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NJ cosigner deceased May of last year Borrower not a beneficiary Ohio bank creditor for private college loan first payment due January of this year when and how is lender to be notified?
Tray
The question states that an Ohio bank is the lender. Determine their mailing addreess and notify them of the co-signors death, at that address. NOTE: If you are unable to qualify for the loan on your own, in order to ensure the safety of their loan, they MAY require you to come up with another co-signer.
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∙ 14y ago
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Is distributed inheritance from a deceased cosigner's estate subject to creditor action when the primary borrower cannot make the loan payments?
The bank can go after the granddaughter for repayment. * Monies belonging to any persons other than the primary borrower would not be subject to creditor attachment. If the primary borrower received monies from the estate, that would be viewed as an asset if the creditor decided to file suit to recover the debt owed.
If a cosigner has died and the primary borrower defaults is the cosigner's estate obligated to pay the debt?
Creditors/lenders will attempt almost anything to collect a debt. It is unlikely that a lender could place a claim against a deceased cosigner's estate and be awarded a judgment. But, there are no certainties in the murky creditor vs. debtor arena.
How can a cosigner sue estate of deceased borrower?
Consult with an attorney who can review your situation and explain your options, if any.
What is a deceased beneficiary?
A 'deceased beneficiary' is the beneficiary of a life insurance policy or a 'payable on death' bank account who predeceased the insured or the account owner. A 'deceased beneficiary' could also be a beneficiary named in a will who predeceased the testator or who died during the probate of the estate.
Is life insurance considered as the estate of the deceased?
only if there is no beneficiary named on the policy, or if the beneficiary(ies) deceased before the insured.
Who becomes the beneficiary of a CD when the designated beneficiary is deceased?
Generally, when the named beneficiary is deceased and there is no contingent beneficiary named then the account will revert to the estate of the owner and pass as intestate property unless there was a will with a residuary clause.
If a beneficiary to an estate becomes deceased and that beneficiary had a distribution in that year would the heirs of the now deceased beneficiary receive a K-1 and be taxed on that distribution?
If the distribution to the beneficiary was mandatory, and the trust agreement does not provide for alternative disposition on the beneficiary's death, and/or the trust agreement provides that the distribution is mandatory and not discretionary, then the distribution should be payable to the deceased beneficiary's estate, which could get the K-1 as to any portion of the distribution that constitutes income rather than principal. The distribution to the deceased beneficiary's estate could flow through to the heirs of the deceased beneficiary's estate.
Does to the issue of deceased beneficiary have the same meaning as surviving issue of beneficiary?
No, not exactly.The issue of a deceased beneficiary includes any issue that has predeceased that beneficiary.Surviving issue means only the issue living at the time of death of the beneficiary.
Can ex-spouse collect deceased husbands insurance if first deceased wife name is still listed as beneficiary?
No, an ex-spouse can't collect a deceased husbands insurance if the first wife is listed as beneficiary even if the fist wife is now deceased. The money will go to the beneficiary's heirs.
Is the spouse of a deceased cosigner responsible for the debt?
The ESTATE is responsible.
What is a decease?
A 'deceased beneficiary' is the beneficiary of a life insurance policy or a 'payable on death' bank account who predeceased the insured or the account owner. A 'deceased beneficiary' could also be a beneficiary named in a will who predeceased the testator or who died during the probate of the estate.
Life insurance part of estate?
Life Insurance and EstatesNO, not if the named beneficiary is not deceased. The proceeds of a life insurance policy belong to the named beneficiary not to the deceased. It should not under any circumstances be included in the estate of a deceased or the probate process. If no beneficiary is named or if all beneficiaries are deceased then their is no alternative. When their is no named beneficiary then the value of the life insurance policy reverts to the insured and must then be included as part of the deceased estate
