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One thing to know about debt is that it doesn’t go away — even after the death of the person holding it. When someone dies, their debts and assets typically pass to their estate, according to ...
Residuary estate - the portion of an estate remaining after the payment of expenses and the distribution of specific bequests; this passes to the residuary legatees. Specific legacy (or specific bequest) – a testamentary gift of a precisely identifiable object. Testate – person who dies having created a will before death.
A small estate affidavit is a sworn legal document that may allow an estate to avoid going through probate. Small estate affidavits are permitted in many states, as long as the value of the estate ...
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
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.
Here's what you're responsible for and what you aren't after a loved one's death. Sabina Wex. March 14, 2024 at 7:23 AM. ... If there’s no value left in your estate, the debt goes unpaid and no ...
The modern view is that where a beneficiary was intended to inherit part of the residuary estate who predeceases the testator, and that beneficiary is not covered by the anti-lapse statute, then that beneficiary's inheritance will return to the residuary estate, to be inherited by the other beneficiaries to whom the residue has been willed.
However, some states have their own estate or inheritance taxes with much lower thresholds — for example, Massachusetts taxes estates over $2 million if the death occurred after January 2023.
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