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Is an administrator of an estate necessary if there are no bills or assets?
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When there is no money is left in the estate to pay bills who is responsible?
The estate has to pay off the debts. If the estate does not have the assets to do so, they distribute as best they can. If the court approves the distribution plan, the debts are ended.
Can you file for bankruptcy if the deceased parent's nursing home bills cannot be paid because there are no more funds in the estate?
You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.
What are the current assets?
debtors,stock,bills receivable etc
What are financial assets traded in money markets?
treasury bills
What can trust companies do for a person?
Trust companies exist essentially to work as representation for an estate or a family in the event of a death or other calamity. In terms of what they provide for individuals, trust companies function to administer financial assets, while also managing funds, records, and pay bills for that person or estate.
do I have to pay medical bills of a deceased person if I am an administrator of the estate?
Yes, you have to pay any debts owed by deceased from estate proceeds. It depends on the state, but generally as the administrator of the estate, you, the executor, are responsible for paying debts 'with the estate itself'. You are generally not obligated to pay out of your own assets.
Can we ship her effects home with no problems from the IRS or CA gov and can we ignore creditors or does the estate need an administrator and if so should we avoid serving bc of liabilities?
Yes, you need to establish an estate. If there are assets in the estate, you will have to resolve the bills owed. If you do not wish to serve as administrator, you can pay a bank or lawyer to do the work.
Am I legally responsible for my deceased son's medical bills I live in the State of Virginia there is no estate and I am not the guarentor on any paperwork?
No, you are not responsible for the bills. His estate is responsible, whether there are assets or not. If there are no assets, they creditors do not get paid.
Mother died had no money only house medical bill left to pay?
The executor will clear the assets of the estate and sell what is necessary to pay off the bills. That is the primary job.
What do you do if there is no estate of the deceased spouse and are getting medical bills in spouse name only?
Open an estate so they can be resolved. If the estate has no assets, they won't get paid.
After estate has no funds left what does the probate attorney do with rest of bills?
The debtors have to write off the money. If the assets of the estate do not cover the bills, there is little they can do, unless there is a co-signer to the obligation. It is not uncommon for the estate to be unable to cover all of the debts, particularly if there were major medical bills. All cases are different and it is best to contact a probate or estate planning attorney to ensure protection of your assets.
Who is responsible for medical bills after death if there are no assets or estate?
If the estate has no assets, then technically no one is responsible. If the hospital (or whoever the money is owed to) decides to sue, they'd be suing the estate, which has no money, which is just pointless. The family can pay for the medical bills, but I don't think it's necessary. If you are the Executor of an estate, you should probably meet with an attorney anyway. This is the reason to create an estate. It provides an opportunity to gather all the debts, pay off whatever the estate can pay off, and have the rest officially closed off so that the debtors don't keep bugging the family.
In the state of Texas if a parent dies with no will no estate real estate are the children liable for credit card debt or outstanding medical bills?
Only if they guaranteed the bills or debts. The estate needs to be set up to handle the debts. If there are no assets in the estate, it can close the debts.
What are duties of an executor in wv?
Briefly, the duties of an executor are as follows:Submit the will to the probate courtCollect the decedent's assetsPay the decedent's and estate's bills and debts, including funeral expensesPay taxes, including estate taxes and outstanding income or property taxesManage the assets of the estatePay any invoices associated with administering the estate, such as bills from appraisers, accountants and brokersDistribute the estate's assets according to the will
What does it mean that the estate has not been opened yet?
It means that the estate has not been set up. No one has been appointed as executor to handle the assets and bills.
How do you pay a deceased persons bills if they have no estate?
You don't. You open the estate, collect all the debts, liquidate all the assets and pay what you can. If there are more debts than assets, people don't get all their money back.
Are children responsible for parents medical bills?
No, but bear in mind that the costs will come out of the parents' estate first. So if a single parent died with assets worth $12,000US, the medical bills will be paid after the necessary amount of assets have been liquidated. The child will then inherit the rest. If the medical bills are higher than the deceased's estate, then all of it will be taken, but the rest of the debt will be written off. Note also that many countries have laws that consider it an attempt at fraud, for a terminally ill patient to sign all their assets over to someone else before death, to avoid the patient's debts being paid out of their estate, post-mortem.
