0
Is the executor respondsible for debt when there is no money left in the estate?
Wiki User
∙ 14y ago
No. The estate is responsible for the decedent's debts.
However, debts must be paid before any property can be distributed. If there isn't enough money in the estate the debts must be paid in the proper order which is set by law in each state. The court appointed executor IS responsible for following the law in the settling of an estate.
If there are debts and no estate the estate is declared to be insolvent and the creditors are out of luck.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Is an executor responsible for the debt?
Not personally. The estate is responsible.
Can you as co-executor be sued for the debt of your parent's foreclosed mortgage?
The estate is responsible for the debts of the decedent. The executor is not personally liable. If it is necessary to bring suit the executor's name will be recited as the respondent as the executor of the estate and not as an individual.
If the estate does not pay card balances that are small from an estate and funds are dispersed what can happen?
The executor of the estate may be liable for the debt.
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.?
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.
Can unsecured debt be contested by an estate?
The executor of the estate can contest the debt. One of the things they must do is validate that all debts are accounted for and valid. Only then can they determine how to distribute what is left.
Can an executor sue a ex spouse who owes money to estate after 10 yrs?
It will depend on the documentation and when the debt was incurred. The executor can bring suit on behalf of the estate.
What happens when a person dies and is owed money by a relative?
If the debt is evidenced in writing it is the obligation of the executor to collect the debt owed to the estate.
Can an executor borrow money to pay a debt of the estate until the property of the estate is sold?
Generally, the executor must petition for a license from the court to mortgage the property unless that power was granted in the will.
Is an executor responsible for the debt?
Not personally. The estate is responsible.
How do you claim money from your deceased mother?
If it is a debt, you file the claim with the executor. Otherwise you should receive your inheritance when the estate is resolved.
Can you as co-executor be sued for the debt of your parent's foreclosed mortgage?
The estate is responsible for the debts of the decedent. The executor is not personally liable. If it is necessary to bring suit the executor's name will be recited as the respondent as the executor of the estate and not as an individual.
If the estate does not pay card balances that are small from an estate and funds are dispersed what can happen?
The executor of the estate may be liable for the debt.
Is the executor of the will responsible for debt in excess of value of estate?
No, the executor is not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
Can an executor of an estate get banks to write off debts even if there is money in the estate?
The executor can do so. It would take some pretty good convincing to get someone to right off a debt if there are assets to cover it. Such an agreement would be pretty good work!
When a parent dies are children responsible for a debt they still owe to the parent?
They still owe the money to the estate. The executor may offset their inheritance by that amount.
Can a credit card company go after the estate of someone whose only income is social security?
If the estate has any assets, they can certainly apply to get their money back. They can place a claim with the executor. The executor is responsible for clearing any debt before distributing assets.
Can you get child support arrears from estate when parent dies?
You can make a claim against the estate. It is certainly a debt that the executor must take into account when liquidating the estate. The amount of assets will determine if your receive any or all of the money.
