if you have one
638931
The type and value of the property will decide what happens to the property and how it will be disposed.  \n\nIf a person do not have a will or a trust of any type and the property is a house or other and there are heirs, the heirs must select a probate attorney to assist them through the probate courts, one of the heirs will be appointed as the executor, both the executor and attorney are paid 6% of the value of the property after the probate has closed. during probate a filing is made through a local newspaper to ensue that all debts are paid through this probate. After probate all debts of the deceased is considered paid,the heir need not pay anyone else that pop up. Once probate is complete all heirs are listed on a deed if there is real property and the division also appears.\n\nIf there are no heirs that can be found the state takes the property and attempt to find heirs and any one else that might have an interest in the property.  The state through the courts will hold the property for a certain length of time before is dispose of the property. There will be a court order to dispose of the property in accordance with the various state laws.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
848643
First, the "life interest" you refer to is called a life estate.  It means that the son gets the acres for his lifetime and upon death the land passes to whomever was designated as the remainderman or else it reverts back to the grantors estate.  \n\nAs for your question, I think because the man passed the property as an inter vivos gift (ie, outside the will), any provision in the will giving the property away to the executor would be void.  the legal doctrine is called ademption by extinction.
686036
Oh.  Dear.  God.  \n\nThis is exactly why you don't post this kind of question in these forums.  None of these people know what they are talking about (with the exception of those that suggest speaking with a lawyer.)  There are serious tax and legal consequences to how you hand over property.  \n\nI am a California lawyer with very little experience in estate planning.  However, I have spoken with estate planning lawyers in my office often enough to know that the only person you should be speaking to right now is an estate planning lawyer.  Example -- if you quit claim (not "quick" claim) the house to your children, your children could kick you out of it tomorrow.  Presumably, you only want the children to have the home once you pass on.  This is usually done through establishing a trust estate.\n\nAnother example:  if you put title of everything you own in your children (as suggested by Loo) you lose all control over your property during your life.  This is a monumentally bad idea.   If you put your kids' names on title, you will not ever be able to dispose of any property without their approval.\n\nAnother bad example:  deeding the home over in exchange for $1.00 (as suggested by drdemento61.)  Again, big mistake.  This could easily be undone as a sham transaction.  Not to mention, there are serious tax consequences to both you and your children for this kind of stunt.  You and your children both would have to pay massive amounts of gift taxes.  And, as mentioned above, you'd immediately be dispossessed of your home.\n\nAs for making a will -- if you merely will the property to your children then the property will have to be run through probate.  Your kids may have to pay probate taxes.  Again, this is a complicated matter.  Go spend the money on an estate planning lawyer.\n\nWhat you need to accomplish is maintaining control over your estate during your lifetime while devising your property to your progeny to ensure the minimum amount of taxes taken out and the minimum amount of headache.\n\nDO NOT follow the purported legal advice of any person here (including myself.)  Go find yourself an estate planning lawyer.  You can find one in your area by doing a search on www.martindale.com.  Make sure that they are CERTIFIED in estate planning with at least 10 years experience.
362507
I would get a second opinion from another solicitor.  By using the term "solicitor", I presume you are in the U.K.  I am not familiar with the laws of your country.  Here in the U.S., property would not pass to the decedent's siblings unless the decedent had no children or grandchildren and did not have a surviving spouse.
176341
No.  This is covered by state law so it varies, but the spouse generally gets everything in the absence of a will - especially community property.  If there is no spouse, then the next of kin would get it.\n\nIf it's not too late already and you have substantial assets, consider getting a living trust.  You can avoid probate which can cost you 15% of the estate!
212597
Is the property currently in probate?  Are you the executor of the estate?  Was their a will naming heirs, or did the person die without a will? \n\nIf the property is not in probate, someone needs to file for probate SOON.  It really needs to be done SOON so that the estate can be settled.  The heir who wants to keep the property could buy the other heirs out of their share.  \n\nAs for the heir's spouse, it really depends upon how the property is titled once it is distributed to the heirs.  By this, I mean such as "joint tenants in common", or "joint tenants in the entirety".\n\nAny expenses that went toward fixing the place up for sale or paying for back taxes can be recovered from the estate of the deceased.  \n\nI really want to emphasize that the estate needs to be settled by the filing of probate.  Until that is done, no one is technically an heir.