When someone dies and leaves behind money or property, a probate court appoints an executor to oversee the estate and distribute the assets to the heirs. If you believe the executor is stealing from the estate, you have the option of filing charges against him.
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If you file a civil lawsuit, the executor may be required to pay back some of the stolen assets. Take your evidence to the police department and to the district attorney's office if you decide to file criminal charges. Sign a complaint against the person you believe is stealing from the estate.
You should also contact an estate attorney about the notification process, including required death notices in the local newspapers and elsewhere. This will provide the notification you need to protect yourself legally and prevent others from contesting the estate. How Do I Obtain a Death Certificate?
The only person permitted to act on behalf of an estate following a death is the personal representative or executor appointed by the court. Assets need to be protected. Following the death of a loved one, there is often a period of chaos. This, coupled with grieving,...
Hire a lawyer to file a lawsuit if you decide to prosecute the matter in civil court. Choose a lawyer who specializes in probate matters. Keep in mind that even if you win the lawsuit, you won't get any money if the executor has no assets and has already spent the stolen money. Alan Sembera began writing for local newspapers in Texas and Louisiana.
The best way to protect the assets is to open the estate right away. The court will name an executive or personal representative, and that individual will be charged with protecting the assets and distributing them in accordance with the wishes of the deceased.
If you are unsure about the tax situation, you should contact the person who handled returns for the deceased. They should have copies of past tax returns, and they should be up to speed on any outstanding audits, tax debts or other issues.
You should also contact an estate attorney about the notification process, including required death notices in the local newspapers and elsewhere. This will provide the notification you need to protect yourself legally and prevent others from contesting the estate.
If the assets in the estate are less than the debts and tax obligations, those debts do not become the responsibility of the loved ones left behind. Unfortunately, many people do not understand this, and they end up paying off debts for which they have no financial or legal responsibility.
The days and weeks following the death of a loved one can seem like a blur. The grieving process is difficult enough, but there will also be a funeral to plan, relatives to notify and financial issues to handle . Meeting with an estate attorney as soon as possible can ease your burden and make a difficult time easier to bear.
If you fail to open a probate estate, you could be liable for taxes and other claims. Even if you do not think a probate estate is necessary, it is important to discuss your options with an experienced estate attorney.
Call Arizona Estate Attorney Dave Weed at (480)426-8359 to discuss your case today.
10 Things to Know After the Death of a Loved One. A power of attorney is no longer valid. Many people believe that, as the power of attorney , they continue to have the power to administer an estate following the death of a loved one. This simply is not the case. A power of attorney is no longer valid after death.
The family should check with the decedent’s attorney or accountant to see if they have the original or a copy. The family should also check with the bank where the decedent maintained an account to see if one may be located in a safe deposit box.
Holding the assets of the decedent in an effort to prevent creditors from reclaiming their debt is a risky proposition. Creditors have the right, after enough time passes, to petition the court to open the probate estate themselves.
Many people believe they don’t need to open an estate because their loved one did not have a lot of money. The mistake with this belief is that the debts and taxes of the decedent often go unpaid while assets are distributed. The family is then surprised when a creditor or the IRS shows up looking to recover their claim.
If there are insufficient assets in the estate to satisfy all the debts or tax obligations of the decedent, those debts and obligations do not become the responsibility of family and friends. Many will assume responsibility, believing it is the right thing to do, but they are not legally required to do so.
Assets need to be protected. Following the death of a loved one, there is often a period of chaos. This, coupled with grieving, presents a unique opportunity for those bent on personal benefit. It is important for the family, even before the opening of an estate, to protect all assets that belonged to the decedent.
If you have questions about the management of your loved one’s estate or the probate process, call us anytime at (888) 694-1761 to get answers.
If you inherit a home after a loved one dies, federal law clears the way for you to take over an existing mortgage on the property more easily. It also requires mortgage servicers to provide you with information about the home loan, as well provides protections against foreclosure.
a transfer where the spouse or children of the borrower become an owner of the property. a transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property, or.
A successor in interest, like an original borrower, is also entitled to enforce some provisions of federal mortgage servicing laws, including many of the loss mitigation procedural protections. Generally, these protections and servicing obligations apply to most mortgage loans, including first or subordinate liens on one-to-four unit principal residences. (12 C.F.R. § 1024.30). Certain entities, though, like the Federal Deposit Insurance Corp., and small servicers are exempt from having to comply with some of the requirements.
This clause states that if the property is transferred to a new owner, then the full loan balance can be accelerated, and the entire loan must be repaid.
Now, though, "successors in interest" get the same protections under federal mortgage servicing laws as the original borrower. (12 C.F.R. § 1024.30)
The Ability-to-Repay Rule Doesn't Apply. Also, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that helps an heir assume a deceased borrower's mortgage after inheriting a home.
(12 U.S.C. § 1701j-3). So, if the property transfer is covered by the Garn-St. Germain Act, you can keep making payments on the loan—and the transfer can't be the basis for acceleration and foreclosure. You can also assume the loan if you want.
If you file a civil lawsuit, the executor may be required to pay back some of the stolen assets.
What Are the Duties of an Executor of Estate in Michigan? When someone dies and leaves behind money or property, a probate court appoints an executor to oversee the estate and distribute the assets to the heirs. If you believe the executor is stealing from the estate, you have the option of filing charges against him.
When one “tenant” dies, the property will pass to the survivor. Additionally, a common arrangement between elderly parents and adult children is to deed the property to the children, with the parents retaining “life use”. This means that the parent has the right to live in the residence during his lifetime.
When a loved one dies, settling his estate can seem like a daunting task. Those left behind may not know what rights they have as a beneficiary or heir of an estate. The legal rights of family members depend largely on whether the decedent had an estate plan in place. Most states have a probate court where a beneficiary or heir can enforce his ...
Most states have laws preventing a decedent from disinheriting his spouse. Even if a decedent intentionally leaves his spouse out of his will, she is , nonetheless, entitled to a certain amount of his estate, which is known as the “elective share.” Each state has laws governing the amount of the elective share and how a surviving spouse can exercise this right. For instance, in Tennessee, a surviving spouse must make her election within nine months of the date of death, and the amount to which she is entitled depends on the length of the marriage. In North Carolina, the amount of the elective share depends on whether or not the decedent left surviving children.
Fiduciary Duty. An executor, trustee and estate administrator each have what is known as a fiduciary duty to the beneficiaries or heirs of the estate. This means she has a legal duty to carry out her position in an honest and prudent manner.
Probate is the process by which a court authenticates the will and bestows authority on the personal representative to administer the estate. The will has no legal effect until it has been filed and accepted for probate. Part of the probate process is the notification of interested parties. If you are a beneficiary of the will or an heir ...
A survivor’s legal right to real property depends largely on how the property is titled. This information can be found on the deed to the property. If the deed has been recorded, you can obtain a copy from your local recording agency’s office, often for a small fee. Generally speaking, real property, if owned solely by the decedent, is subject to probate; if there is no will, it becomes part of the intestate estate. However, there are instances in which real property passes outside of probate or intestacy. If real property is owned jointly by husband and wife, often referred to in a deed as “tenants by the entirety”, upon one spouse’s death the property will automatically pass to the surviving spouse. Unmarried individuals can also own property with this right of survivorship. When one “tenant” dies, the property will pass to the survivor. Additionally, a common arrangement between elderly parents and adult children is to deed the property to the children, with the parents retaining “life use”. This means that the parent has the right to live in the residence during his lifetime. Upon his death, any interest he had in the property passes to the children named in the deed.
A decedent may leave instructions for how his estate should be distributed in a will or a trust document. In this case, the rights of family members will be dictated by the terms of the will or trust. A member of the family will likely be named in the will as the personal representative of the estate or as the trustee of a trust.
Dealing with a family member’s death can be a double cruelty. There is the emotional loss. Then, that’s often followed by the monumental task of dealing with the deceased’s estate—you might have to figure out how to sell their home (here’s how to find a real estate agent in your area) and sort through any property or possessions left behind—especially if there’s no will.
We’ve gone over the profitable elements of an estate. But remember, an estate includes debts as well. According to the Federal Trade Commission, in the U.S., family members of the deceased are not responsible for paying the deceased’s debts. (That’s in most cases.) Debts should be paid from the deceased’s estate.