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Is the trustee of an irrevocable trust responsible for paying from the trust debts incurred by the deceased beneficiary?
Wiki User
∙ 15y ago
Generally, no. Trust law is a very complicated category of law so this question can only be addressed in very general terms. A trust is administered by a trustee. Every trust is different. A well written trust will contain a provision that directs where the trust property will go upon the death of the beneficiary and the trust will terminate. Trusts do not generally allow the trust property to become part of the beneficiary's estate. Generally the beneficiary is allowed to receive the income from the trust during their life and upon their death the trust property is distributed to their children or other family members free and clear of the trust. You would need to review the provisions of the trust to determine what happens to the trust property upon the death of the beneficiary. If there is no such provision an equity petition must be presented to the court asking for guidance. Generally the petition explains the defect in the trust and may also contain evidence concerning what the trustor intended but failed to state in the trust document. A judge will review the trust and issue a decision. A beneficiary-decedent's estate is administered by a court appointed Executor or Administrator. That is a separate proceeding and the Executor or Administrator has no authority to reach into the trust for funds to pay the debts of the decedent. In fact, the purpose of a trust is generally to protect and preserve assets.
Wiki User
∙ 15y ago
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What does the surviving spouse do about the deceased spouse's credit card debt in Florida?
California is a community property state, the debts of the deceased should be included in the probate procedure. Usually in California the surviving spouse is responsible for all debts incurred during the marriage even though he or she was not the named account holder.
If you are an authorized user on a credit card and the holder files bankruptcy are you responsible for their balance?
No, authorized users are not responsible for debt incurred on such an account.
Are you responsible for your spouses debts incurred before marriage in or?
Only if you signed as a co-guarantor. Otherwise, no.
In Texas is the surviving spouse responsible for department store debt still owed?
Texas is a community property state therefore a surviving spouse usually can be held liable for debts solely incurred by the deceased spouse. Exceptions can be made to this law based upon the circumstances of individual cases
Who is responsible for outstanding credit card debt if bank cancels your credit card?
You are because you incurred the debt.
Are you responsible for your deceased moms debt?
Only if you are a joint debtor. Surviving family membes are not responsible for the debts of deceased parents, siblings or other relatives. The exception might be if the person signed an agreement with a care facility, hospital, medical clinic, doctor, etc. to be responsible for debt incurred during the deceased person's treatment/confinement.
Is a wife responsible for medical bills that her deceased husband incurred while he was sick but alive?
Since a married couple are considered to be one economic entity, yes. The wife would be held responsible.
In the state of WI does the surviving spouse have to pay medical bills of the spouse who passed away I never signed any promise to pay?
The deceased's ESTATE is responsible for any debts incurred by the deceased party. NOT the survivors.
Is a child of a deceased parent responsible financially for any debt incurred at a nursing home in North Carolina?
Not unless they signed taking that responsibility on. The estate has to resolve the issue.
Are you responsible for the debt if you are a 'card holder' on your deceased father's credit card account?
If you have a card with your name on it usually you are considered a joint account holder and are responsible for the debt incurred on that account. If a consumer is listed as an authorized user (they do not have a card with their name) he or she is not responsible for the debt.
Is the estate responsible for gambling debt incurred by a parent?
The decedent's estate is responsible for any debts incurred by the decedent.
Is a surviving spouse in Pennsylvania responsible for repayment of a credit card debt when his deceased wife was the authorized user on an account that was held by her deceased mother?
No. Only the account holder is responsible for repayment of debt incurred on a credit card. An authorized user is not responsible for repayment, but in this case if the now deceased AU continued to use the account after the death of her mother (the account holder), the AU's estate might be responsible for any charges made under such circumstances. In any event, the surviving spouse is NOT responsible to repay the CC debt.
Is the surviving spouse liable for the deceased spouse's debt if their name is not on the account?
If the couple resided in a community property state it is possible for the surviving spouse to be responsible for debt incurred by a deceased spouse even though he or she was not an account holder. Texas and Wisconsin are not considered "true" CP states as they treat solely incurred marital debt somewhat differently as do the other CP states.
If a person incurred medical expenses in Europe and then died is the estate of the deceased responsible?
The estate is responsible for any remaining debts. That will include medical bills. If there is not enough in the estate to cover them, someone will not get paid. It is also difficult for foreign entities to enforce their rights.
Your father died in Oklahoma and now the hospital states that you are responsible for the bill?
The children of a deceased parent are not responsible for the medical bills incurred whether it is a hospital, attending physician, diagnostic facility or others. The only time they could be held responsible is when they have entered into an agreement with medical providers to accept such costs.
Who is responsible for the debt on your late wife's credit cards if she passed away last week and she had a couple of credit cards in her name only and you live in Maryland?
Maryland is not a community property state, therefore the surviving spouse is not responsible for repayment of debt that was solely incurred by the deceased. The debts will become a part of the deceased's estate and will be handled according to state probate laws.
Will your family have to pay your visa bill after you pass on?
If the surviving family members are not joint account holders or a surviving spouse who was living in a community property state, they are not responsible for the debts of the deceased. The deceased estate (if any) is to be probated (when required) and any assets are used to pay outstanding debts in their order of priority according to state law. FYI, authorized signers of credit card accounts are not joint account holders and not responsible for debt incurred. Likewise in some CP states the surviving spouse cannot always be held accountable for all debts solely incurred by the deceased spouse.
