Debt Responsibility
Retirement Planning

Is the beneficiary of an annuity responsible for paying the debts of the deceased?


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2010-07-01 12:26:49
2010-07-01 12:26:49

No. The decedent's estate is responsible for paying the debts of the decedent. Generally, an annuity with a named beneficiary is not part of the probate assets much like life insurance payable to a named beneficiary. However, the recipient of an annuity should consult a professional regarding tax issues.

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Related Questions

The beneficiary of a life insurance policy is not responsible for paying for the deceased's funeral cost using the money from the proceeds of the life insurance policy. The estate of the deceased is responsible for paying for the funeral cost from the proceeds of the estate.

No, if they were not joint debtor's with the deceased they are not responsible for any of his or her debts.

Inheritance Tax is a tax which can arise where a beneficiary receives an inheritance as a result of someone dying. The beneficiary is responsible for paying the tax. An inheritance can be taken under a will or intestacy - or in some other way such as, for example, where an asset in the joint names of the deceased and another person is taken, on the death of the deceased, by that other person as survivor.

The beneficiary is not necessarily responsible, but the estate of the deceased will go through probate. At that time, any outstanding loans or financial obligations will be paid from the estate. This will have the effect of reducing inheritance and will seem to be "you" paying for the debt, but it actually the last bill everyone pays.

When a person buys an annuity, a life contingency allows the beneficiary to receive a payout if the person dies while they are still paying into the plan.

Your mother's estate is responsible. If you signed the paperwork on some items, you could be held responsible.

His estate...which is actually him continued after death for business purposes. I have received a tax levy in my deceased husband old business account from 2004 Am I responsible

No, the estate is responsible for the medical bills of the deceased. Only after they are resolved can the estate be closed any remainder distributed.

The estate of the deceased is responsible for paying all the deceased's lawful debts.

No, the executor of the estate will be responsible. If there is no estate then the bills will not be paid.

No, she should be held responsible. Typically the estate is responsible for paying the debts, including all the bills of the deceased. If the daughter has co-signed any paperwork regarding those bills, she may be held liable.

Your father's estate is responsible for paying the funeral expenses from his assets. The expenses and debts of the estate must be paid before any distribution is made to any of the beneficiaries. Therefore the funeral expenses must be paid before the beneficiary receives her portion from the estate.

No, but if she left an estate they may or may not collect it from it. But not you

They are not responsible to the other beneficiaries, they are responsible to the estate. It is up to the executor to make sure things are done fairly.

The taxes of a deceased person would be the responsibility of that person's estate. If the children are the administrators/executors of the the estate, then they would be responsible for filing the taxes on behalf of the deceased; but the payment would come out of estate funds, not from the children personally.

No. But, the minor child/children may be entitled to a portion of the deceased parent's estate and/or Social Security survivor benefits.

She is not directly responsible. The estate is going to be responsible. And since she will likely be getting the bulk of the estate, paying off the debt will reduce her amount.

Generally, the estate is responsible for paying the debts of the decedent when the debts are in the sole name of the decedent. If there are no assets then the creditors are out of luck.

If the child is a minor, yes, they are. If the child is an adult, no, they are not.

The heirs are not legally responsible for paying the loan. However, if they want to keep the property the loan must be paid or the lender will take possession of the property by foreclosure.

A Power of Attorney is extinguished when the principal dies. The estate of the debtor is responsible for paying their tax arrearages.

If your deceased father had a home equity loan are the heirs now responsible for paying it off IF THEY SELL THE HOME?

The children are not directly responsible in Pennsylvania. The estate is responsible to settle all the debts. Until these have been paid, the children are not entitled to receive anything.

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