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Can one beneficiary of an estate be responsible for the estate debts if the other beneficiary is the beneficiary of an annuity?
Wiki User
∙ 14y ago
You have a very good question. If you are the cash beneficiary of the estate and the other beneficiary receives an annuity, the costs of settling the estate will come out of the cash. You should frame a motion to have the court review the matter and render a decision regrading the issue. The court may decide the other heir should pay a portion of the costs.
Wiki User
∙ 14y ago
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Is a beneficiary responsible to pay debts?
No a beneficiary is not responsible. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What happens when no estate and no insurance who pays debts?
The decedent's estate is responsible for the decedent's debts. If there are no assets the creditors are out of luck.
If there is no estate of deceased family member who is responsible for debt?
Generally, the estate is responsible for paying the debts of the decedent when the debts are in the sole name of the decedent. If there are no assets then the creditors are out of luck.
Do heirs also inherit the decedent's debts?
No. The decedent's estate is responsible for the debts of the decedent. However, no distribution of assets can be made until the estate is probated and debts are paid.
Who is responsible for credit card debt when there is no estate?
Generally a person's estate is responsible for the decedent's debts. If there is no estate the creditors are out of luck. They should be notified of the death.
Is the beneficiary of an annuity responsible for paying the debts of the deceased?
No. The decedent's estate is responsible for paying the debts of the decedent. Generally, an annuity with a named beneficiary is not part of the probate assets much like life insurance payable to a named beneficiary. However, the recipient of an annuity should consult a professional regarding tax issues.
Is a beneficiary responsible to pay debts?
No a beneficiary is not responsible. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Is the beneficiary of an estate responsible for the deceased debts?
Debts are the responsibility of the estate. No will is necessary to open an estate. Before anything in the estate can be distributed, the debts have to be cleared.
Can a beneficiary be liable for any estate debt?
A beneficiary cannot be made responsible. However, they may not get anything from the estate, because it is responsible for ending all debts.
How do you transfer an annuity after spouse dies?
Check with the holder to see if a beneficiary was listed for the account. If no beneficiary was listed then the annuity was owned by the decedent and their estate must be probated. The duly appointed estate representative will have the authority to distribute the funds (by Will or the laws of intestacy) once any debts of the estate have been paid.
Is a surviving spouse responsible for the deceased spouse's debts if there is no estate in Kentucky?
In Kentucky the estate of the deceased is primarily responsible for the debts. Indirectly, the spouse is going to pay the debts, either by a smaller inheritance or as a beneficiary of the goods and services purchased by the spouse.
Who is responsible for expenses while a home is in probate?
The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.
In Michigan is a surviving spouse responsible for the deceased's credit card debts?
The estate of the deceased is responsible for the debts. Indirectly, the spouse is going to pay the debts, either by a smaller inheritance or as a beneficiary of the goods and services purchased by the spouse.
Is surviving spouse responsible for debt of deceased spouse in Florida?
Indirectly, the spouse is going to pay the debts, either by a smaller inheritance or as a beneficiary of the goods and services purchased by the spouse. The estate of the deceased is responsible for the debts.
Does the executor of an estate have to pay the debts of a beneficery with the inheritance of that beneficery or can he just distribute the inherintace an let the beneficery be responsible for paying?
The executor distributes the money to the beneficiaries after the estate's debts have been settled to the satisfaction of the court. Each beneficiary is responsible for what they do with the money. There is no requirement, and it would be detrimental, for the executor to play bookkeeper and accountant and pay of the debts of the beneficiaries of the estate.
In Massachusetts is a surviving spouse responsible for deceased husbands credit card debt?
Indirectly. The estate of the deceased husband is responsible for resolving all of his debts. Since the widow is going to be the primary beneficiary of the estate, she will inherit less because the estate has to pay the debt.
In New York are the executors and beneficiaries of an estate responsible for the deceased individual's credit card debts if the executor-beneficiary was not on the credit card account?
The deceased estate is responsible for repayment of debt, with secured debts taking priority. With the exeption of property which is ruled exempt to probate procedures, assets will not be distributed to named heirs until debts are satisfied.
