The estate is responsible for the debts of the deceased. The executor is not personally responsible for them.
No, you are not responsible for the debt. The estate is responsible to resolve the debts. If the assets are not adequate, the debtors will be unpaid.
The estate is responsible to resolve all debts. Once they are resolved, then the rest can be distributed to the spouse.
In most cases, adult children are not personally responsible for paying the foreclosure debts of their deceased parents. Debts of the deceased are typically settled using the assets within their estate before any inheritance is distributed to beneficiaries. However, it is advisable to consult with a legal professional to understand the specific obligations in your jurisdiction.
Pretty much, the debtors can require it and can even petition the court to become the executor.
Yes. That is one of the duties of the executor. The debts must be paid out of the assets of the estate before legacies are paid to the beneficiaries.
That is one of the duties of the executor. They have to inventory the assets and debts of the estate. Then they will be able to liquidate the debts and distribute the assets.
The executor is responsible for paying any debts, including taxes, owed by the decedent before any assets can be distributed. If the debts are not paid and assets are distributed the executor can be held personally responsible.
The court appoiunted executor has control over the estate in order to pay taxes and debts and distribute the remaining property according to the will. The estate does not become their own property unless they are the sole beneficiary.
No. You are not personally responsible for your sister's debts. The estate is responsible for the debts of the decedent.
Being the executor does not make you personally responsible. The estate has to pay any debts. If the estate cannot pay them, the debtors do not get paid.
The estate is responsible for the debts. The debts must be paid by the executor before any assets can be distributed. If the executor distributes any assets while the debts are outstanding, she/he may be personally liable. If there are no assets the estate is declared insolvent and the creditors are out of luck.
No, they cannot force the executor to sell assets. The executor is responsible for closing out the estate and settling debts. Then the distribute the assets.
Only if she is the executor of the estate. The executor is responsible for all estate debts.