Do heirs have to file through probate to distribute property? Decease own a home still mortgage through bank. None of heirs can qualify for a loan. She had credit debt are the heirs responsible to pay? What will bank do w/funds since their is no ...
Can the heirs afford to pay the mortgage even if they can't qualify for a loan? If so, there is a federal law (called the "Garns-St. Germain Act") that may apply. It provides that the bank can't "call" (force immediate repayment) of a mortgage if the property owner dies and the property is inherited by a close family member ... as long as the heirs continue to make payments, the bank must leave the loan in place. Of course, if the heirs stop making payments, then the bank can foreclose.
As the other lawyers have indicated, you are not "personally" responsible for the credit card debts. However, there is a process that must be followed to either repay them or have them declared uncollectible.
You do that as part of a probate proceeding.
If you would like to start a probate proceeding, please phone my office to arrange an appointment. I would be happy to assist you.See question
My brother has handled our family trust terrible, lettting property go, not calling us back. spending money without answers and I beleive he added to the trust without my father's approval. And he claims the original will is lost. what should we...
I agree with Ms. Sinclair. You've been told multiple times that you need to hire an experienced probate attorney to assist you. Are you looking for a different answer?See question
Say that a person is the beneficiary of an estate, and according to a valid notarized will the person is to inherit a large sum of money, but that it might take 30 or so years until the person receives the inheritance. May the person legally se...
There are companies that will buy inheritance rights, but I don't know of any that will do so until they are 100% certain of what you're going to receive. As the other lawyers said, a will can be changed until the very last moment, so no company is going to give you money now and take the risk that the will isn't changed later on.... companies that purchase lottery winners' earnings know the size of the jackpot and have 100% certainty that they'll get the money. Your situation is not the same.See question
It was notoraized in Santa Clara County, CA
I agree with the other two attorneys. In California you would not be entitled to see a copy of the trust unless you are an "heir" or a beneficiary. You would only be an "heir" as defined in the California probate code if your sister has no children and her parents are both deceased. You are only a beneficiary if you are named in the trust to receive a portion of your sister's estate.
If either of these requirements are met (that is, you are an "heir" or you believe you are a beneficiary), then you can file a petition with the probate court to compel your brother-in-law to produce the trust. The county where your brother-in-law resides is the county in which the petition would need to be filed - so if he lives in Santa Clara County, you would file the petition with the Santa Clara County Probate Court.See question
Am 65, disabled, oldest sibling, for past 10 yrs. have been caregiver for 89-yr. old mom with Alzheimers. Last Oct. told 6 siblings house note more, paying burial ins. alone and had to give up my small biz., without help house would be sold by Ju...
You need to contact the San Francisco Adult Protective Services agency, both for yourself AND your mother. Report what your siblings are doing as soon as you can!See question
I live in my aunts home and I was her caretaker, is it too late to petition the court to appoint me since he is having a hard time?
As Mr. Platon indicates, you can file a petition to be named as administrator. If you aren't bondable, there are ways around that issue.
If you would like assistance, my office is in Palo Alto. But if you'd prefer to have your family member continue as administrator, tell him that he should talk to his attorney about the alternatives.See question
My parents' financial planner wants to be named as executor of the will and financial power of attorney. We are in California.
I agree with Mr. Fromm. In my experience most financial planners' broker-dealers prohibit them from acting as a trustee or executor in a client's estate.
I'd be very wary of any financial planner who's lobbying for the job.See question
to live with another person. Do I have any rights to his property? Should I investigate where or not the other person was honest in dealing with my stepfather. He had significant property in his name.
You say your stepfather died 4 years ago. Why have you waited so long to pursue this? You might have some rights to his property, but you don't provide enough information to be able to answer the question. One of the big issues is when did your mother die? If it was more than 15 years before your stepfather's death, then you have no legal right to any of his property.
If your stepfather died less than 15 years after your mother, then there's a very slight possibility that you might have some rights - but only if he had no will (or trust), no spouse, and no children.See question
What is the standard executor fee for a trustee/executor in Half Moon Bay, California. My uncle's estate consisted of several beneficiary designated bank accounts (total value (450,000) and his house in a irrevocable trust (value 680,00). Is ...
If bank accounts are held in pay-on-death accounts - that is, accounts that have beneficiaries designated on them with the bank itself (rather than in a will which states "I give my XYZ bank account to John; I give my ABC bank account to Jane" and so on), then there is no fee involved with them - those accounts go directly to the POD beneficiary.
If the house was held in the name of a trust and the house was the only asset in the trust, then the trustee fee would be based on the value of the house. If there were other assets in the trust, then the trustee fee would be based on the total value of all of the assets in the trust.
How much that trustee fee should be depends on a number of factors - for example, what does the trust say about trustee compensation? Is it set at a specific dollars-per-hour or does it say the compensation needs to be "reasonable"? If it needs to be "reasonable", then the starting point is a determination of how much a bank or private professional fiduciary would charge for handling a similar trust.
If you aren't a professional fiduciary, the Courts usually won't allow you to pay yourself as much as a professional would be paid ... one of the factors in determining the "right" compensation is the particular skills and training you're using in administering the trust. Presumably, a professional trustee (professional fiduciary) is more skilled at administering a trust than a non-professional. I've seen courts approve a fairly wide range of fees for non-professionals - $35 per hour to $150 per hour. Some courts are more generous than others.
If you don't need to go to court for approval (you probably wouldn't need to go to court if the beneficiaries all agree your fees are "reasonable under the circumstances"), then it's a somewhat subjective determination of what's "fair". If you do need to go to court, you'll need to provide the court with solid reasons on what you did (in detail) and why you did it and why you think it's reasonable to get paid $X for having done it.See question
..from using any distributions from a retirement plan otherwise excluded from federal estate tax under internal revenue code section 2039(b) to pay inheritance, estate, or other death taxes or interst or penalties, or to pay debts or administratio...
The short answer is that it's a clause designed to save taxes to the greatest extent possible.... you could call it a "heads up" to the executor that s/he needs to make sure s/he uses a competent tax professional who understands both estate taxes and income taxes to make sure a "rookie" mistake doesn't accidentally trigger a boatload of taxes.See question