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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
Real Estate Investing article on "Will Executor"
December 30, 2008
Unclaimed Inheritance from Wills
Currently, billions of dollars in unclaimed inheritance from Wills is sitting in government trust funds across the nation. Experts suggest millions of heirs are entitled to money and valuable assets left to them by a deceased relative or friend. The majority of assets go unclaimed simply because the beneficiary changed their name or moved from their residence.
The majority of unclaimed inheritance from Wills is generated from life insurance policies. Life insurance companies must be notified when the policyholder dies. If no one notifies the issuing company the policy sits dormant until claimed by rightful heirs
Real Estate Investing article on "Unclaimed Inheritance from Wills"
November 26, 2008
Inheritance Funding
Inheritance funding is a cash advance method available to heirs entitled to assets held in probate. The probate process can suspend distribution of inheritance for months or even years. As long as the decedent executed a Will and family members are in agreement, probate generally takes six to nine months. During this time, all assets are frozen with the exception of a bank account setup to manage outstanding bills and financial obligations.
In order to obtain inheritance funding, heirs must work with either an inheritance funding company or private investor. In the past, some banks and lending institutions provided cash for inheritance loans. With today's credit crisis, few, if any traditional lending sources offer this service.
Real Estate Investing article on "Inheritance Funding "
September 08, 2008
Probate Real Estate Investing
Probate real estate investing involves buying property from estates held in probate. When someone dies, all of their worldly belongings are transferred to probate. An estate executor oversees the decedent's estate until all financial transactions are completed. In some cases, probate can take several years to settle; leaving beneficiaries with a heavy financial burden.
Probate real estate investing requires a visit to the local courthouse and a bit of detective work. Investors can locate potential real estate deals by searching probate records and reading the decedent's Last Will and Testament. Wills are a matter of public record and can be viewed by anyone who is interested. The exception to this rule is when a Revocable Living Trust is executed.
Real Estate Investing article on "Probate Real Estate Investing "
August 31, 2008
Advance Inheritance
Advance inheritance can be obtained by heirs and beneficiaries against estates held in probate. When a person dies, all of their assets are transferred to probate where a judge must assess the inventory and ensure it is divided according to the decedent's Last Will and Testament. If a person dies without a Will (intestate), the judge will distribute inheritance property according to state laws.
Advance inheritance is not a loan and does not have to be paid back by the person who borrows funds. Instead, advance cash lenders are reimbursed for the full amount when the estate is settled. For this reason, beneficiaries cannot receive the full amount of inheritance monies due to them. Typically, lenders cap the inheritance advance at 70- to 85-percent of the amount due to the beneficiary.
Real Estate Investing article on "Advance Inheritance "
August 17, 2008
Probate Lawyers
Probate lawyers specialize in estate laws. They are typically retained to handle distribution of assets and file legal documents for a person who has died. In most instances, people needing the services of a probate lawyer will want to retain a Transactional probate lawyer. However, if conflicts arise within the family or when claims are filed against the decedent's estate, a Probate Litigator may be required.
Transactional probate lawyers handle estate administration duties. If the decedent has executed a Last Will and Testament, transactional probate lawyers will file a copy of the original Will at the local courthouse in the county where the decedent resided. If the decedent dies intestate (without leaving a Will), transactional probate lawyers will appoint an Estate Administrator and assist them in matters regarding the estate.
Real Estate Investing article on "Probate Lawyers "
August 14, 2008
Probate Real Estate
Probate real estate is property that belongs to heirs, but cannot be released because it is in the process of probate. Probate occurs when a person dies without a Revocable Living Trust or Last Will and Testament. Even when a person executes a Will and Testament, real estate and other assets can be held in probate for several months or years.
When heirs need or want to sell probate real estate, the Estate Administrator is required to petition the probate court. If multiple heirs are entitled to probate real estate, they must all agree to sell the property and sign consensual contracts.
Real Estate Investing article on "Probate Real Estate "
March 07, 2008
Inheritance Property
Inheritance property is any property received from a person who is deceased. It can consist of real property such as a house, business or undeveloped land, or personal property such as automobiles, boats, jewelry, household furnishings and clothing.
Inherited property can include financial instruments such as cash, investment portfolios and life insurance proceeds. Although considered personal property, financial inheritances are oftentimes taxed at a different rate than other types of personal property.