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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.
You do not have to justify using money in your bank account unless  you are in the middle of a bankruptcy and someone is overseeing  what you are doing. There are few occasions where you have to  divulge this type of information.
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.
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 business  documents.
  Unfortunately, yes. The ambulance charge has nothing to do with your husband passing away in the hospital. Sorry for your loss.
The initials PA can stand for several things. Among them are  Physician Assistant, Port Arthur, Prince Albert, and it is an  abbreviation for the state of Pennsylvania.
  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...
Usually rental agreement has a cancellation clause that sets the  term under which the rental agreement can be cancelled. It is  common for them to require 30 days notice before vacating.
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.
The executor should pay the bill. If there isn't enough to pay it, the state may not get their money.
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.   AnswerThe answer is generally, Yes....
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.
When someone dies leaving debts they must be paid first out of the  deceased estate and any monies owed to him collected before the  remainder of the estate is divided between the heirs and  beneficiaries. If there is not enough money in the estate to settle  the debts then they "die" with the...
It is doubtful that she had no estate at all. Taxes would have to  be paid first out of the estate and they would not allow otherwise.  Assuming she truly had nothing, including no residence, no bank  account at all, no Social Security Check, no car, no nothing, then  maybe they would let it go....
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 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.
  You should talk to a lawyer because laws are different, but in general the spouse shares liability for the loan.
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. If a...
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...
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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.
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
  If both names are listed on the account, YES. If only the deceased spouse was listed they will try to collect. They may try to file a claim against the estate. And if they estate is large enough they will succeed. After all, it is a legal debt and should be re-paid.
  Well, the estate is responsible for paying them back, so the money will come out of the estate, which will mean that you will inherit less money from it. So in a way, you will be paying back the loans. That or the bank will put a lien on the property to secure their debts.
Yes. You must not purchase items on credit if you can't afford to pay for them.
The estate is responsible for paying the debts of the decedent. No distribution can be made until the debts are paid. If there is not enough to pay the debts the court will declare the estate to be insolvent and the creditors are out of luck.
In most cases the debts of the deceased, including hospital bills, are the responsibility of the estate. Clearing the debts is one of the reasons to establish and estate, even without a will. Consult a probate attorney in your jurisdiction for help.
  For an insurance company to write apolicy, at the time it is sold there has to be an insurable interest between the person taking out the policy and the insured.- there needs to be some legitimate need for it. If you just wanted to cash in on your parents' deaths, sorry, you're out of luck....
The forms to open an estate are available at the county courthouse. It would be advisable to consult a probate attorney as the administration is not as straight forward as one might think.
Of course they can! Any creditor can place a claim against the estate. That is how they get paid the money the are owed.
  If this person was a spouse, see this article: http://irsmind.blogspot.com/2008/07/q-filing-return-for-deceased-spouse.html Hope that helps! Andrea http://www.TaxFacts4U.com
  Pennsylvania got it's name from William Penn. Penn-sylvania, sylvania-sylvain-a french word meaning wooded or forest. Pennsylvaia was named, Penn's woods. Pennsylvania, and I am proud to live here.
Yes, you can commit perjury to the clerk. Putting a falsehood on a form or a statement is considered a crime in most places. It can result in jail or fines.It should but I think you'll find in Florida Courts, even though Statute 731.01 and Uttering a False Document 731.02 states it's a FELONY....The...
You apply to the probate court. There is normally a package of documents that have to be filled out and submitted to the court. Consult a probate attorney for specifics.
It is certainly possible. Grandchildren can be entitled to a share of their grandparent's estate. Part of it will depend on how the will was written, or the laws for that jurisdiction. Consult a probate attorney for help!
In the event of your death whilst owing money to your creditor and when you leave an estate then the first thing to be sorted out from the estate are your debts which you owe at the time of your death and for the executor of your will to ensure that any monies owed to you by a third party is also...
  == Answer ==   No. You may own the car but you were not operating the car at the time of the violation.
  ==Answer==     While the estate is being probated, the executor is the legal representative of the estate and has been issued Letters Testamentary that authorize her to act on behalf of the estate. The power to sell real estate is generally granted in the will, if not, then the executor...
Check with your court house. They probably have a complete packet already made up of the required forms. It might be a good idea to consult a probate attorney if the estate has any large assets.
  == Answer ==     In the majority of situations the state Probate Court decides how the deceased assets and debts are distributed. If the deceased left no assets or had no assets that were not exempted according to state law, the estate is probated as a "no asset" case. Therefore,...
The corporation is responsible for the corporation's debt. Normally, there is a financial officer who pays the bills. If the corporation fails and goes bankrupt, people simply do not get paid. If the company is bankrupt and there is money, a judge appoints someone to pay according to a plan.
It varies greatly based on the size of the estate and the number of assets. A small estate can be resolved in less than 6 months. There are very large estates that are still in probate after several decades.
The court will appoint someone else. No estate will fail because an executor wasn't named. Typically an attorney or bank will serve as the executor, but a family member can volunteer and if the other heirs agree can serve.
funeral expenses,, medical expenses and all other outstanding  expenses which were not paid when the deceased person was still  alive.
They will have a letter of authorization from the probate court. This should enable them to provide the signatures for the sale. Many jurisdictions have a special format for small estates that include only a vehicle and few other assets.
In many cases they will held responsible. They are considered to have benefited from the goods and services purchased.
The Uniform Trust Code contains provisions relating to liability of a revocable trust for payment of the grantor's debts. The definition of revocable clarifies that revocable trusts include only trusts whose revocation is substantially within the grantor's control. The trust remains revocable until...
When you purchased the house the non mortgage spouse would have been forced to sign a document that gave the bank first dibs on the house should the signer of the mortgage fail to pay it off. so, while the bank might not be able to force you to pay them, they could take the home and sell it at...
If the heirs want to keep the real estate they must probate the estate and pay the taxes. If the taxes aren't paid the town will take possession of the property and sell it.
It will sort of be your responsibility. It is the responsibility of the estate and may eliminate you getting anything from your wife. 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.
The estate is responsible for the debts of the deceased. If there are no assets in the estate, the debtors are not going to be able to collect. . This can be challenging. If the deceased owned a house, the house would be sold to pay the debts. Cars, bonds, stocks and other personal property could...
If there are no assets, simply show the court. No assets means nodebts can be settled and the estate will be closed.
Yes, you should file an identity theft report with the FTC at their website, and make a report with your local P.D. of Sheriff's office and submit to creditors letting them know you were a victim of fraud. Good Luck
== Answer ==   Why is the debt being paid? Was the deceased the only account holder? These things are very important, because ONLY the account holder is responsible for credit card debt. There are a few exceptions, but generally even they can be voided via the appeals process. Therefore, the...
  trading money and goods
You are not normally responsible for your mother's medical bills after she dies.
There should be no reason that the executor can't request validation. In most cases the debts of the deceased, including funeral expenses, 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...
Yes, they will be responsible. They are considered to have benefited from the goods and services of the utility.
The best way to locate a lost living trust is through a lawyer. A  lawyer will know the proper routes to go through for finding the  trust.
Generally, they are not. If any of the money includes interest, dividends, or capital gains earned after death, that income may be taxable to the beneficiaries when distributed.. If you inherit a retirement account, such as an IRA, distributions therefrom will be at least partially taxable unless...
No, the term fiancee does not have a legal connotation on a deed or in a will. If they are the wife they will have specific rights. But the use of fiancee can be part of the identifier of an individual to make sure they have the correct person. It does serve as notification to check for possible...
That depends on the state. In most places a wife has an interest in any real property the husband owns. Even if the wife's name is not on the deed. Consult an attorney in your state or jurisdiction.
If you inherit money willed to you in the state of North Carolina,  you must pay taxes on the money. Inheritance taxes are more than  regular employee taxes.
In Missouri 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 the estate has been closed, there should be no further claims. Consult a probate attorney...
The basic assumption is that yes, the spouse is jointlyresponsible. It is assumed that both spouses will benefit from thetransactions.
The estate has to pay off the debts. If the estate cannot do so, they distribute according to a plan as best they can. If the court approves the distribution plan, the debts are ended.
Yes, this can be done. There may have to be a new mortgage before the property can change hands.
"criminal offense which occurs when a person unlawfully obtains either money, property or services from a person(s), entity, or institution, through coercion." - Wiki
The mortgage has to be resolved. It is not something that is inherited and a new mortgage may have to be obtained.
Only if he or she is a named joint debtor on the contract or lending agreement.
There is always the assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all assets before they can transfer them to the spouse. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property...
The estate is required to liquidate such debts. In most cases the surviving spouse will be deemed to have benefited from the loans and be required to pay them back.