When a property owner created a valid will before they passed, the choices are to probate the will or use an Affidavit of Heirship to establish heirship. The affidavit is a sworn statement to determine the heirs of the deceased. Using an affidavit of heirship is the more economical option;...
Generally, real estate held by a deceased person will pass to beneficiaries named in a valid will, if one exists. If no will exists, the property passes to intestate heirs under the New Jersey intestacy statute. In both cases, the property must pass through probate. However, certain assets ...
Probate is the legal means by which a deceased person's assets transfer into the ownership of a living individual. An executor is appointed by the probate court to oversee andmanage the probate process, and one of the executor's first responsibilities is togather the decedent's assets. This w...
How to Sell a Deceased Relative's Car Who Gets the Money? You might find that you are limited as to your options for selling the car. For example, if your spouse's assets must go into a pool that is split among heirs, you won't be able to sell the car to a child for $1 or ...
The estate tax, in its most basic form, is a progressive tax levied on the property of deceased individuals at their death. It appears to be unfair since it is imposed when a person’s home passes from one owner to another. The estate tax was implemented to prevent the accumulation of ...
divorce create problems that will surface later. Years pass, the former spouses remarry new spouses, and life goes on. The spouses assume that the property has been divided. Then one of the spouses decides to sell or refinance the property and learns that his or her ex is still on the ...
selling items directly out of the home they belonged to. However, estate sales are not limited to the belongings of deceased individuals. They can also be held by individuals who want to sell their belongings or families who are moving quickly and don’t want to take their possessions with ...
landed properties or personal belongings, and you want to take over these assets, or want to administer, manage, distribute, or sell off the assets; the following is a guide on the procedure to obtain the letter of administration in Nigeria and assume control of the estate of the deceased....
Death of a Parent: The surviving parent may limit or cut off contact with the deceased parent’s extended family. Child Welfare Concerns: If there are allegations of neglect or abuse by the parents, grandparents may petition for custody or visitation. When to Seek Legal Advice Not all situatio...
The step-up in basis is a valuable tax provision that allows inherited assets to have their cost basis adjusted to their fair market value at the time of the previous owner's death. This adjustment can significantly reduce capital gains taxes for heirs when they sell the asset. However, this...