answersLogoWhite

0


Best Answer

I'm confused... Your the benficiary of what? Life Insurance or a Will? The deceased left debts...and taxes? If you are the beneficiary of a life insurance policy...the proceeds go to you..in full (after paying back any loans taken against the policy), no matter what. Independent of the "estate" of the deceased. If your a beneficiary as in a Will of the decedent...then his bills of whatever type get paid before whatever your supposed to get is available. (If he owes other people they must get paid. It kind of makes sense that he can't leave you money he doesn't really have).

Answer2:

No. Any debts are paid out of the estate left by the deceased. If the estate is not large enough to cover the debts it ends there. The beneficiary gets nothing but does not assume the debts.

User Avatar

Wiki User

โˆ™ 2015-06-28 22:10:49
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides

Credit and Debit Cards

20 cards

The law is derived from three main sources what are they

If there is an erroneous payment then

These funds last 5 years have limited use and cannot pay for new obligations

How do you know which transactions are awaiting your approval

โžก๏ธ
See all cards

Credit and Debit Cards

21 cards

The law is derived from three main sources what are they

If there is an erroneous payment then

These funds last 5 years have limited use and cannot pay for new obligations

How do you know which transactions are awaiting your approval

โžก๏ธ
See all cards

Math and Arithmetic

20 cards

Please Evaluate this algebra expression -4 -3

Joe borrowed 8000 dollars on a one year note at 13 percent how much will joe owe when the note comes due

How much time will a 500 investment need to earn 100 in interest at a rate of 10 percent per year

1000 dollars in a savings account pays 7 percent interest per year The interest earned after the first year is added to the account How much interest is earned on the new principal the following year

โžก๏ธ
See all cards

Add your answer:

Earn +20 pts
Q: Is the beneficiary obligated to pay decease debt?
Write your answer...
Submit
Related questions

Are you still obligated to pay a debt after seven years?

If you are able to pay them then you should.


What if you weren't aware of a debt and they contact you after 7 years?

You are no longer obligated to pay the debt - at this point the hospital has certainly written off the debt - If you had insurance and they failed to bill them - you are in this case not obligated as well - the provider has about 18 months to submit the bill to the correct insurance - if they fail to do so- You are not obligated to pay the bill


Can life insurance be bought to pay a beneficiary a debt?

Yes it can.


Is the surviving spouse obligated to pay medical debt after the death in Texas?

Yes!


Do life insurance companies ever pay off debt before giving the beneficiary the money?

No.


If you die and you still have outstanding loans can they take your life insurance to pay everything off?

Life insurance paid to your estate could possibly be used to pay off personal debt. However, if the life insurance is paid to a beneficiary, it is their money, not yours, so the beneficiary has no obligation to use the money to pay off your debt.


Can a child be obligated to pay a parents' credit card debt when they are of legal age if they were assigned a card as a minor?

no


Can life insurance benefits be seized to pay credit card debts of the deceased?

Creditors can attach any assets of the deceased to make sure they are paid. If the debt is legitimate, the estate is obligated to pay. Credit card debts are among the most easily documented debts so it's doubtful that you can prove that the debt is not legitimate. * If the policy names a beneficiary the death benefits are not subject to probate procedures nor can they be attached by creditors for debts owed by the deceased.


Can a teenager under the age of eighteen be legally obligated to pay back credit cards in the United States?

A child under the age of 18 is not legally obligated to pay back any credit card debt. Their parents are also not obligated to pay back the debt for them. The teen, however, can be taken to court and/ or face criminal charges for filing a false credit card application and also face charges if they used a social security number from another individual who was over the age of 18.


Can a credit card company charge monthly finance charges after the death of the card holder if someone is trying to pay the debt off?

Yes. The question might possible be is anyone obligated to pay the debt at all? If the the deceased person was the only account holder, no one else is responsible for the debt; except posssibly the deceased's estate (if there is one). If there is a surviving spouse and the couple lived in a community property state, the spouse might be obligated to repay the debt(s)... Macky(macky83@juno.com)


If the decease has credit card debt with no dollar value to his estate what happens to the debt?

The estate has to pay all of the debts off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.


Can an executor of will keep the money of a beneficiary to pay a debt he feels the beneficiary is responsible for but with no proof?

Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.


In the state of Georgia if a spouse receives life insurance benefits is the surviving spouse responsible for the deceased spouse debt if surviving spouse's name is not on any of the debt owed?

In Georgia, as in most states, life insurance proceeds to a named beneficiary become the property of the beneficiary and are therefore not accessible to the creditors of the decedent. Of course, this does not apply to joint debt between the spouses or any debt solely in the name of the surviving spouse. In short, if the surviving spouse's name is not on the debt of the decedent, the surviving spouse has no legal obligation to pay such debt.


Does the beneficiary of the life insurance policy have to turn over funds to the estate to pay debt?

I am not an expert but have been involved in my dad's estate. If you are a listed beneficiary on the life insurance policy, it is your money. Unless you are the spouse. Debt does not have to be paid by the beneficiaries. My dad's left over $30,000 in debt. He had a $30,000 life insurance policy that had named beneficiaries. We got the insurance policy and did not have to pay for the debt. Check your state's policy. Go to a free law clinic and verify this info. Good Luck!


Are you obligated to make house payments if you file chapter 7?

Yes. A bankruptcy does not cover Housing so the debt will not be wiped out. Either pay or surrender the property.


What best describes an indentured servant?

An indentured servant is best described as one who was obligated to work for a certain number of years to pay off a debt, and who was freed at the end of the term.


When a son is unmarried owns property has credit card debt who should he put as beneficiary on life insurance and why?

Think this would be a personal choice, are you asking if you are the beneficiary are you also then repsponsible for his debt as well? Not sure about that you will need to ask an attorney. I will tell you that my brother died two years ago, had mountains of debt, his ex-wife, and daughters where the beneficiaries, received the proceeds and did not have to pay any of his debt, but suppose if the estate had been worth more that might've been different.


What are the benefits of a cosigner?

A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.


If a person dies intestate but has nominated a beneficiary for their provident funds can the trustee decide who should receive the benefits or should the husband receive it?

If during life a person has named a beneficiary on their retirement account the account administrator is obligated to pay the balance over to the named beneficiary. No one should be able to change the beneficiary chosen by the decedent. If someone believes they have a legitimate claim they can bring a court action and ask for a judicial review of the matter.


Can the executor of an estate who is also a beneficiary sue himself?

He CAN, but why bother. The word "sue" just means ask, but in legal terms. When you sue someone, you're asking the court to make you pay. Rather than have someone else make you pay, why not just pay it if it's a legitimate debt? If you're unsure about the validity of the debt, why not seek legal advice.


Does the beneficiary have to pay bills left by the insured?

Beneficiary's obligationThe beneficiary has no legal obligation to pay the bills solely in the name of the insured.


Do mothers on ssi and ssd pay child support to the fathers?

An SSI beneficiary is not obligated to pay child support; however, if there is an order in place, the beneficiary will have to file a motion to have it terminated. The child may be eligible for RSDI based on the obligor's SSA account; if so, that amount is considered child support. If that benefit exceeds the amount ordered for child support, the obligor does not owe any additional payment.


Will the insurance company pay the beneficiary if the beneficiary kills the insured?

Not if they found out.


Do you owe an ex boyfriend money back for debt that he paid off for you?

Morally, you should. Though, it depends if there was a verbal or otherwise contract, i.e. an agreement of a loan for you to pay him back. If there was, you are legally obligated to pay back the money to him.


Are children in the state of Maryland responsible to pay a debt to a nursing care facility of a parent who is deceased and has no estate but did leave beneficiary funds in retirement system?

If funds are noy part of the estate then no