Decedent’s Estates
Underwriting Manuals
- TX 1.00 Absentees, Estates Of
- TX 4.04 Decedent's Estates
- TX 5.20 Estate Taxes
- TX 6.16 Fiduciary Deeds
- TX 10.00 Joint Tenancies With Right of Survivorship
- TX 11.20 Life Estates
- TX 12.40 Murder As A Source Of Property Rights
- TX 17.58 Rules Of Descent And Distribution
- TX 18.20 Simultaneous Death Act
- TX 22.08 Wills
Standard Exceptions
- No references available.
Bulletins
- No references available.
Forms
- No references available.
Table of Contents
DEC
Decedent’s Estates
If an owner dies, you must verify compliance with state probate requirements.
Requirements
DECR01
STG
12/01/1995
V
2
Pending Administration – Require Court Order
The estate of ____________, deceased, is subject to administration under ____________________. The Company requires for its review satisfactory orders authorizing the proposed transaction. At that time, the Company may make additional requirements or exceptions.
Comment: This requirement is appropriate where administration of a decedent’s estate is pending and a court order (or orders) is necessary for the sale or other transaction.
Comment: This requirement is appropriate where administration of a decedent’s estate is pending and a court order (or orders) is necessary for the sale or other transaction.
See Underwriting Manual
DECR02
STG
12/01/1995
V
2
Require Administration and Authorization
The Company requires for its review satisfactory authorization of the proposed transaction pursuant to administration of the estate of _____________, deceased. At that time, the Company may make additional requirements or exceptions.
Comment: This requirement is appropriate to require administration of a decedent’s estate and court authorization as necessary on that estate.
Comment: This requirement is appropriate to require administration of a decedent’s estate and court authorization as necessary on that estate.
See Underwriting Manual
DECR03
STG
12/01/1995
V
2
Determination of Heirship if No Administration
The Company requires for its review a satisfactory court order or decree relating to the estate of __________, deceased, in compliance with applicable law determining the heirs of said decedent and satisfactory deeds from the heirs and their spouses. At that time, the Company may make additional requirements or exceptions.
Comment: You should generally make this requirement if a person died intestate and no administration of the decedent’s estate will be necessary. In some localities, heirship affidavits are relied upon periodically.
Comment: You should generally make this requirement if a person died intestate and no administration of the decedent’s estate will be necessary. In some localities, heirship affidavits are relied upon periodically.
See Underwriting Manual
DECR05
STG
12/01/1995
V
2
Estate and Death Taxes
Lien for federal estate and state taxes, if any, on the estate of ____________. The Company requires satisfactory proof that no taxes are owing or that all taxes have been paid. After the Company is furnished this item, the Company may make additional requirements or exceptions.
Comment: You must verify that a decedent’s estate owes no federal estate or state estate/inheritance taxes, either because not taxable (due to size or deductions) or because the taxes were paid. Do not rely upon an indemnity where taxes may be owed unless you secure the Company’s approval.
Release of lien of estate tax as to the premises herein must be obtained and recorded, or proceedings must be reopened and amended to include said premises, and any tax fixed thereon must be paid.
1983 $275,000.00 1987 to 1997 $600,000.00
1984 $325,000.00 1998 $625,000.00
1985 $400,000.00 1999 $650,000.00
1986 $500,000.00
(list by name and birthdate)
Comment: You must verify that a decedent’s estate owes no federal estate or state estate/inheritance taxes, either because not taxable (due to size or deductions) or because the taxes were paid. Do not rely upon an indemnity where taxes may be owed unless you secure the Company’s approval.
Release of lien of estate tax as to the premises herein must be obtained and recorded, or proceedings must be reopened and amended to include said premises, and any tax fixed thereon must be paid.
1983 $275,000.00 1987 to 1997 $600,000.00
1984 $325,000.00 1998 $625,000.00
1985 $400,000.00 1999 $650,000.00
1986 $500,000.00
(list by name and birthdate)
See Underwriting Manual
Exceptions
DECX01
ALTA
12/01/1995
V
2
Recorded Estate Taxes
Notice of federal estate tax lien recorded ___________ [filed under __________] on the estate of _________________, deceased, for the amount of _____________ plus interest and penalty.
Comment: Notices of federal tax liens are generally effective for 10 years and 30 days from date of assessment. However, the special federal estate tax lien is effective for 10 years from death without need of recordation. Certain federal estate tax liens may be effective for 15 years.
Comment: Notices of federal tax liens are generally effective for 10 years and 30 days from date of assessment. However, the special federal estate tax lien is effective for 10 years from death without need of recordation. Certain federal estate tax liens may be effective for 15 years.
See Underwriting Manual
DECX02
ALTA
12/01/1995
V
2
Recorded State Death Tax Lien
Notice of state death tax lien recorded ___________ [filed under __________] on the estate of, _______________ deceased, for the amount of _______________ plus interest and penalty.
Comment: Except to any recorded state inheritance tax (3 years and 9 months) lien unless it is barred by limitation.
Comment: Except to any recorded state inheritance tax (3 years and 9 months) lien unless it is barred by limitation.
See Underwriting Manual
DECX03
ALTA
12/01/1995
V
2
Federal Estate Tax Lien
Any lien for federal estate taxes, plus interest and penalty, by reason of the death of _________________.
Comment: You must verify that a decedent’s estate owes no federal estate or state estate/inheritance taxes, either because not taxable (due to size or deductions) or because the taxes were paid. If you have not received adequate proof, add this exception. Do not rely upon an indemnity where taxes may be owed unless you secure the Company’s approval.
Comment: You must verify that a decedent’s estate owes no federal estate or state estate/inheritance taxes, either because not taxable (due to size or deductions) or because the taxes were paid. If you have not received adequate proof, add this exception. Do not rely upon an indemnity where taxes may be owed unless you secure the Company’s approval.
See Underwriting Manual
DECX04
ALTA
12/01/1995
V
2
State Death Tax Lien
Any lien for state death taxes, plus interest and penalty, by reason of the death of _______________.
Comment: You must verify that a decedent’s estate owes no federal estate or state estate/inheritance taxes, either because not taxable (due to size or deductions) or because the taxes were paid. If you have not received adequate proof, add this exception. Do not rely upon an indemnity where taxes may be owed unless you secure the Company’s approval.
Note: You may add additional local exceptions here. Please consult with our underwriting personnel in preparing appropriate provisions.
Comment: You must verify that a decedent’s estate owes no federal estate or state estate/inheritance taxes, either because not taxable (due to size or deductions) or because the taxes were paid. If you have not received adequate proof, add this exception. Do not rely upon an indemnity where taxes may be owed unless you secure the Company’s approval.
Note: You may add additional local exceptions here. Please consult with our underwriting personnel in preparing appropriate provisions.
See Underwriting Manual
Schedule A
DECS01
STG
12/01/1995
V
2
Heirs or Devisees Subject to Pending Administra
The heirs at law or devisees of _________________, deceased, subject to the administration of the estate of said decedent in _____________ County, Probate Case No. ______________ wherein ________________ is the appointed __________________ of said estate.
Comment: Use this language for vesting if there is a pending administration.
Comment: Use this language for vesting if there is a pending administration.
See Underwriting Manual
DECS02
STG
12/01/1995
V
2
Heirs or Devisees Subject to Future or Unspecif
The heirs at law or devisees of ___________, deceased, subject to the administration of the estate of said decedent.
Comment: Use this language for vesting if the owner is dead and administration has not occurred (but is required) or is possibly pending but is not identified.
Comment: Use this language for vesting if the owner is dead and administration has not occurred (but is required) or is possibly pending but is not identified.
See Underwriting Manual
DECS03
STG
12/01/1995
V
2
Independent Executor
____________, independent executor of the estate of ________, deceased in _____________ County, Probate Case No. _________.
Comment: Although title is not vested in an independent executor as such, it is common to reflect title in this manner if the independent executor clearly has the power to sell in the proposed transaction.
Comment: Although title is not vested in an independent executor as such, it is common to reflect title in this manner if the independent executor clearly has the power to sell in the proposed transaction.
See Underwriting Manual
DECS04
STG
12/01/1995
V
2
Independent Executor and Devisees
____________, independent executor of the estate of _________, deceased in _____________ County, Probate Case No. __________, and _____________________, individually.
Comment: Use this vesting to show devisees if you are not clearly satisfied that the independent executor can sell the land.
Comment: Use this vesting to show devisees if you are not clearly satisfied that the independent executor can sell the land.
See Underwriting Manual
DECS05
STG
12/01/1995
V
2
Personal Representative
____________, personal representative of the estate of ________, deceased in _____________ County, Probate Case No. _________.
Comment: Although title is not vested in a personal representative as such, it is common to reflect title in this manner if the personal representative clearly has the power to sell in the proposed transaction.
Comment: Although title is not vested in a personal representative as such, it is common to reflect title in this manner if the personal representative clearly has the power to sell in the proposed transaction.
See Underwriting Manual
DECS06
STG
12/01/1995
V
2
Personal Representative and Devisees
____________, personal representative of the estate of _________, deceased in _____________ County, Probate Case No. __________, and _____________________, individually.
Comment: Use this vesting to show heirs at law when an Independent Administrator has been appointed by consent of the heirs in the absence of a will.
Note: You may add additional local Schedule A provisions here. Please consult with our underwriting personnel in preparing appropriate provisions.
Comment: Use this vesting to show heirs at law when an Independent Administrator has been appointed by consent of the heirs in the absence of a will.
Note: You may add additional local Schedule A provisions here. Please consult with our underwriting personnel in preparing appropriate provisions.