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Debt Responsibility

Parent Category: Estates
Questions relating to the responsibilities for debts left by an individual that has died.
No unless you specifically guarantee payment.
The estate must repay the loan before assets are inherited.Otherwise, only if they cosigned.
Most states provide some form of homestead exemption against creditors for your primary residence. However, the amount protected varies by state. The inherited property may be vulnerable to your creditors. Your creditors may seek judgment liens in civil court and may be able to record those liens in...
While I am not sure what you mean by "cost to become an executor ofthe estate," you might find this information useful on the cost toopen an estate. To be appointed as executor or administrator of the estate(executors serve is there is a will, administrators serve if thereis no will or no named...
In California, a community property state, all income and property of the family unit is subject to consideration for repayment of student loan debts. If student loans are in default status and the borrowing spouse passes away the debt does NOT necessarily die with the borrower. Depending upon the...
You do not have to justify using money in your bank account unlessyou are in the middle of a bankruptcy and someone is overseeingwhat you are doing. There are few occasions where you have todivulge this type of information.
Typically they are no responsible. However, the estate has to resolve it before making a distribution.
Yes, it could. The property would be considered a part of his estate. A lien could be put against it.
Generally, the daughter would own the fee in the property subject to the mother's life estate. So the answer is yes, the property would be part of the daughter's estate.
The estate is responsible for the debts of the decedent. If there is no estate the creditors are out of luck.
Her estate is responsible for all debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Yes, you are responsible for the difference in the balance you owed and the amount they sold it for. i.e.: owed 50,000, they sell it for 30,000; you still owe them 20,000.
A beneficiary has no responsibilities. They receive the benefit of the bequest or trust. They would be responsible for any tax consequences.
The only debt you're liable for - is anything in joint names. Any debt solely in his name died with him.
Yes - if the account is in joint names, and one of the named people dies, the surviving person assumes all liability for the outstanding balance.
If the couple was still married at the time of the death then the surviving spouse has a right to a portion of the estate under the state laws of intestacy. You can check the laws in your state at the related question link provided below.
Generally, an executor doesn't need to be the "legal spouse".
No - the surviving spouse is not liable for the deceased person's bills !
Asset information forms need to be completed upon death of someone.This is the same for insurance policies, beneficiary designations,deeds for real estate, car titles as well as closely held businessdocuments.
Unfortunately, yes. The ambulance charge has nothing to do with your husband passing away in the hospital. Sorry for your loss.
In most cases the debts of the deceased, including hospital bills, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. If there is not enough to cover the bills, they should present a plan to the court as to...
Yes, funeral expenses are a valid debt to the estate. The estate has to pay off the debts including funeral expenses. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
yes you do, but maybe the heirs will forgive the loan that was made.
The initials PA can stand for several things. Among them arePhysician Assistant, Port Arthur, Prince Albert, and it is anabbreviation for the state of Pennsylvania.
A voluntary judgment occurs when the debtor agrees to the chargesagainst them from their creditor. A court will act as a mediator tofinalize a payment arrangement that the debtor offers to thecreditor.
No. If an Executor takes out a loan it has nothing to do with the estate he is executing.
I have never heard of any ambulance sending a bill to a family when the patient did not get transported, nor any time a patient died en route. If the patient died while being transported, contact the ambulance company and ask what the heck they think they're doing when the standard of care...
The estate has to notify all known creditors. If they suspect there are other creditors in the state, they should attempt to find them. Not to do so may cause problems later on.
You need to obtain a court order. You must do so ASAP. Keep in mind that an executor has no legal authority to deal with a decedent's bank accounts until they have been appointed by the court. If the executor has been appointed by the court you must file a motion immediately to have the letters...
Usually rental agreement has a cancellation clause that sets theterm under which the rental agreement can be cancelled. It iscommon for them to require 30 days notice before vacating.
If creditors have filed claims against the estate and there is no cash to pay the claims then the real property must be sold to pay the debts. The debts of the decedent must be paid before any property can be distributed to the heirs.
In most cases the debts of the deceased are the responsibility of the estate. If you signed the papers on the funeral arrangements you might also be responsible. Consult a probate attorney in your jurisdiction for help.
almost anything. from jewelry to a guitar.
No, it does not. Life Insurance is a contract between the deceased and the insurance company. Unless the estate has been listed as the beneficiary, the will has no affect on the policy.
Yes and no. Alabama is not a community property state, so the only way he would owe anything on those bills is if he put himself up as a guarantor over the medical expenses. It is common practice for hospitals to try to get spouses into that position.
Depends on the State, however any deceased persons assess would be drawn down on their assets through probate. This means that if you held joint assets with the spouse; ie., home, banking, investment accounts, then what every value therein is up on the table for the creditors. In those States that...
The executor should pay the bill. If there isn't enough to pay it, the state may not get their money.
No, and even if you had been married the answer is still no unless you signed as a guarantor of payment. It is common that debt collectors attempt to harass the spouse with claims of shared liability, however 9-out-of-10 times it is just lies.
There are several IRS publications that may help you. Get them on the web at IRS.gov First, there is a concept called "innocent spouse relief" that you can read about in Pub 971. Others deal with deceased spouses in general and they are Pub 554 and Pub 501. Answer The answer is generally, Yes....
The estate has the primary responsibility. Depending on the insurance, they may also have a responsibility.
The estate is responsible for the IRS bill. If there is not enough to cover it, the government may not get it.
If there is any other property such as real estate then it must be sold to pay the debts. If there are no assets the estate will be deemed insolvent by the court and the creditors are out of luck.
If your late mother executed a deed that conveyed her property to you while reserving a life estate for herself then you acquired the property by deed and not by inheritance. Your brother had no right to "forcibly" move into your home. You should have addressed the situation at the time he moved in....
In most cases the debts of the deceased, including hospital bills, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. Consult a probate attorney in your jurisdiction for help.
In most cases the debts of the deceased are the responsibility of the estate. Anyone that was also a co-signer on any of the agreements might also be responsible. Consult a probate attorney in your jurisdiction for help.
If your mother passed away during the year, yes. The 1040 is for the time that she was living. The 1041 covers the estate for the remainder of the year.
Answer . If a person dies intestate owning real estate an administration of the estate must be filed in order to vest title to the real estate in the heirs. Until that is done, the heirs don't legally own the property and it cannot be sold or mortgaged.
A person's estate is responsible for paying their debts. The debts must be paid before any property is distributed to the heirs.
The estate must be probated and the creditors will be given notice. The decedent's debts must be paid by the estate before any property can be distributed to the beneficiaries.
While the estate is still open, the property will become part of the estate and will be distributed under the provisions of the will or as intestate property.
Yes and no. The estate of the deceased is responsible for payment of any debts of the departed, so if you had been willed any form of an asset then it could be liquidated or levied for the repayment of a debt owned to the estate. The only time children or a surviving spouse are liable is if they put...
Once married you and your husband's legal issues are heavily bound together. Living it will be hard to keep the financial picture separated. If he is deceased, the debts are the responsibility of the estate. Anyone that was also a co-signer on any of the agreements might also be responsible. Consult...
When someone dies leaving debts they must be paid first out of thedeceased estate and any monies owed to him collected before theremainder of the estate is divided between the heirs andbeneficiaries. If there is not enough money in the estate to settlethe debts then they "die" with the person.
Generally no, however any shared assets, such as a bank account or home, would be subject to levy and/or garnishment for his unpaid debts. Also, some debts where you had a shared benefit could attempt to attach liability on you, especially if they showed in court any attempt to shelter or harbor...
The estate has to pay off the debts including credit cards. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Private money owed no, since the courts do not recognize common loans. However, if there was a contract or loan agreement you could make a claim upon the estate for payment. Just like many other financial wind ups there is an order of priority - (1) State and Federal Taxes; (2) Courts, Probate and...
Any and all assets of a deceased can be used for the repayment of his debts. However, if the pension is making a lump sum payment to a "beneficiary" like a spouse, then it would not be considered an asset of the deceased and you could fight any claims a creditor might make, but if it just pays out...
The trust property is not part of the estate unless the trust is found to be invalid and the testator was also the trustor. The will provides for the distribution of property owned by the testator at the time of death. More specific details may be added on the discussion page.
If the marriage was valid then she is the surviving spouse. The children may also have rights. You can check the laws of intestacy for your state at the related question link provided below.
If the estate was duly probated and is now closed then the creditor is out of luck. When an estate is probated a notice is published and the creditors have a certain time period during which to file a claim with the probate court. That time period varies from state to state. If that time period has...
If your mother died intestate (without a will) and she owned any property when she died her estate must be probated. Title to real property cannot pass to the heirs unless the estate is probated. The debts of the estate must be paid before any property can be distributed to the heirs at law. If...
It is doubtful that she had no estate at all. Taxes would have tobe paid first out of the estate and they would not allow otherwise.Assuming she truly had nothing, including no residence, no bankaccount at all, no Social Security Check, no car, no nothing, thenmaybe they would let it go. When I mean...
There are nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington State, and Wisconsin. All other states treat marital property differently, you might wish to refer to the statutes of the specific state for more precise information..
Yes, and regardless of your State, marital status, or any homestead exceptions. However, most credtiors can only put a judgment against the title of real property which are junior to a lien position. Exception would be any loans collateralize by the property and any trade service preformed on the...
The principal is responsible for their own debts. A Power of Attorney doesn't create any obligations in the attorney-in-fact to take personal responsibility for the debts of the principal unless the AIF mishandled funds.
Yes the canceled debt should be included. It is the same as income. Taxes have to be paid on all income.
When your boyfriend made his will he would have appointed an executor of the will for it to be a legal document and the executor has a duty to carry out the wishes of the deceased as stated clearly and without doubt in the will therefore you do not have to find the will of your deceased boyfriend as...
If the two of you are married, I believe you are responsible.
As in every case, the estate has to pay off the credit card debts as well as any other obligations. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
You should talk to a lawyer because laws are different, but in general the spouse shares liability for the loan.
Yes, a remainderman can convey their interest in the property, however, the land so conveyed would be subject to the life estate created in the original instrument.
Yes, you can use a small estate affidavit for opening estateaccount. In order to do so, you have to go through with these steps: . No will- Person that died should not left a will. There must bno will. If there is a will, this will not be a right procedure touse. . Estate must be less than $50...
Probate is a legal term for the court procedure of finalizing the affairs of a person who has died and left a will. Usually the executor named in the will begins the probate process by filing the original will with the court.
None of these ailments, in and of themtselves, is sufficient grounds for voiding valid contracts. You REALLY need to consult with an attorney for legal advice on how to proceed with your debt obligations. Answer People who are mentally incompetent cannot enter into legally binding contracts....
The estate can require that the beneficiary pay the money back. Or they may offset the amount against what they get. If there is anything left over, there shouldn't be a reason to make them pay it back.
No. Your father's estate belongs to all of his heirs-at-law. Any child can petition the probate court to be appointed the Administrator of the estate. The Administrator must first pay the debts of the decedent and then must distribute the estate to the heirs-at-law according the the state laws of...
The estate is responsible for the debts of the decedent. However, the court-appointed executor is responsible for paying the debts according to the schedule set forth in the state probate laws . If the executor has performed their duties according to the law and there are not enough assets to...
I take it that the two of you filed separate returns and kept your funds separate. You are probably not responsible for your deceased spouse's federal income tax. However, your deceased spouse's estate is responsible for his or her federal income tax. That is if there is enough money in the estate...
What will happen as far as the widow is concerned after the husband dies, depends on local law. Since this goes all over the world, I can not answer for your location. In this state, the answer is no, unless she signed a contract when he was admitted to the hospital. That would be a legal document...
Generally, the federal government does not recognize your domestic partnership. If you were legally married to someone of the opposite sex then you might be liable for that person's tax debt.
You cannot do that without permission of the mortgage holder. In some cases they may allow it. Most of the time they will want to draw up a new mortgage and new terms.
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A judgment lien is good for around 20 years in most jurisdictions. It must be rerecorded every six years in Massachusetts.
Generally, a bank will release the funds of the decedent when a duly appointed Administrator with Letters of Administration visits the bank to close the account. Letters of Administration are now called a Certificate of Appointment of Estate Trustee
In most cases the debts of the deceased, including credit cards, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. Consult a probate attorney in your jurisdiction for help.
Only the executor can do that. They will have a letter of authorization from the probate court. They will provide a complete accounting to the court for the estate and what was spent.
Typically the beneficiary of the life estate will be liable to pay the taxes on it and you can read more about this when you click which has been added for you below this answer.
Yes, the estate of the deceased is responsible for all debts, including the collection of legal fees as allowed by judgment or law.
As long as the child is not a cosigner on the debt, the child is not responsible for parent's debt. The parent's estate would be responsible for the debt. Technically this could reduce the inheritance the child receives, but it is not the responsibility of the child.
Generally, the parties taking the dispute to arbitration first have an opportunity to choose their own arbitrator if they can agree on one. If they cannot, the arbitration company may give the parties a list of qualified individuals to serve as arbitrators and they may choose an arbitrator from the...
The age of majority is 18. After that they are considered an adult and responsible for their own choices.
His estate has primary responsibility. The spouse will likely be held as responsible as well.
They are not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
In most cases, there is no reason you can't. The bequest may have conditions on the life estate, such as "as long as they reside on the property." Consult a property attorney in your area for specifics.
go threw the stuff look in banks that's what they did when my mum died