Inheritance
Managing Estate
I looked after my older sister after her husband died and she became ill. She was very well established , but she did not make a will and her children inherited what she had.I am a spinster of modest means and live in a rented apartment. I overheard my nephews and nieces talking amongst themselves. They agreed to let me have a small apartment my late sister owned because I had been “so good to her”. They later told me about this. A long time has passed now and I have heard no more. Is there oral agreement binding ?
Inheritance •Managing EstateMy widowed sister died recently leaving an apartment and several bank accounts. She made a will leaving her apartment to me and her only child. She bequeathed her bank accounts to several cousins living abroad. The will was written a long time ago and their full addresses were not given, just the countries, and sometimes the towns, in which they lived. Can the Israeli beneficiaries inherit the money in Israel because we don’t know where or how to contact the beneficiaries abroad ?
Inheritance •Managing EstateHow is the Israeli estate of a foreign resident to be administered by the foreign executor when the deceased has left no will and no children , but there are many potential beneficiaries, some of whom are unknown , and according to a foreign pre-marital agreement the deceased’s property automatically belonged to his wife, who died after him ?
Inheritance •Managing EstateMy husband died a few months ago, leaving heavy debts due to the failure of his business. All that is left are two funds from when he was in the armed services. One started to pay out during his lifetime and the other was due to be paid out after his death. His creditors are trying to get their debts paid from his estate – can they touch these funds ?
Inheritance •Managing EstateMy father died recently. I was surprised to learn that he was heavily in debt and that many creditors were chasing after him. I also discovered that he had a life insurance policy and that I was listed as the sole beneficiary . I have now found out that the creditors know about the existence of the policy and are trying to get their money from it. Can they ?
Inheritance •Managing EstateMy mother passed away a few months ago. I am one of three surviving children. In her life insurance policy she named me as the sole beneficiary although in her will she left her property to all three of us in equal parts. My sister applied to court to get what she claims is her third of the life insurance. Does she have a chance of succeeding ?
Inheritance •Managing EstateDoes inheritance tax have to be paid on the estate of a deceased person domiciled in Israel ? Do beneficiaries or heirs abroad have to pay tax on what they inherit from the deceased’s estate ?
Inheritance •Managing EstateHow is the estate of a deceased managed if it is discovered that there is not enough in it to pay off the debts ?
Inheritance •Managing EstateI inherited an apartment under my aunt’s will. There are large debts due on the estate because my aunt incurred heavy care and medical costs over a long period before her death. Could my inheritance be at risk because of these debts, or is it ‘saved’ because it is real estate, rather than money ?
Inheritance •Managing EstateAlthough when a testator bequeaths particular property to someone in a will there is an assumption that the person should receive it in its entirety, this is so only when there are sufficient funds in the residual estate to cover the debts after the beneficiaries’ shares have been put aside. Where this is not the case, the beneficiaries will have to bear the burden of the debts, according to their relative inheritance. It does not matter whether they inherit rights, real estate or moveable property.
Is a beneficiary’s share under a will affected if after the testator’s death large debts are due from the estate to cover medical and care costs towards the end of his life ?
Inheritance •Managing EstatePossibly. Whether a beneficiary’s share under a will is affected by the existence of large debts due from the estate depends on whether there are enough funds in the residual estate ( what the deceased did not bequeath as parts in his will) to cover them. If there are sufficient funds in the residual estate , then the beneficiary’s’ share will be unaffected. If there are insufficient funds there, then the liability for the debt will be born proportionately by the beneficiaries , according to their relative parts in the will .
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