Harbor Life is a life settlement marketing company. Harbor Life will refer qualified policy owners to one or several licensed life settlement brokers or providers. Harbor Life will be compensated for life settlement transactions that originate on www. There is no guarantee that every user will receive an offer.
The names of the Harbor Life users marketed as example transactions have been changed to protect the privacy of the user. Skip to content Menu. Elder Law. Discover the latest news on finances and retirement from industry leaders. The estate may continue to incur expenses for those assets, such as property taxes and insurance premiums. The executor or anyone in possession of the signed could be held personally liable for excess expenses incurred by the estate or its heirs.
Does a last will and testament need to be filed in court? How long after death do you have to file probate? What is the purpose of probate? How does probate work? What happens in probate court? Can an estate be settled without probate? Catherine Brock. When she's not writing, she can be found riding a horse in the country or shopping online for clothes. Leave a Reply. Recent Posts. Read More ». Share on facebook.
Share on twitter. Share on linkedin. Losing a loved one is devastating and moving forward can at times almost seem emotionally impossible. However, waiting too long will add pressure and demands from others to your mourning process. Give yourself time to mourn but also realize that the longer you wait the greater the demands.
This is especially critical for real estate, which must be properly insured, secured against break-ins if vacant, and protected against loss for nonpayment of taxes and mortgages. If you are not in the same city or state this can become a challenge for you, especially if curb appeal suffers and squatters take over. Do not permit another person to have access to an ATM, debit or credit card, bank account. Preparing an accurate inventory of assets, which should only reflect assets that have actually been collected and placed under the control of the administrator or executor, is important.
For example, does the estate include jewelry, collections or family heirlooms to be passed on? Are there oil, gas or mineral rights or royalties that need to be disposed of? Depending upon your desired outcome and goals you should know that you have options in real estate. The basic and straight forward approach is to list with a local realtor. You may also find yourself with real estate that needs some work and could therefore fetch a greater price after some repairs.
If you do not have the cash for the repairs, but ample time on your hands, there are people I can refer you to that will gladly partner with you on the repairs.
Knowing your options gives you flexibility which gives you power in your decision. Once you have been approved as administrator or executor of the estate, you can begin soliciting offers on the real estate. In other words, parallel to handling everything else, you can list with a realtor, get advice, solicit offers and even go into escrow.
As long as your buyers are aware of this, you will do fine. If there are no children, the surviving spouse often receives all the property. More distant relatives inherit only if there is no surviving spouse and if there are no children. In the rare event that no relatives can be found, the state takes the assets. All states have rules that bar certain people from inheriting if they behaved badly toward the deceased person.
For example, someone who criminally caused the death of the deceased person is almost never allowed to profit from the death. And, in many states, a parent who abandoned or refused to support a child, or committed certain crimes against a child, cannot inherit from that child.
Learn more about relatives' rights to claim parts of an estate in Nolo's article Inheritance Rights. To find the rules in your state, see Intestate Succession. Intestate succession laws refer to groups of people such as "children" and "issue. It's not always obvious. To qualify as a surviving spouse, the survivor must have been legally married to the deceased person at the time of death.
Usually, it's clear who is and isn't married. But not always. The simple term "children" can mean different things to different people -- and under different laws. Many state statutes use the term "issue" to describe who should inherit in the absence of a will, meaning direct descendants of the deceased person children, grandchildren, and so on. If an intestate succession law includes the deceased person's "sisters and brothers" or "siblings" as heirs, this group generally includes half-siblings and may even include half-siblings who were adopted out of the family.
Obviously, an heir who has died can't inherit. But if the heir was a close relative, such as a child of the deceased person, his or her offspring may be entitled to take some or all of what their parent would have received. Figuring out whether this is the case can be tricky, but it's essential that you do so before distributing assets. To inherit under intestate succession laws, an heir may have to live a certain amount of time longer than the deceased person.
In many states, the required period is hours, or five days. In some states, however, an heir need only outlive the deceased person by any period of time -- theoretically, one second would do. Many states have adopted a law the Uniform Simultaneous Death Act that says for purposes of inheritance, each person is treated as if he had survived the other.
Check your state law to learn the rules in your state. Intestacy laws often provide that if one of a group of heirs has died, his or her children inherit their parent's share. In other words, they take the place of the parent.
According to this concept called the "right of representation" , children or, in some cases, grandchildren stand in the place of their deceased parent when it comes to inheritance. Figuring out exactly who should inherit can be complicated depending on state law.
Parents who have young children and who make a will typically name someone to serve as the personal guardian of their children. But if a guardian is needed and there's no will, how does a judge know whom to appoint? In that situation, the court will appoint a guardian. The judge will gather as much information as possible about the children, their family circumstances, and the deceased parents' wishes and try to make a good decision.
The primary rule is that the judge must always act in the best interests of the children. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site.
The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service.
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