The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.
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Related Questions
What happens to a home insurance policy when the holder dies?
the house is paid off and given to the beneficiary
What happens to a loan if the holder dies and there is no insurance or estate?
If there are no assets in the estate the lender is out of luck as to having the loan paid off, however, it can repossess the automobile.
What happens if the policy holder dies?
If the owner of an insurance policy is deceased then is should be listed as an asset when it comes to distribution. If the insured dies, then any value would be passed on to any listed beneficiaries.
What happens if a cosigner on a student loan dies?
your left with the full bill as there is nobody else to charge
If a life insurance policy owner dies what happens to the policy?
if the owner of a life insurance policy dies and the policy is on her son. What happens to the ppolicy and is it part of the estate.
What happens if the beneficiary dies?
The next of kin to the policy holder will get paid for the policy.
What happens if someone dies and has no beneficiary on his life insurance policy?
In that case, the money will be kept deposited with the insurance company as unclaimed amount. In absence of the beneficiary, the insurance company can pay the money to the legal heir of the policy holder, but that has to be sufficiently proved in the Court of Law.
What if primary account holder dies and there is a cosigner?
The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.
Does house insurance cover a mortgage if the holder dies?
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
What happens if beneficiary named on life insurance policy dies before the policy holder?
The policy holder has the choice to change the name of the beneficiary at any time, including after the death of a named beneficiary. If the policy holder doesn't change the name of the beneficiary after the beneficiaries death, depending on what state you live in it goes to next of kin.
What is the death benefit in life insurance?
When the policy holder dies, his nominated person gets the proceeds in the form of sum assured plus accumulated bonus, loyalty addition if any from the insurance company where from the policy was bought by the policy holder.
What happens if both primary and secondary beneficiary die. Second beneficiary had approved power of attorney to another sibling - what happens then?
A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?
What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
Is a cosigner on a credit card responsible after the primary dies?
Yes.
If the beneficiary of an IRA dies and then the IRA holder dies and there is no contingent beneficiary what happens next?
I believe it reverts back to the owner, and thus becomes part of his estate.
What happen if the seconary bank holder dies?
It seems like you are asking what happens when one joint account holder dies. I believe that most joint bank accounts are set up so that the surviving account holder would have legal possession of the full balance, the same as he did before the death of the other joint account holder.
What happens to a joint bank fixed deposit with a nominee when the primary holder dies?
the fd has to be terminated and principl amount returned to nominee or joint holder without any deductions
What is early death claim in life insurance?
when a policy holder dies within the two years of policy it is considered as a early death claim
Is the cosigner of a student loan responsible to repay the balance of the loan if the student dies?
Most Loans Have An Insurance On The Person The Loan Is Made Out To. Check This Out, Get A Copy Of The Contract. If There Is Life Insurance AOn The Person That You Cosigned For, Then The Loan Should Be Paid Off By Insurance On Loan GOOD LUCK
How long before life insurance pays out after death?
Usually the payout happens within 2-4 weeks from the date of claim by the next of kin. When a policy holder dies, the nominee of the policy has to submit paper-work to the insurance company along with proof of relationship and death of the policy holder. Once everything is completed, money would reach the beneficiary in around 2 to 4 weeks.
If a beneficiary of a life insurance policy dies before the insured what happens to the money once the insured dies?
Goes to the beneficiaries heir's or estate.
What happens if the sole beneficiary to a life insurance policy dies after the insured dies but before the claim is processed?
The proceeds belong to the estate of the beneficiary.
If a spouse dies in Texas with no insurance what happens to vehicle?
Wether it has insurance or not is a moot point. The vehicle is generally part of the estate and is inherited by someone.
Can a insured surrender a life insurance policy after the policy holder dies?
T sum assured divided by multiply no for ex... 100000 / 30=3333
Does a cosigner have to pay the rent when tenant dies suddendly?
I'm pretty sure the cosigner doesn't have to pay it. If the tenant dies suddenly, I wouldn't think his/her family would be obligated to pay the rent, because I'm sure they would move everything out when the tenant dies.
