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In probate who can view or take the contents of a safe deposit box upon death and will creditors use the assets there?
Wiki User
∙ 17y ago
Input from FAQ Farmers: * If the person put your name down before death or gave you a key, you may be able to get into the box and even take contents. However, the executor of the estate can reclaim any gifts that an individual makes in the years immediately prior to their death. If it's in probate, you have to wait for a court order because the items have to be properly evaluated and disposed of according to the will. * Upon death of safe deposit box leasee the box is frozen by the bank only the will and insurance papers may be removed. The box will be inventoried by the personal rep and documented by the bank and notarized by an outside party.
Wiki User
∙ 17y ago
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Can creditors go after a paid-off car in probate if the house is being foreclosed on?
Debtors can go after the assets of the estate. These assets will have to be liquidated to settle the debts.
What happens when you die and you have no heirs and you owe money?
Generally, your creditor(s) may petition the probate court to commence a probate proceeding for your estate if you have left any assets. Then, the creditor can file a claim against the estate. If you die with no assets in your name, your creditors are out of luck.
What is the procedure to probate an estate?
Without a will, the court appoints an executor. The executor gathers information regarding debts and assets. A notice is issued for creditors to report claims, After the allotted time has passed, the assets are distributed to satisfy creditors, then assets are distributors to the heir(s). If there is a will, the court oversees the execution of the will to make sure the wishes of the deceased are handled properly. To probate an estate, the decedent would need to go to the courthouse and fill out papers before appearing in court. Probate is only necessary if there is property to transfer.
What are creditors rights after death of debtor and probate assets are insufficient?
The estate is responsible for payment of debts. If the estate is insufficient it is deemed to be insolvent and the creditor is out of luck.
Do you need to probate a will if there are assets?
That is the purpose of going into probate. It allows assets to be legally transferred.
If there is no will do you have to go to probate court?
It will depend on specific state laws and whether there are assets that need to go through probate. But in general, it is the contents of the estate that determine the need for probate, not the existence of a will.
How is the probate estate maintained?
Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.
Your father passed away so what do you do with his credit card accounts?
They are included in the state probate procedure. When the deceased's estate (debts and nonexempt assets) is filed with the probate court, creditors will be notified and given a specified amount of time to file a claim. A qualified attorney is usually required as probate procedure can be complicated and costly.
Can creditors collect on a property going to probate court?
Yes. The debts of the decedent must be paid before any assets are distributed to the heirs. An estate that contains real property must be probated in order for title to pass to the heirs legally. There is a statutory period when the probate case is filed during which creditors can file a claim. That period varies from state to state.
DO you probate a will if there are no assets?
No, it is not generally necessary.
Can government confiscate gold in safety deposit box?
It depends on whose safety deposit box we are talking about here. If it belongs to someone who has defaulted on payments that are legally due to another person or if it belongs to an anti-social element (like a terrorist) the government can confiscate the contents of the safety deposit box (Irrespective of whether it has gold or silver or cash) Also, the government can confiscate the safety deposit box contents of a bank that has failed/gone bankrupt in order to raise funds to pay the deposit customers who have deposited money with the bank.
What is chapter 7?
Chapter 7 bankruptcy protects you from creditors and sells your non secured assets to pay the creditors that you owe. If you do not own an assets, you will not have to pay the creditors and the debt will be forgiven.
