The executor will show the plan to the court. It will include all debts and all assets. If the debts are more than the assets, the debts will be cancelled.
The estate has to pay all of the debts off if possible. 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.
Generally a person's estate is responsible for the decedent's debts. If there is no estate the creditors are out of luck. They should be notified of the death.
The estate pays the debt
You can see the answer to this if you imagine an amount of debt to be the whole estate. That is one heir is holding all the assets. If the debt wasn't repaid first, before division, the other heir would get nothing at all. The estate is the total after all debts have been repaid. So you add the value of the debt to the residual estate. Give half of the result to the one with no debts. This has the same effect as the debtor repaying a sum equal to half his debt to the non-debtor, and then dividing the existing estate by 2.
The estate has to pay all of the debts off if at all possible. 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.
The debt is owed to their estate.The debt is owed to their estate.The debt is owed to their estate.The debt is owed to their estate.
The estate pays. If nothing in the estate they do not get paid.
If the debt is evidenced in writing it is the obligation of the executor to collect the debt owed to the estate.
It becomes part of the probate procedure of the deceased's estate.
You can file a claim against their estate in probate court with proof of the debt. If you have proof of the debt and they have assets of value, you must be paid by the estate before any remaining assets can legally be distributed to their heirs. If they have nothing of value, than you have nothing you can claim from them.
The estate is responsible for the debt. They will have to pay it off before closing the estate. They have the ability to try and get the money/goods back from the person that spent it.
The debt you owed to the decedent will become a part of their estate and their heirs can collect as long as they have proof that you owe the money. The heirs can request that an estate representative be appointed and that person can pursue payment from you. The debt does not just go away as long as there is evidence that the money was owed to the decedent.
Their estate is responsible for the debt. First, if the deceased has a home, property, condo, cars, etc., the estate will sell it off and pay the debtors. If there are no assets, the debtors will lose their money. If there is no will, the estate will be distributed according to the intestacy laws.
The estate is required to pay off the debts including credit cards. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.
The estate is responsible for debt. That is one of the reasons for opening probate.
Someone, normally a family member, will be appointed as executor of your estate. That person is in charge of your assets and debts as allowed by law.