70

Also the will stipulated that the house cannot be sold as long as one of my wife's aunts (not the same one who supposedly took the file cabinet) is alive. This is a turkey of a provision, particularly if she is not living in the house. It essentially renders the house, which is mortgaged, valueless. You'd have to put money into it to maintain the mortgage ...


10

TLDR: There are no to few monetary downsides. The process of settling an estate is called probate. Creditors can make claims against the estate, and assets should stand to pay any debts. If more debts are owed then assets, the beneficiaries are not held liable. Final expenses are usually the first amount paid out in full. So if the estate only contains ...


7

For the money in the beneficiary IRA, you should be able to pick from a group of Investments. This can include stock funds, bond funds, and even individual stocks. Those funds can be mutual funds or Exchange traded funds. It is likely among those lists of options some will be index funds, which are great because of their low costs. If you have earned income ...


5

There is no inheritance tax on federal level there may be a tax at the state level. Inheritance taxes are different from estate taxes which effect the money that you would be inheriting before you receive it.


4

Under no circunstances will the bank keep the money for itself. Keeping the money is considered Unjust Enrichment: A general equitable principle that no person should be allowed to profit at another's expense without making restitution for the reasonable value of any property, services, or other benefits that have been unfairly received and retained. ...


3

The legal term for this is "intestate succession". The 1990 Uniform Probate Code form the basis for intestate succession, though implementation and supplementary provisions will vary from state to state. Under the Probate Code, the estate will be distributed as follows : If there is a surviving spouse, then the spouse will inherit 100% of the net estate. ...


3

The surviving children effectively inherit the entire sum, sharing it equally, or nearly equally if Child-1 is a survivor. If the children are not adults, there would need to be a guardian appointed by the court probating your estate. Unless you have a particular reason for giving a little extra to Child-1 (Number One Son, maybe?), consider changing the ...


3

There are a few standard ways: Open a US bank or credit union account - most US banks will accept wires from foreign banks. You may need to get a SWIFT code in order for the UK bank to send the money to the right bank. Use third party service - Nerd Wallet has a list of companies that provide this kind of money transfer service. Examples include: Western ...


2

Things are more complicated for non-spouse beneficiaries of a 401(k) account. If you have not deposited the money yet, you may wish to contact the plan administrator and have them do a trustee-to-trustee transfer. If you take possession of the money (by depositing that check) then it will be considered a distribution and won't be eligible for a roll-over ...


2

The trust is not a secondary beneficiary. When you retitle your accounts in the name of the trust, the trust becomes the de facto beneficiary which contains your will which spells out the trustee(s) or personal representative(s) (the name varies in different states) as well as how the assets are to be invested and/or divested to your heirs. I'm not sure if ...


2

what prevents someone from coming forward with the same trust name and attempting to lay claim to such assets The fact that they won't have a notarized document with your signature on it establishing the trust, whereas your trustee will.


1

Running a quick check on things owned by trusts, the names in this state for revocable living trusts tend to look like the following: Firstname Middlename Lastname Revocable Trust Dated mm/dd/yyyy Firstname Mi Lastname Revocable Trust Agreement Dated mm/dd/yyyy Firstname Mi Lastname Revocable Trust Under Agreement Dated mm/dd/yyyy Lastname Family ...


1

The allocation that you have proposed is rather straightforward and will will self adjust in the event of demise of one or more family members. For a situation with far more beneficiaries, you can create a self adjusting formula. Here's a rough idea of what I did. I allocated units to family, friends and charities. For example (made up numbers), an ...


1

Consider contracting with a property management company to lease and maintain the house until it can be sold. Rent on the property should cover the mortgage, property taxes, etc. The property management company can handle maintenance and the tenant would be responsible for utilities.


1

The bank doesn't keep it. It will stay unclaimed until the unclaimed assets process in the state that the bank branch is in kicks in. At that point it it a state by state process, with each state being different. You will need to inquire to the state government about what the process is in that state. (This will probably be searchable online.)


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