Want this question answered?
Interest on a debt is not going to stop accumulating for a debt owed to an estate by an heir until the debt is paid off. Perhaps selling the estate will help the heir pay the debt off and stop the interest accumulation.
You can see the answer to this if you imagine an amount of debt to be the whole estate. That is one heir is holding all the assets. If the debt wasn't repaid first, before division, the other heir would get nothing at all. The estate is the total after all debts have been repaid. So you add the value of the debt to the residual estate. Give half of the result to the one with no debts. This has the same effect as the debtor repaying a sum equal to half his debt to the non-debtor, and then dividing the existing estate by 2.
You should ask the attorney who is handling the estate. If it is a small estate there may not be any tax consequences either way.
It does not. The debt belongs to the deceased. If the estate cannot settle the account, the credit card company is not going to get paid.
No. You never agreed to pay the debt, therefore cannot be held responsible.
Interest on a debt is not going to stop accumulating for a debt owed to an estate by an heir until the debt is paid off. Perhaps selling the estate will help the heir pay the debt off and stop the interest accumulation.
I, as an heir but not the "Trustee", was told I had no right to see, discuss or even know the trust existed. All of that is at the discretion of the trustee.
It all depends on the provisions in the will.If (1) the "heir" is a beneficiary of a testamentary trust; and, (2) the "heir" "inherits" the property through a distribution from or of the trust res by the trustee, and, (3) the provisions of the trust instrument or will provide that the trustee has the power to do so; and, (4) the rights of the beneficiary terminate with the exercise of this power by the trustee as provided for in the trust instrument or will, then yes.
heir --- It is not an Heir. An Heir is what you call the people who receive something from a will or a trust. A person who dies leave a will is a Testator.
You have no responsibilities. The trust is responsible for its costs and distributing the assets per the terms of the trust.
The family heirloom had been passed down for so many generations that it had become an antique.
No. The heir has no right to the funds set aside in the special needs trust. A living donor set that trust up with their own property and the heir has no rights to that property whatsoever. The trust is not responsible in any way for a sibling who was disinherited. Parents are allowed to disinherit their adult children.
If you are her legal heir - YES
The "estate" or the heir. But the heir's responsibility is limited to the amount of money in the estate. In other words, the heir does not become responsible for all the debts personally as if they were his own. The estate, but not the heir. The heir has no liability for the debt - the debts might only go to reduce the amount the heir might get.
An heir does not have to be a blood relative. An heir, also known as a beneficiary, is whoever is listed in a will or trust as a beneficiary. So it could be a friend, or a charitable organization, or a blood relative. It is up to the person making the will or living trust.
They have no rights in the trust. The trust has already been established. They may be able to get help from a trust attorney.
Many places offer a probate or trust advances. You must verify you are a legal heir to a trust of an estate in probate or trust. You just have to have access to the estate paperworks and prove evidence of an inheritance over a certain amount.