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Not for the estate. No one else is responsible for it. The estate has to pay all of the debts. 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.
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∙ 13y ago
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What is Texas law regarding credit card debt for surviving spouse?
Technically, the debt has to be resolved by the estate. And as the spouse gets the estate, they will be paying one way or another. And is many cases the spouse benefits from the debt, they can come after the money
What if a person dies before paying off a school loan?
The estate pays the debt
Do you inherit debt?
No, you do not inherit debt. Unless you choose to do so. The estate is responsible for ending the debt by either paying it off or showing the court there are no assets.
Is a child required to show proof of payment of debt to a deceased mother to avoid paying the debt to an estate in an irrevocable trust?
Yes.
Does a wife have to pay assume responsibility for her husbands debt?
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.
Who is responsible for student loan debt after your death?
The student's estate is responsible for paying their debt unless there was a co-signer. If there is no estate the lender is out of luck. If there was a co-signer the lender will seek payment from that party.
In Texas is the wife of a deceased husband responsible for the husbands debt?
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.
If the debt is greater than the assets of the estate is the executor responsible to pay off the remaining debt?
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
If a person dies and they were in debt are their next of kin responsible for paying it off?
No, the responsibility belongs to the estate. If the estate does not have enough assets, the debts have to be written off.
Who is responsible for School debt after death?
The borrower, i.e., the person who signed the note, is responsible for payment. If the borrower has died their estate is responsible. If there is no estate the creditor is out of luck. If there was a co-signer then they will be held responsible for paying the debt.
Is wife responsible for debts of deceased husband in the state of Ohio?
The estate has the responsibility. And the assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all assets before they can transfer them to the spouse. One way or another, the spouse really ends up paying the debt. If there is more debt then assets, the debt will normally be closed out.
Are you responsible for paying the debt your deceased mother owes to the Department of Education?
No, but if she left an estate they may or may not collect it from it. But not you
