0
Do you owe a personal debt to an estate if there was no written agreement?
Wiki User
∙ 15y ago
Yes, if the debt was a legitimate debt as many, but not all, unwritten debts are. The only difference when it comes to an estate is that the standard of proof in court might be higher when suing an estate than suing the decedent when he/she was still alive. The reason for this is that the decedent is not available to give his/her side of the story and raise any denials or defenses that might be appropriate. Most states have laws that require such a higher standard of proof, so these have to be checked to see if this rule applies.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Must an unwritten debt to deceased parents be paid by a daughter to the estate in irrevocable trust?
In reality, if there is no written proof of the debt, the estate cannot collect.
How is personal debt settlement different from debt consolidation?
When you consolidate your debt, you simply combine all of your debts into one loan to lower the payment or interest rate. Personal debt settlement is making an agreement with your creditors to pay them a lower amount.
What has the author James J DeGuide written?
James J. DeGuide has written: 'Get out and stay out of debt' -- subject- s -: Debt, Finance, Personal, Personal Finance
Two people were loaned money one passed away is estate resopsible?
Yes, the estate will be responsible for one half of the remaining debt unless someone can prove by clear and convincing evidence that the agreement surrounding the debt provided for something other than joint 50/50 responsibility for the debt.
Are credit accounts in Utah considered an open account or a debt founded on a written agreement for statute of limitations purposes?
Typically they are considered a written agreement. And check what state law is to be applied under that agreement.
Do you have to pay a personal loan off if the person dies?
The estate of the person who dies is responsible for paying off the debt.
What is the statute of limitations on a non-collateralized debt in kansas?
There are limits for debt based on a written agreement. In Kansas they have set the limitation at 6 years.
What is the Statute of Limitations on medical debt in Washington?
There are limits for medical debt would be a written agreement. In Washington they have set the limitation at 6 years.
Do I still owe a personal debt if my father dies?
You father's death does not release you from your obligation. You now owe the money to the estate.
Can a personal loan collect off of a life estate?
A life estate can be valued for sale and can be transferred, so it could be transferred to a creditor to satisfy a personal debt. A judgment obtained against the debtor who holds the life estate can be used to levy on the life estate and have it sold (usually at a sheriff's sale), thus satisfying the debt; assuming the value of the estate is equal or greater than the debt. The problem is the fact that upon the death of the initial life estate owner, the estate terminates and the ownership and used of the property (called the remainder) becomes the property of the remainderman. The person that acquired the life estate, either by voluntary transfer or judicial process, then no longer has the property.
What is the statue of debt limitations in Tennessee?
That will depend on how the debt is memorialized. For an oral agreement, Tennessee sets it at six years. It happens to be six years for a written agreement as well, though many states differentiate between the two.
How do you collect money owed from the deceased?
You must have written proof of the debt. If you do, you can file a claim against the estate as soon as the estate has been filed in probate.
