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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 "
July 30, 2008
Probate: A Difficult time to Deal with Heirs and the Estate
Probate is the legal process used to transfer property, real estate, personal belongings and bank account holdings. Depending on the size of the decedent's estate and family dynamics, probate can tie assets up in the court system for six months to three years. If family disputes arise, legal fees can end up costing more than the estate is worth.
Part of the problem with probate is that it involves government agencies and attorneys. When someone dies it is almost guaranteed that many people will want to stick their fingers in the inheritance pie.
Real Estate Investing article on "Probate: A Difficult time to Deal with Heirs and the Estate"
July 26, 2008
Heir Apparent is Next in Line
Heir apparent refers to direct lineage descendents of a person who holds real estate, financial assets and valuable personal property. As long as the heir apparent outlives the property holder, by law they are entitled to inherit assets upon the property holder's death.
Typically, an heir apparent consists of children born to the decedent. If the decedent did not have children, the next closest lineal relative would become the heir apparent. For instance, if the decedent has no children, but has parents, siblings, aunts, uncles or cousins, the decedent's assets would transfer to the closest living relative.
Real Estate Investing article on "Heir Apparent is Next in Line"
May 19, 2008
Florida Real Estate Investing
Florida real estate is making headline news. With a reported 198-percent increase in foreclosure rates during the first quarter of 2008, this once hot real estate market is in a hurricane-strength downward spiral. South Florida residents have taken a hard hit, with nearly 1,300 foreclosure filings last month. Default Research, Inc., provider of nationwide foreclosure statistics is reporting an average of 220 foreclosure filings per day across the Sunshine State.
Experts suggest investing in Florida real estate now could result in massive profits when the real estate market bounces back. And, bounce back it will. Real estate is a necessary commodity. People need a place to live. Private investors, who purchase distressed Florida real estate properties now, can make a fortune in rental income over the long-term.
Real Estate Investing article on "Florida Real Estate Investing"
May 02, 2008
Probate Court
Probate court refers to a specialty court which primarily tends to matters regarding the estate of a deceased person. Depending on the state and jurisdiction of this type of court, it may also be referred to as Orphans Court, Court of Ordinary, Court of Equity or Surrogate Court.
The main function of Probate court is to ensure assets of a deceased individual are properly disbursed. A probate judge oversees the decedent's estate to enforce provisions of the Last Will and Testament. If an individual dies without leaving a Will, (referred to as Intestate) the probate judge will assign an Executor to administer the estate.
Real Estate Investing article on "Probate Court"
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.
Real Estate Investing article on "Inheritance Property"
February 13, 2008
Heirs inheriting realestate from a lost loved one can be traumatic.
The word 'heir' dates back to the 13th century and is derived from the Latin words, hered and heres. These two words are related to the Greek word, chēros, meaning 'bereaved' or 'suffering the death of a loved one'.
Heir can be used to describe a person who either inherits property or is entitled to inherit property. It is also used to describe a person who is entitled to fulfill a specific role, such as an heir to a business or estate. Last, but not least, heir describes an individual who receives a gift or donation or particular quality from a parent or ancestor.
January 19, 2008
How to Avoid Probate
Most people would agree probate is a process you don't ever want to deal with. It's time-consuming, costs money, can lead to conflict within the family and create all kinds of ugly scenarios. The purpose of probate is to ensure the decedent's wishes are met by proper distribution of assets and resolve creditor claims, tax liens, etc., if they exist. The process can take months, even years, to complete.
The main reason probate takes so long is due to the fact that considerable clerical work is involved. Facts and figures must be checked, creditors must be paid and tax forms need to be filed. Many probate court systems are understaffed and overloaded with probate cases. Even if all family members agree and there are no creditors involved, probate typically takes a minimum of six months.
Real Estate Investing article on "How to Avoid Probate"
December 27, 2007
Foreclosure
Foreclosure is a frightening word for those facing it. It brings up many emotions -- fear, anger, sadness, embarrassment. You feel as if everyone knows you are about to lose your home and looks at you as a big fat failure. It becomes difficult to hold your head up. Depression and insomnia kick in. Before you realize what's happening you've become a stressed out basket case, incapable of making simple decisions let alone embarking on a complicated process to save your home.
Foreclosure is stressful long before the actual process begins. Stress sets in the moment you are unable to make a mortgage payment. It's a gut-wrenching experience. You think you'll find a way to figure it out and put off calling your lender. You call your mother, father, sister, brother, and anyone else you might be able to borrow money from. You look for a part-time job or work extra shifts.
Real Estate Investing article on "Foreclosure "
August 27, 2007
Learn About Inheritance Laws
In the United States, inheritance laws are governed by the Uniform Probate Code. In place since 1969, UPC is a statute that outlines what happens to the assets, debts, and financial affairs of a deceased person. Currently 18 states have adopted the Uniform Probate Code in its entirety, while the remaining 32 states have adopted parts of it.
Although inheritance laws are different in each state, the majority require a similar process. First, an estate executor needs to be appointed. Oftentimes the executor is appointed through the deceased person's will. If there is no will, or the appointed executor does not want to take on the responsibility, an Administrator will be appointed through probate court.
Real Estate Investing article on "Learn About Inheritance Laws"
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