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17 Tag Results
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March 22, 2010
Estate Executor
Estate executor refers to an individual in charge of managing the estate of a person who has died. Estate administration duties will vary depending on the type and value of assets owned by the decedent and whether the estate is probated or protected through a trust.
Oftentimes, the estate executor of probated estates will require assistance from a lawyer or estate planner to ensure estate management procedures comply with probate laws. Probate is the legal process used within all 50 states to validate decedents' last will or appoint an estate administrator to manage intestate estates. Intestate means the person died without executing a last will.
Real Estate Investing article on "Estate Executor"
February 05, 2010
Probate Loan
A probate loan is not actually a loan. Instead, it is a cash advance provided to estate beneficiaries entitled to property held in the probate court system. Obtaining inheritance loans involves following certain protocol, submitting legal documents, and assigning inheritance rights to the funding source.
Probate loan providers assume substantial risk when accepting inheritance property as collateral for cash advances. Inheritance loans are repaid by the estate. It is not uncommon for estate administrators to sell probated assets to pay outstanding debts. Some estate planning experts claim less than 20-percent of heirs receive inheritance property held in probate.
Real Estate Investing article on "Probate Loan"
January 07, 2010
Estate Tax
Federal estate tax is slated to be abolished in January 2010, but Senate Democrats are likely to pass a temporary measure early in the year to reinstate death tax and make it retroactive to January 1st.
At present, estate tax is assessed at the rate of 45-percent for inheritances valued above $3.5 million for individuals and $7 million for couples. Smaller estates are exempt from taxation. However, as the estate tax hangs in limbo, beneficiaries may soon find they will be charged a capital gains tax on inheritance property gifted through decedent's last will and testament.
Real Estate Investing article on "Estate Tax"
January 06, 2010
Inheritance Tax
Inheritance tax is imposed on the fair market value of an estate and charged to the individuals who inherit the assets. The amount of inheritance tax is determined by the appraised value of the estate and the beneficiary's relationship to the deceased.
Inheritance tax is governed by each individual state. Currently, ten of the fifty states within the U.S. impose inheritance tax. These include: Indiana, Iowa, Kansas, Kentucky, Maryland, Nebraska, New Jersey, Oregon, Pennsylvania and Tennessee. Texas is the only state which does not impose estate or inheritance tax.
Real Estate Investing article on "Inheritance Tax"
January 04, 2010
Personal Representative
Personal representative refers to a person who manages the estate of a deceased person. Estate administrators are appointed within decedent's last will and testament. If no Will exists, personal representatives are appointed by a probate judge.
A personal representative usually requires legal assistance from a probate or estate planning lawyer. Estate settlement must adhere to state probate laws and involves submitting various documents to the court. Few people are prepared to undergo the process of probate alone.
Real Estate Investing article on "Personal Representative"
December 28, 2009
Probate Proceeding
Probate proceeding refers to the process used to settle estates of people who have died. Probate is required within all 50 states and governed by the Uniform Probate Code. Each state handles probate differently and many have significantly altered UPC regulations. Estate administrators typically require services of an attorney or estate planner to assist with settling probated estates.
Probate proceeding letters testamentary are provided to the estate executor giving evidence they have authority to manage the estate. Some states engage in court supervised probate and require executors to obtain approval for all aspects of estate management. Other states engage in court confirmation and grant unsupervised authority; allowing the estate executor to manage the estate without making multiple court appearances.
Real Estate Investing article on "Probate Proceeding"
November 16, 2009
Probate Money
Probate money refers to cash, coins, gold or currency gifted to beneficiaries through a decedent's last will and testament. Unless protected through a trust, inheritance money must be processed through probate before distribution can occur. Unfortunately, this process can extend for months or years.
Probate money can also refer to cash obtained through the sale of probated assets. Many aspects are involved with selling inheritance assets held in probate. Much depends on the type of asset and its value. Selling a business or piece of real estate requires considerably more effort than selling a valuable stamp or coin collection.
Real Estate Investing article on "Probate Money"
October 04, 2009
Probate Litigation
Probate litigation refers to obtaining legal assistance to resolve conflict surrounding inheritance assets. Heirs or beneficiaries must retain the services of a probate attorney in order to contest the decedent's last will. Probate litigation is oftentimes required when decedents die intestate (without a Will).
Probate litigation can prolong the probate process for months or years. I know a woman whose stepfather passed away without executing a Will. Although single at the time of his death, four of his six ex-wives came forward to lay claim to his estate.
Real Estate Investing article on "Probate Litigation"
June 11, 2009
Probate Wills
Probate wills are legal documents which detail information about a decedent's estate. A Will includes the name and contact information for the person who will be responsible for handling the estate, a list of assets owned by the decedent, and the individuals who will receive those assets.
Also known as the Last Will and Testament, probate wills are submitted to the local courthouse in the decedent's place of residence. Every Will must be validated to ensure it abides by probate laws and is legally-binding. Certain steps must be followed before distribution of assets can occur.
Real Estate Investing article on "Probate Wills"
March 29, 2009
Will Executor
A Will executor refers to a person that has been legally designated to oversee the estate of a person who has died. There are several names for a will executor including estate administrator, probate personal representative, estate executor, probate administrator and estate agent.
Regardless of the title, a will executor must be appointed through the decedent's last will and testament or by a probate judge. Nearly every estate must pass through probate prior to distribution of assets
