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“Consulting a real estate attorney early to make appropriate plans for what to do with the property when the owner passes is very advantageous.” Another option is to create a life estate that ...
In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person.
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Usually, the debtor does not need to give adequate assurance for every term of an executory contract but rather those that are materially and economically significant. Fleming, 499 F.3d at 305. However, if the trustee decides to assign the executory contract, all of the assets of a debtor will go to a trust for liquidation and distribution to ...
Administration cum testamento annexo, where the deceased has left a will but has appointed no executor to it, or the executor appointed has died or refuses to act. In this case the court will make the grant to the person, usually the residuary legatee, with the largest beneficial interest in the estate.
Executors have broad authority from the courts to navigate an estate through the probate process. However, there are limits on what executors can do. These limitations stem mostly from an executor ...
An executor is a person appointed by a will to act on behalf of the estate of the will-maker (the "testator") upon his or her death. An executor is the legal personal representative of a deceased person's estate. The appointment of an executor only becomes effective after the death of the testator.