The executor might take furniture not directly bequeathed to an heir into his own custody during the probate process. He’s responsible for it, so he may move it into storage or place it with an appraiser or an estate sale company to ensure no harm comes to it. If the estate ends up ...
If you create a trust as part of your estate plan and are choosing a trustee, the same general attributes should apply. And if you struggle to identify someone in your personal life to serve as an executor or trustee, you can rely on a professional like an attorney or accountant, ...
How to Go about Choosing Executor for Your EstateNancy Dilley Nancy Dilley
While it is possible to pick an attorney or accountant, it is more common for the individual to select a trusted family member or friend as their personal representative. This person is termed the executor of an estate. Think of the executor as the captain who steers a will through the som...
The Form 1041 is used by estates and trusts to pay income tax on any income received by the estate. This is different than the estate tax return, which imposes a tax if a decedent's estate exceeds a specified value. The estate income tax, on the other ha
Contact the administrator or executor of your parents' estate. Ask him to sign the deed. Step 4 File the deed with the county clerk in the county where the property is located. This provides official proof of the deed's existence, should it come into question in the future. ...
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and debts and designating beneficiaries to appointing an executor, this guide serves as a roadmap forcreating a will. For the most peace of mind, use this guide in addition to consulting with an estate planning attorney—they can help you decide whether a will or a trust is right for you...
An heir due to receive money or other assets can choose to decline the inheritance through the use ofan inheritance or estate waiver. The waiver is a legal document declining the rights to the inheritance. In such an instance, the executor of the will would then name a new beneficiary of ...
Leftover assets are distributed to beneficiaries by the executor according to the will. The estate is closed by petition to the court from the executor after all creditors and beneficiaries are paid. Estates Not Subject to Probate There are exceptions to the requirement for probate if the deceased...