They are not responsible for credit card or other creditor debt unless they are joint account holders, nor are they responsible to pay medical bills unless they signed a written agreement to do so. Life insurance death benefits are not subject to creditor attachment or to probate procedure when there is a named beneficiary. The estate can pay the debts any way that the executor determines would be best. They just have to be paid.
If you were not a joint debtor you are not responsible for repayment of deceased parent(s) debts.
Creditors can attach any assets of the deceased to make sure they are paid. If the debt is legitimate, the estate is obligated to pay. Credit card debts are among the most easily documented debts so it's doubtful that you can prove that the debt is not legitimate. * If the policy names a beneficiary the death benefits are not subject to probate procedures nor can they be attached by creditors for debts owed by the deceased.
A person's estate is responsible for their debts. If the debts are greater than the assets the estate is declared to be insolvent. You should speak with an attorney to make certain that the debts are paid correctly according to the law.
Not unless they were listed on the deed of the property that was foreclosed. The estate is responsible for settling the debts.
If the insurance is made payable to the estate then the debts of the decedent must be paid before any distribution to heirs is made.
Yes, they will get in the way. Debts are the responsibility of the estate. Before anything in the estate can be distributed, the debts have to be cleared.
The estate has to resolve all debts. The step children will not inherit until that is taken care of.
yes cemetery plots are considered property and can be bought and sold to pay debts
The estate is responsible for all the debts of the deceased. The children are not required to pay them from their own funds, but it will reduce the amount they inherit.
Make sure the executor of the estate is aware of the debts. Those debts have to be resolved before there can be distribution of the estate.
Generally, the dedecent's estate is responsible for the debts of the decedent. If there are not enough assets to pay the debts the estate is declared insolvent.
If they are not an account holder they are not responsible for the debt. All debts and assets and wills are handled in accordance with the state probate laws in which the deceased lived and/or owned property.
Generally, the deceased parent's estate is responsible for the debts of the deceased. The creditors should be notified of the death. If there are any assets the estate should be probated.
In California the estate will be responsible for the debts of the deceased. Only after they are resolved can the estate be closed and any remainder distributed.
No. All monies of a deceased is gathered in to their estate, then all debts of the deceased are paid, then legacies are paid out. Policies payable to a person are payable to that person.
The estate is responsible for the debts of the deceased. If there are any assets they must be used to pay the debts. If not then the creditor is out of luck.
You may wish to contact an attorney on this issue and I am not an attorney. But here goes. If the proceeds from a life insurance policy were designated to an individual and this person had no liability for the debts then the money would not have to be used to pay debts that solely belonged to the deceased. If the beneficiary of the life insurance policy was the "Estate of Insured" then the debts of the insured would have to be paid from the policy proceeds.
Not unless your Father split it up. If he has you listed, the money will go to you. Be sure to remember, any debts, funeral costs etc. will still need to be paid even if your Father passed away. * Death benefits from life insurance belong solely to the named beneficiary. The benefits are not subject to probate procedure nor can they be attached by creditors for debts belonging to the deceased. Surviving family members are not responsible for any debts of the deceased unless they have accepted that responsibility in a written contract or are a joint holder of the debt. The exception in some instances would be a surviving spouse when the couple resided in a community property state at the time of death.
Children are not responsible for the debts of their parents. The estate must settle the debts. The exception would be if a child signed any paperwork gaurenteeing the medical costs.
Yes, it will be the responsibility of the estate. No will is necessary to open an estate. North Carolina law will designate the beneficiaries, if the estate value exceeds the debts.
The estate of the deceased is responsible for paying all the deceased's lawful debts.
If question refers to whether or not the insurance benefit is subject to seizure for child support arrearages. If that is the case, the answer would be yes. Any monies garnered from the insurance benefit that belongs to the obligated parent would be subject to garnishment for child support arrearages. If the named beneficiary of the insurance benefit is deceased and the grandparent(s) are still living, they can legally have the policy amended and another beneficiary named. In that case the monies would not be a part of the deceased grandson's estate and not subject to probate action nor distribution for his debts.
In Ohio, the estate must resolve all debts including Medical Bills. Insurance policy will affect what is required. Until that is done, the spouse cannot inherit anything.
The estate of the deceased is responsible for the debts. Your mother will indirectly have to resolve the debts before the assets are released.