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10 result(s) displayed (1 - 10):

September 13, 2011

Wills

Wills provide a legal record of written directives regarding how estate assets should be distributed upon death. While it's not a task people enjoy doing, writing a Will is an important element that shouldn't be avoided.

Wills are vital documents for individuals wanting to take care of their family after death. This written contract makes the job of estate settlement much easier for estate executors.
Every estate that passes through probate needs an estate executor to take care of final matters. The Will is used to name the person who will assume this role.

Real Estate Investing article on "Wills"

August 09, 2011

Writing a Will

If you're thinking about writing a Will you're making a smart decision. A lot of people put off this task until it's too late and end up making their family deal with a lot of bureaucratic red tape. It takes very little time to put affairs in order and is worth every minute knowing loved ones will know exactly what to do.

There are many ways to go about writing a Will. If you don't own much valuable property a do it yourself Will kit might be all you need. If you own real estate or titled property, you'll want to setup beneficiaries so property can be easily transferred upon death.

Real Estate Investing article on "Writing a Will "

April 19, 2011

Family Disputes over Inheritance

When family disputes over inheritance arise it can quickly escalate into irreparable damage. Emotions are already running high when a loved one dies. Incidents that could easily be worked out under normal circumstances are magnified during periods of grief.

Family disputes over inheritance often occur when a relative dies without executing a Will. However, when a person dies intestate the estate must be settled according to state probate laws. Heirs can file claims against the estate if they have evidence they are entitled to specific property. They can fight all day over who should receive what, but if a Will is not in place there isn't much they can do about distribution of property.

Real Estate Investing article on "Family Disputes over Inheritance "

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"