Search results
Results from the WOW.Com Content Network
A will and testament is a legal document that expresses a person's wishes as to how their property is to be distributed after their death and as to which person is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy.
The executor must also file an estate information return with the Ministry of Finance within 90 days of being issued the certificate of appointment of estate trustee. Once the assets have been distributed and any debts have been paid, the executor will apply for a certificate of final distribution from the court, which will release the executor ...
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
In the United States, assets left to a spouse who is a U.S. citizen or any qualified charity are not subject to U.S. Federal estate tax. Assets left to any other heir, including the decedent's children, may be taxed if that portion of the estate has a value in excess of the lifetime gift, estate, and generation-skipping transfer tax exemption ...
However, some assets are recognized as exempt to allow a person significant resources to restart their financial life. In the United States, asset exemptions depend on various factors, including state and federal law. [2] [3] [4] The estate (or assets) of a bankrupt person is administered by a trustee in bankruptcy.
The years-long court battle over Prince’s $156 million estate came to a close this week when a Minnesota judge signed The post Estate of Prince, who died without a will, finally settled; 50/50 ...
The six-year legal battle over pop superstar Prince’s estate has ended, meaning the process of distributing the artist’s wealth could The post Final valuation of Prince’s estate pegged at ...
The court may consider such factors as "substantial contribution to the accumulation of the property, the market and emotional value of the assets, tax and other economic consequences of the distribution, the parties' needs, and any other factor relevant to an equitable outcome." Fairness is the prevailing guideline the court will use.