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Is the Executor responsible for paying credit card debt when the debt is being held by a collection agency there is a will the only asset is a home surviving children?
Yes, the Executor is responsible for paying off all the debts, or as many as possible, of the deceased using the assets of the estate. If the house has to be sold to settle the estate, then it must be sold.
If a house is the only asset in and estate and the deceased has debt is it mandatory the home be sold?
The estate has a responsibility to pay off the debts. If there are assets to do so, they must be used. The estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Are beneficiaries responsible for debt on a home left to them?
Before title can be transferred, debts must be resolved. If there is a mortgage, it has to be satisfied by the estate, or the property sold. Any liens would have to be taken care of as well.
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.
How does probate handle the sale of a home?
If the person who owned the home is now deceased, that person's estate must be probated before the home can be sold. Probate is what authorizes someone representing the estate of the deceased person to sell the home.
What happens to a home that is not sold and is part of an estate and the estate can no longer pay for the upkeep of this home?
The estate will have to sell or abandon the home.
Is a Widow responsible for auto debt in CA?
The estate has to resolve all of the debts. That would include the car loan, which must be resolved before the vehicle can be sold or inherited.
What if a Life estate was put in more then one name can home be sold?
A home that is subject to a life estate cannot be sold without the written consent of the life estate holder.
Can you save a house left to you or will it need to be sold to satisfy the deceased's debt?
That depends entirely on the valuation and the amount in the estate. Someone can purchase the home for fair market value and the proceeds go into the estate. That may cover the debts.
Does an estate have to sell real property to pay decedent's credit card debt?
If creditors have filed claims against the estate and there is no cash to pay the claims then the real property must be sold to pay the debts. The debts of the decedent must be paid before any property can be distributed to the heirs.
Can I protect my property and home after being served a Writ of Execution?
A homestead exemption can protect your home from being sold to satisfy a debt in some cases. However, it would not erase the debt. If there is no homestead exemption on your home prior to the execution being filed then you must pay the debt in order to remove the lien.
If a wife dies with c-card debt only in her name with no will is spouse responsible to pay the debt and if he cant can they seize joint property to do so like a home that's paid for?
The estate is responsible to pay the bills. The property can be sold to settle the debts.
