Inheritence property consists of real property, cash, and personal belongings that have been gifted to others via a Will, trust, or probate law. Anything that belonged to the decedent must be transferred to a surviving spouse, family members, friends, institutes of education, or charitable organizations.
The most common way to gift inheritence property is through a last will and testament or trust. Estates not protected by a trust must undergo the process of probate. This is required in all states to ensure estates are settled according to state probate laws.
Inheritence assets cannot be distributed to heirs and beneficiaries until all other aspects of Wills probate are completed. When a person dies without leaving a Will, probate can be prolonged because the courts must attempt to locate known and missing heirs.
The last will and testament is a critical element of estate planning probate. This legal document is used to designate heirs and beneficiaries and the property they will receive. Wills can also be used to disinherit heirs. Unfortunately, there are times when family members are disassociated. Regardless of the reason for disinheriting a person, the only way to ensure they do not receive inheritance assets is to write them out of the Will.
The last Will is also used when property is transferred to a trust. Trusts are exempt from undergoing the probate process, but directives for distribution must be provided. The Will is used to describe assets, who should receive the assets, and when they will receive the property.
A variety of trusts exist, so it is best to consult with an estate planner or probate lawyer to determine which is best suited for your needs. Some trusts allow periodical distribution of monetary gifts, which can be beneficial when inheritance cash is gifted to individuals receiving government assistance. Periodical gifting schedules can be established as to not interfere with government-aid payments.
Wills are also used to appoint a probate personal representative to oversee estate settlement duties. This person can be anyone you desire as long as they are of legal age and never convicted of a felony. It's best to appoint someone who works well under pressure; is good with finances; and can be trusted to make decisions for the good of the estate.
Probate personal representatives are compensated for duties through the estate. Family members often feel uncomfortable receiving wages, but settling probate estates is a time-consuming process. Small estates normally require a minimum of 40 to 80 hours of work, while large estates can take several months to settle.
If heirs contest the Will or if claims are filed against the estate, probate can be prolonged for several months. Estate administrators typically must retain the services of a probate attorney to negotiate family disputes, lawsuits, or creditor claims. Legal fees are paid through decedents' estates.
When inheritence property consists of titled assets such as real estate, the probate process can be prolonged while the estate administrator obtains required legal documents and files property transfers through the court.
When titled property is secured with a loan, the estate is responsible for paying loan installments. If the estate is financially incapable of remitting payments the probate judge may order property sold to clear the debt.
Sadly, many heirs do not receive intended inheritence gifts because assets must be sold to pay outstanding debts. One option available to heirs is to sell probated inheritance assets for lump sum cash. This can be accomplished by locating probate liquidators or private investors who buys probate property.
At Simon Volkov, we offer cash for inheritance to heirs entitled to real estate. If you want to sell probated property, visit the 'Forms' section and complete the cash for inheritance form.
If you haven't yet established probate estate planning, we invite you to browse our inheritence article library. Topics include: strategies to avoid probate, tips for hiring probate lawyers, estate planning options, estate and inheritance taxes, and ways to protect inheritence property.
Published on December 09, 2010 at 02:39 AM
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