1.What isprobate? Inventory listing all solely owned assets, an returns are required for all estates, regardless of The Probate Court becomes involved when a Inheritance Tax Return, now known as CT-706, a value.person who owns property dies and a division Return of Claims listing Creditors,a...
What is probate, and why does it matter for co-ownership?After someone dies, probate is the legal process where debts are paid and the assets of the estate are allocated. Co-owned property with survivorship rights bypasses probate because there’s nothing for the court to decide — the owner...
A probate sale occurs when a property must be sold after the owner passes away. Learn about the process and why buying a probate property may be right for you.
Because one of the main important things to know about a trust is trusts are set up to avoid probate. Okay?Howard Iken: What is probate exactly? Real quick.Jason Ponder: Probate is the process by which if something that you own or you owned jointly with somebody else, if it’s not ...
When someone dies, they leave behind an estate that contains all the assets they owned. Probate is the legal process through which these assets are sold.
Naming a beneficiary also may help you avoid the delays associated with probate court, which might tie up assets for years in particularly difficult cases. If you don’t name a beneficiary, it can cause significant headaches later, maybe not for you but for those who have to deal with sorti...
What is Probate? Discussion Comments Bycougars— On Jul 15, 2011 @Istria- A HUD home is a residence that was bought by an FHA insured loan and has been foreclosed on. The US Department of Housing and Development then becomes the owner of the property, selling it to the owner-resident, ...
This arrangement is typically used for estate planning purposes, allowing homeowners to manage their assets and potentially avoid probate without violating the terms of their mortgage. Loan assumption approval: In some cases, lenders may approve a loan assumption, allowing a new buyer to take over ...
What is the term return on assets? What does the term "leverage " mean when talking about realestate of finance? 1) Discuss the importance and goals of estate planning. Explain why estates often break up. Distinguish between the probate estate and the gross estate. 2) Briefly describe the ...
“Predeceased spouse” is a term found in probate law. The term refers a person who has died before a spouse they were still married to that held a valid will.What you mean by contingent?1 : dependent on or conditioned by something else Payment is contingent on fulfillment of certain ...