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

January 11, 2010

Inheritance Law

In the United States, inheritance law is governed by the Uniform Probate Code. In place since 1969, UPC is a statute that outlines what happens to 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 law varies by state, the majority adhere to similar processes. First, an estate executor must be appointed. Oftentimes the executor is appointed through the decedent's last will. If no will exists, or the appointed estate executor does not want to accept responsibility, an Administrator will be appointed through probate court.

Real Estate Investing article on "Inheritance Law"

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"

October 14, 2009

Estate Administrator

Estate administrator refers to a person appointed to manage the estate of a person who has died. Administrators are generally family members, a professional estate planner or probate attorney. When a family member is appointed to this position, they typically require assistance from a professional to ensure legal documents are properly filed through probate court.

An estate administrator has multiple duties. It is important to appoint someone capable of handing financial matters and able to make difficult decisions under stress. Administrators must be at least 18 years of age and never convicted of a felony. It is best to appoint an estate executor who resides in the same state as the decedent. However, this is not a necessary requirement.

Real Estate Investing article on "Estate Administrator"

September 19, 2008

Probate Executor

A probate executor is also referred to as the estate administrator or estate executor. Probate executors are responsible for settling the estate of a person who has died. If the decedent executed a Last Will and Testament, the probate executor is required to adhere to the declarations outlined in the document. If the decedent dies intestate (without a Will), the probate executor must adhere to policies of the probate court.

The probate executor has multiple duties including handling the decedent's financial affairs and distributing their assets to heirs. If the decedent's estate is small (valued under $25,000) and does not involve real estate or financial holdings, the executor might be able to administer the estate without the assistance of a probate attorney

Real Estate Investing article on "Probate Executor "

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 "

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 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"

April 27, 2008

California Probate Realestate

California probate realestate is one of the biggest untapped real estate markets in the United States. Oftentimes probate houses can be purchased for pennies on the dollar because Estate Executors don't have the time or money to deal with them.

Estate Executors of California probate realestate frequently sell the property for less than it is worth. This is particularly true if the estate executor resides out of town or in another state. Selling the probate real estate can save them a tremendous amount of money in travel expenses, legal fees and other costs associated with settling the decedent's estate.

Real Estate Investing article on "California Probate Realestate"