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How Property and Assets Pass at death

So you have a lot of assets to deal with including a house.  It is important to know how property and assets pass at death.

As a general rule, here are some of the principles for settling estates with surviving spouse:

• Joint Checking Account – passes to spouse.  Jointly owned with right of survivorship.
• Savings Account – passes to spouse.  Jointly owned iwht right of survivorship
• Stock Certificates – passes to spouse IF joinlty owned, or passes to estate to be probated if it was individually owned by deceased spouse.
• Residence or Real Esate – if jointly owned, then 1/2 to spouse and the 1/2 ownership to estate.  If individually owned by deceased spouse then ownership passes to estate.
• Investment Account – if individually owned by deceased, then passes to estate.
• Insurance – paid directly to beneficiary, usually the spouse.  The insurance benefit never comes into the Personal Representatives control unless the beneficiary is designated as the estate.
• Individual Retirement Account – paid to designated beneficiare who would most probably be spouse.
• Personal & Household Goods (boat, car, etc) – individually owned asset would pass directly to the estate.

Probate Process – The Settlement of an Estate

The cumulative effort to find all the creditors and make sure they are paid and the remaining assets distributed to the heirs by the Probate Court is called the Settlement of the Estate and can be summarized into the following steps:

• Probate the will or determined that the person died with out a will and appoint a Personal Representative to administer the estate.
• Determine what assets were owned by the decedenta t death and appraise all of these assets.
• Determine the decedent’s debts and pay them, pay the income and estate taxes and other expenses of administration according to the property priority of ppayment
• Distribute the remaining assets to the rightful heirs or beneficiaries.

Now it is important to know that this process can be expedited in some cases, but when there are significatn assets and several beneficiaries it can get complicated.  But the sooner all beneficiaries are in agreement, the quicker and the smoother the process.

It is also helpful that all heirs and their spouses have easy access to email, faxes and an overnight mail service.

The basic steps will include:

• Proving the Will
• Appointing a Personal Representative
• Taking inventory of the estate and record
• Notify all creditors of the death
• Pay all debts, fees, expenses, clains, and taxes
• Distribute the remaining monies.

How Probate Works – the basic steps

Many of our sellers call us about their options of selling a home that a loved one owned and are just getting started on the process of dealing with all the legal stuff.  If they are lucky, the loved one had all of their ducks in a row.

More often than not, the house and other assets must go through the Probate process.  So I think it would be beneficial for us to take a look at how the process works.

So what is a probate estate?   This is when the individual is deceased without a surviving spouse and the assets are not held in Trust, then the estate is probated by law.  This is the process of finding and paying all the creditors.

The Probate Court makes a concentrated and reasonable attempt to contact all fo the creditors of the deceased so that by law the creditors can collect.  The court will decide the satisfaction of the estate with the creditors and the distribution of the assets relative heirs as outlined by the written Will of the deceased – otherwise know as the settlement of the estate.

Tucker One Garage Sale

Printer: Minolta Page Pro 1250 E

2 paper trays

Missing a basket to print off the front, although paper can print and lay on top just fine

Was serviced by Hotz Business Solutions

Asking $50 or best offer

New 2003

Muratec Plain-paper digital Fax / Copier Printer

Muratec Plain-paper digital Fax / Copier Printer

two paper trays

New in 2003

Serviced by Hotz Business Solutions

$50 or best offer

Conference Table

Table Only

2 base units and top

all made out of corrion

$200 OBO

White Reception Chair

2 Chairs

$25 Each OBO

Work Table (held printer & copier)

$25 OBO

Pedestal Table $25

Other Items

Glass Top Table  – wood frame $25

wireless mouse – $10

power point presenter clicker – $10

2 office swivel chairs $10 each

Email TuckerOneProperties@gmail.com for more info

Cash & you carry out.

Awesome Prairie Village Home – Tons of Space

6340 Ash, Prairie Village, KS 66208

• Country Side East
• 5 Bedrooms Plus
• 3 Full & 2 Half Baths
• Finished Walk Out Basement
• 3489 Total Finished Sq Ft
• Must see on your Priaire Village Tour

Used Window Air Conditioners for Sale

3 Used Window Units – Buy all 3 $100 Cash

Call Don – 816-523-4400 x 225 – leave a message

Zenith Window AC

• 5000 BTU
• 115 V
• 4.8 Amperes
• Model ZW50000T8
• $50 Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GE Window AC

• 5050 BTI
• 115 V
• 4.7 Ampers
• $50 cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature 2000 Window AC

• 5000 BTU
• 115 V
• 5 Amperes
• Model KSA-5837B
• $50 Cash

portable dishwasher for sale in kansas city

Used Portable Dishwasher

White with Butcher Block Top

Maytag

Model # MDC4100AWE

Serial # 121748824b

Cash and Carry

You load and take away

Call Don – first buyer with $50 cash takes it away

Or Best Offer

913-208-3017

Doing Business in Waldo and Brookside

If you don’t know where Waldo Is and you have not strolled though the Brookside neighborhoods in Kansas City Missouri, then take a 2nd look.  If you are looking for a great home for your business, this is it.

Neighbors are front porch friendly, walking their kids and their dogs down the city streets.  They stop and talk to you, they say hi and they make eye contact.

Places to head out for lunch or dinner or even breakfast are just a block away and we even have a Quick Trip if you need gas or a soda fast.  Need office supplies, computer repair, banking, or to ship a package.  Need to run by the pharmacy, pick up a bottle of wine on the way home, or do your weekly grocery shopping.  It’s all here in Waldo and Brookside.

So when you are considering your next home for your office, studio or retail store, think Brookside and Waldo:

• http://www.brooksidekc.org/
• http://www.waldokc.org/
• http://www.southtown.org/
• Check out our office for sale in Waldo:  115 E Gregory Blvd

All Updated with Awesome Low Price in Maintenance Provided Community in Indpendence

16704 E Duffey Ct

3 Bedrooms

3 Full Baths

2 Car Garage

Finished Basement

1331 Sq Ft

Built in 2002

Quality Prairie Village Renovation

FOR SALE by Owner Agent! (we are the owners and the listing agents)

If you are tired of those renovated homes that just went 1/2 way . . . you know the ones  . . . old cabinets with new counters.    Just a bit of paint everywhere else, then you need to see this house.

Kitchen and both bathrooms were gutted before new custom cabinets and tile were installed and yes we have GRANITE and STAINLESS STEEL APPLIANCES! Yes it was painted inside and all new carpet.  Did we mention BRAND NEW HARDWOOD FLOORS. We didn’t skip the oustide either:  BRAND NEW SIDING with several exterior walls rebuilt.  BRAND NEW THERMAL WINDOWS. Want to watch heating and cooling dollars, those two items alone will help a lot.  And we spent time on a NEW PATIO, and HARDSCAPE. Come spring, you have a perfect backdrop to landscape in your own design.

Next we looked to the mechanicals with a BRAND NEW 92% EFFICIENT FURNACE, BRAND NEW CENTRAL AIR, BRAND NEW HOT WATER HEATER. We also replaced a lot of the plumbing lines and upgraded the breaker box.

Did we say for sale by owner agent?

Give us a call  Don 913-208-3017 or Kim 913-208-3544 (we are also agents with Realty Resource,LLC)

Search area properties for sale with Realty Resource:  click here