Sunday, October 28, 2018

Probate and a pre-nuptial agreement




Charlie married Olga in 1985 and one week before they got married, they signed a pre-nuptial agreement. The agreement had a clause in it that stated neither party would be responsible for the debts of the other party which accrued before and during the marriage. After they were married, Charlie then moved into Olga’s home. This home was solely owned by Olga. In 1995 - 10 years after they were married - Olga took out a home equity line of credit with a local bank. The line of credit was in the amount of $50,000 and it was secured by a mortgage against Olga’s home. Two years later, Olga went to her lawyer and made a will. The will specifically devised Olga’s home to her son but it also reserved a life estate to her husband, Charlie. The will also said that as long as Charlie occupied the home, he shall be responsible for and shall pay all expenses relating to the use and maintenance of the home which include but are not limited to the taxes, insurance, utilities and repairs. Elsewhere in the will, there was a paragraph which specifically incorporated by reference, the pre-nuptial agreement that Charlie and Olga signed in 1985. Then, Olga died two months later.

Wednesday, October 24, 2018

According to the Connecticut Probate Court Users Guide the first step is to file Probate of Will, form PC-200, within 30 days of the decedent’s passing .


Where to file: according to the Connecticut Probate Court Users Guide the first step is to file Probate of Will, form PC-200, within 30 days of the decedent’s passing . The Southeastern CT Regional Probate Court (PD30) is located in the Groton Town Hall at 45 Fort Hill Road. PD30 covers probate for the towns of Groton, Ledyard, Stonington and North Stonington. PD29 is located at City Hall, 100 Broadway, Room 122, in Norwich. It covers covers probate for Voluntown, Griswold, Lisbon, Sprague, Franklin, Bosrah, Preston and Norwich. The Niantic Regional Probate Court (PD32) is located at 118 Pennsylvania Avenue, in Niantic, CT and covers probate for the towns of Montville, Salem, East Lyme and Old Lyme. New London Probate Court (PD31) is situated at 181 State Street, Room 2, New London, CT and covers probate in Waterford and New London. For more information go to https://bmre.us/probaterules

Step 2 in the Probate process in southeastern Connecticut


Step 2 in the Probate process in southeastern Connecticut is for the fiduciary to take possession of the decedent’s property. For more information go to https://bmre.us/probaterules

Step 3 in the Probate process in southeastern Connecticut


Step 3 in the Probate process in southeastern Connecticut concerns decedent owned real estate. It must be filed as a Notice for Land Records/Appointment of Fiduciary, on form PC-251, within two months of appointment as fiduciary. For more information go to https://bmre.us/probaterules

Step 4 in the Probate process in southeastern Connecticut


Step 4 in the Probate process in southeastern Connecticut is to file the inventory on form PC-440, within two months of an appointment as fiduciary. For more information go to https://bmre.us/probaterules

Step 5 in the Probate process in southeastern Connecticut



Step 5 in the Probate process in southeastern Connecticut is to obtain cash for estate administration as needed. The fiduciary should anticipate the cash needs of the estate to pay for administration expenses, taxes, claims and bequests. He or she has the authority to convert into cash any personal property not specifically bequeathed but must obtain permission from the Probate Court to sell, mortgage or otherwise convey real estate, unless specifically authorized to do so under the terms of the will. For more information go to https://bmre.us/probaterules

Step 6 in the Probate process in southeastern Connecticut

Step 6 in the Probate process in southeastern Connecticut is to follow statutory procedures for the payment of claims against the estate, and file Return of Claims and List of Notified Creditors, PC-237, at the required time. For more information go to https://bmre.us/probaterules

Step 7 in the Probate process in southeastern Connecticut


Step 7 in the Probate process in southeastern Connecticut is to file the tax returns and pay any applicable taxes. Taxes payable as a result of death include the federal estate tax, which is reported to the federal government on federal Form 706, and the Connecticut estate and gift tax, which is reported to Connecticut on Form CT-706/709. For more information go to https://bmre.us/probaterules

Step 8 in the Probate process in southeastern Connecticut


Step 8 in the Probate process in southeastern Connecticut is to file the final financial report or account. It usually occurs within 12 months of the decedent’s death. For more information go to https://bmre.us/probaterules

Step 9 in the Probate process in southeastern Connecticut



Step 9 in the Probate process in southeastern Connecticut is the most anticipated, distribute assets to all of the beneficiaries. For more information go to https://bmre.us/probaterules

Step 10 in the probate process







Finally, Step 10 in the Probate process in southeastern Connecticut is to file Affidavit of Closing of Estate, PC-213. For more information go to https://bmre.us/probaterules

Aretha Franklin’s $80M Goes to Probate


Aretha Franklin’s $80M Goes to Probate, 
Like 50% of All U.S. Estates

Here's what's happening with the Queen of Soul's millions.