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If a person is going to inherit money from a estate and this person owes debt does that have to be paid before the estate gets settled?
Wiki User
∙ 14y ago
Generally, if the creditor discovers that you have an inheritance coming it can attach the inheritance by filing in probate. There are people who regularly monitor new probate filings in many jurisdictions in order to create a data base of heirs that can be checked by creditors for a fee. Not all areas are covered. Your creditor may find your inheritance and it may not. If nothing is filed to notify the probate court of your debt then the administrator or executor can pay over the inheritance to you.
Wiki User
∙ 14y ago
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Who is responsible in paying the bills of a house left to a person in the will when the will is still not settled?
The estate has that responsibility. Until the estate is settled, the house ownership and responsibilities have not been transferred.
What if a person dies before paying off a school loan?
The estate pays the debt
What does estate of the deceased mean?
The 'estate of the deceased' refers to all the property, real or personal, a person owned in their own name at the time of their death. That property is said to be their 'estate'. If the person left a will they are said to have died testate and their property will pass to their heirs according to the provisions of their will. If they had no will their estate will be considered to be an intestate estate and will pass to their next-of-kin according to the state laws of intestacy. An estate must be probated whether a person dies testate or intestate. As part of the probate process a notice is published that gives any creditors of the decedent an opportunity to file a claim. The debts of the decedent must be paid before any of their estate is distributed to the heirs.
Would the estate pay back a loan from a loan that was a line of credit on a house that was given to someone else before the person died?
Yes, the estate has to resolve all debts. The property cannot be transferred while subject to a lien from a line of credit.
Is your home part of your estate?
If you own your home at the time of your death it will become part of your estate. If the title is held jointly with another person the title will pass automatically to that person at the time of your death and the home will not become part of your estate.
If a beneficiaryto an estate is murdered by his son can the son inherit part of his estate?
Generally, a person who commits murder cannot inherit from their victim's estate.
What happens if a deceased person did not have a will and the person who is next of kin dies before the estate is settled?
Generally, the probate of the first estate would need to be completed. If the next of kin who died is the only heir and was living when the first person died then that person's estate would need to be probated.
Does a deceased husband's wife inherit the husband's heir property?
If the person leaving the remainder died before the spouse, it is a part of their estate and will get distributed per the will or the law.
Who is responsible in paying the bills of a house left to a person in the will when the will is still not settled?
The estate has that responsibility. Until the estate is settled, the house ownership and responsibilities have not been transferred.
Can an accused murderer inherit from the victim's estate?
The inheritance would be held in abeyance until the accused has been found guilty. A person found guilty of murder cannot inherit from that person's estate by will or by intestacy, nor can they benefit by virtue of survivorship.The inheritance would be held in abeyance until the accused has been found guilty. A person found guilty of murder cannot inherit from that person's estate by will or by intestacy, nor can they benefit by virtue of survivorship.The inheritance would be held in abeyance until the accused has been found guilty. A person found guilty of murder cannot inherit from that person's estate by will or by intestacy, nor can they benefit by virtue of survivorship.The inheritance would be held in abeyance until the accused has been found guilty. A person found guilty of murder cannot inherit from that person's estate by will or by intestacy, nor can they benefit by virtue of survivorship.
Who is Youngest person to own real estate?
There are no exact statistics to answer your question but infants can inherit an interest in real estate through probate. That is not unusual.
Can a person sell something that's in probate if it was left to them in a will?
Only if the executor gives the green light. All the debts and taxes have to be resolved before the estate can be settled.
Can you spend money out of an estate if a notice to creditors of death was never published?
No, you have to follow the legal procedure before the estate can be settled. If a person uses the money form an estate without going through these procedures they are committing a crime and will be liable for the losses to creditors.
What has to be paid after a person dies?
From the estate of the dead person:- All outstanding debts, All outstanding taxes, The funeral costs. Then after these have been settled the estate must pay any death duty or inheritance taxes due on it. After all these are settled the estate can be divided up between the heirs as prescribed by the will (if there is one).
When you die can the collectors take your life insurance?
Yes, In most countries the law would require that the life insurance be paid into the dead persons estate - if the dead person owed any debts (to tradesmen, banks or for government tax) then the estate must settle these before the dead persons relatives can inherit from the estate.
Are unsold works of art which have not been appraised of a deceased person considered to be assets to his estate?
Yes, they are part of the estate. The executor is responsible to get the assets appraised. Only then can the estate be settled and distributed.
Executrix of estate account dies and is only one who has signature rights What can be done to close account?
If the executor dies before the estate is settled then a successor must be appointed by the court. Another person must notify the court of the death and ask to be appointed.
