If there were not assets that could be used to pay her debts, then the debts become uncollectible. Other family members are not responsible to pay the debts of a deceased if they were not a joint account holder. If there were a surviving spouse they would be responsible for the debt even though they were not listed as a joint account holder, due to the fact that Louisiana is a community property state. Generally all that is needed is to supply the creditor with proof of death and of course all the information pertaining to the account itself. Please be adviced, it is not unusual for a creditor to try to convince family members into paying such debt(s) they ARE NOT legally obligated to do so. It may be necessary to also remit a letter of "cease and desist" if future collection attempts are pursued.
It does not. The debt belongs to the deceased. If the estate cannot settle the account, the credit card company is not going to get paid.
Yes, they are a creditor that can make a claim on your estate.
The estate of the spouse is responsible. IF both are on the same checking account then the FULL amount of that checking account can be considered the spouses estate too. Even if the account is closed just prior or just after death, then the amount in the account months prior is still considered a portion of the estate.
Money that goes to his estate needs to pay off the account.
If the cardholder has an estate, the credit card company can pursue that. In practice they don't really do that. If the account is a joint account, the other account holder becomes wholly responsible for the debt. Otherwise the bank eats the money.
There are many functions of the Arizona Department of Real Estate. Examples of the functions of the Arizona Department of Real Estate providing licenses and informing people of rules.
The estate, or any person who was listed on the account. The debt must always be settled.
not sure of Louisiana
Yes, you have to open an estate account to handle the debts and assets of the estate. All money has to be kept separately until the estate is closed.
The estate is responsible for all debts. Please consult a probate attorney for specifics on how to open an estate.
The debts are paid from the deceased's estate, before the heirs inherit what's left (if anything). Debt is not inheritable though, so if the estate isn't enough, the heirs are not responsible for the remainder.
Yes, all assets of the deceased account towards their estate.
You would contact the credit card company. They would probably need a copy of the death certificate in order to remove the name. If the account is in that name only, the estate would pay off the loan and close the account.
After a death an account goes into probate, Through probate the remainder of the dbet comes from the estate if there is not enough in the estate it will then come out of the CD
Nope, has to be deposited to an estate account. You can then go ahead and write a check to yourself from the estate account.... assuming you are the executor and have the authority to do so. Nope, has to be deposited to an estate account. You can then go ahead and write a check to yourself from the estate account.... assuming you are the executor and have the authority to do so.
Yes if the account if joint regardless if the actual card did not have their name on it.
The estate of the deceased. Also anyone that was listed as a co-signer or joint account holder.
The estate covers the bill. If the spouse is still alive, he/she will probably have to cover the bill with the proceeds of the estate. If there aren't enough assets to cover the debt, and the credit account was not joint with anyone else, the credit card company will have to pay it out of their own pocket. Credit card companies cannot force the family to pay the debt. == ==
In Louisiana 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.
when can you close my fathers estate account and keep the money.
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
Whoever is the trustee(s) of the trust for the estate is responsible for the account, including putting money in it.
The estate is responsible for the sole debts of the decedent. If there is no estate then the creditors are out of luck.
The person(s) named as the account holder. If the account was held jointly then the surviving account holder is responsible for the debt. If the decedent was the sole account holder the debt becomes a part of his or her estate and is handled according to probate laws.
revolving installment and real estate credit