What Is Probate and When Is It Required?
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When Is an Estate Income Tax Return Required? If the estate generated over $600 in income after your loved one’s passing and before the estate is settled, you’ll also be required to file an estate income tax return. Many estates of this size generate at least some income from interest...
For instance, in Illinois, individuals who want to challenge a will must contest the will within six months after it has been admitted to probate, while in Texas, interested parties typically have two years after the will has been admitted to probate to file a will contest. Brette Sember, ...
Family members may also use a quitclaim deed to avoid probate court by transferring an interest in real property before someone's death. In this case, the property is transferred by deed during their life, instead of being transferred by a will after the grantor's death. It's important to...
The Seller Is Trying to Back Out of the Deal Just like you are obligated to go through with the purchase unless there is a contingency that applies, the seller is also required to hold up their end of the bargain. If you have the financing and you pay them the money required by the ...
your lease could contain language that says something along the lines of, “in the event of the sale, the current lease agreement will be void once a new owner takes over the property”. While it is possible that your lease could have this type of property sale clause, they are not very...
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Once probate has been officially closed by the court, the will becomes a public record. Generally, anyone can go to the courthouse where it is filed, pay the required fee, and receive a copy of the will. Certain assets do not have to go to probate court or become public records. This...
Intestate is the term used to describe the situation when someone dies without leaving a will. In this case, a deceased individual's assets are turned over to a probate court, which determines how they are distributed. Revocable Trust vs. Will Example ...