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Important 2021 Tax Due Dates for Individuals. Jan. 15, 2021. If you are required to make estimated tax payments, your payment for the fourth quarter of tax year 2020 is due on this date. Submit ...
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 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 state where the deceased resided at the time of their death.
In principle, all foreigners holding U.S. property are subject to the estate tax, even if they have never set foot in the U.S. and hold U.S. stocks directly only through a foreign brokerage account. In such cases, the estate should file Form 706-NA with the IRS within nine months of the date of death to be assured of avoiding penalties.
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust, such as property or investments you own.
Many people dread the idea of their assets going through probate, due to the time, cost and lack of privacy. Here are the main reasons people try to avoid probate court:
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