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If your sibling owes money to your mom at the time of your moms death does she have to pay it back to the estate.?
MaryMack
That will depend on the will, if there is no will and no signed document then the answer is "no" There MUST BE PROOF that the debt is owed in the first place!!! Your sibling absolutely has to repay the debt to the estate, especially if there is no will. In fact, the only way your sibling can get out of paying the debt is if there IS a will and the will specifically forgives the debt. The debt is an asset of the estate and must be collected by the executor. If your sibling is the executor, she still must pay it back. Frequently, in situations like this, the debt is not actually paid to the estate. The person owing the money simply has his or her inheritance reduced by an appropriate pro rata amount depending on the circumstances. If there is no signed document evidencing the debt, it must still be repaid if the debt can be proved by other means.
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∙ 15y ago
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WHAT IF Residuary beneficiary owes money to estate?
The estate can require that the beneficiary pay the money back. Or they may offset the amount against what they get. If there is anything left over, there shouldn't be a reason to make them pay it back.
How do you get your earnest money back after failed real estate deal?
You need to review your contract to determine how and if you can get your deposit back.
When people take out a mortgage they must pay back the money?
Yes. The money must be paid back to the lender. If not paid back then lender can take possession of the real estate and sell it.
Your husband passed away leaving an estate He had 3 bank loans 2 unsecured your name is not on any loan docs Are you responsible for paying them back?
Well, the estate is responsible for paying them back, so the money will come out of the estate, which will mean that you will inherit less money from it. So in a way, you will be paying back the loans. That or the bank will put a lien on the property to secure their debts.
Borrowing money and now they are deceased to you have to pay back the estate.?
You still owed the money. The executor can ask you to pay back the loan. They can also credit it to any inheritence you may receive.
Is an executor accountable for money spent BEFORE death?
They have no control over things that happened before death. They may be able to bring some of it back into the estate.
Does an executor have a conflict of interest if he has borrowed a large amount of money from the deceased and has not paid it back to the estate upon due prior to deceased death?
There should not be a problem as long as everything is properly documented. The loan will count against their portion of the estate. If there is not enough money in the estate to pay the debts, they will have to pay them back.
If a sibling offers money with no contract formed is the person legally obligated to pay back the money?
If a sibling offers money with no contract formed between the two parties and the lender decides not to pay back the money then unfortunately the lender (sibling) would not get their money back. When a person takes a loan from anyone they should do everything they can to pay that loan back even if it's a few dollars a month. If the lender does not wish to pay the back then they are in for a rough ride when they are out in society and may end up not paying their bills on time or any loans they may make from a banking institution so it's fair warning to be respectful enough to pay back the sibling who loaned the money in full.
Should you give your kids money that would be their inheritance when you die?
That is entirely up to the person with the money. Note that any gifts within 2 years of death can be brought back into the estate.
Could gift before death be part of the estate?
Yes, gifts that were given within two years of the death can be pulled back into the estate by the executor.
What is an estate?
Many people think an estate only has something to do with the death of a person. But your estate is the sum and total of everything you own at any given point in your life, from the clothes on your back, to the money in your pocket, to a car, a house, your investments, etc. During your lifetime, you can deal with any part of your estate yourself. But after the death of someone, that person's estate has to be dealt with according to the terms of the person's will or, if there is no will, by the law relating to the distribution of estates.
If you borrowed money from a parent in Georgia by law can they require you to repay it to their estate or have it deducted from your inheritance?
Yes, it can be considered a draw against the estate and the estate has the right to ask for the money back.
WHAT IF Residuary beneficiary owes money to estate?
The estate can require that the beneficiary pay the money back. Or they may offset the amount against what they get. If there is anything left over, there shouldn't be a reason to make them pay it back.
Can a gift with gift letter prior to death be part of the estate?
Yes, it can be brought back into the estate. Any gift given within two years can be brought back.
How do you get money from your sibling?
You can trick them by saying you'll do something for them and take the money. ======================================================= Approach siblings with a plan, and explain how you are going to pay them back. Also, how long it will take.
Who pays back unsecured loans after death Does the bank go after the estate or is the death of the borrower the end of it?
Banks don't give up that easily! They will go after the estate. 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.
How do you get your earnest money back after failed real estate deal?
You need to review your contract to determine how and if you can get your deposit back.
