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What happens to the estate of a parent who dies and leaves a lot of debt?
Wiki User
∙ 13y ago
Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Wiki User
∙ 13y ago
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Is an adult child responsible for a parent's debt when there was no will and no estate?
There is an estate! If you haven't opened one, you should. The estate is responsible for the debts. Consult an attorney for the area that you live in for specifics.
If the decease has credit card debt with no dollar value to his estate what happens to the debt?
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.
When a parent dies in Louisiana are the children responsible for the debt still owed by the deceased parent credit cards taxes mortgages etc?
The estate is responsible for all debts. Please consult a probate attorney for specifics on how to open an estate.
In Florida what should a daughter do about credit card debt of a deceased parent?
Make sure the executor of the estate is aware of the debts. Those debts have to be resolved before there can be distribution of the estate.
What happens to the debt if there is no money in the estate?
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.
What happens if you have a car that was hidden for 8 years out of state and the loan is in a deceased parent's name?
The estate of the deceased parent is responsible for the debt. The leinholder gets the car.
If a dependent parent dies are the children responsible for the tax debt?
If a dependent parent dies then the estate will be responsible for their tax debt. If you are over their estate then you would have to ensure that the government gets their taxes.
Is child liable for a deceased parent's debt?
As long as the child is not a cosigner on the debt, the child is not responsible for parent's debt. The parent's estate would be responsible for the debt. Technically this could reduce the inheritance the child receives, but it is not the responsibility of the child.
When a parent dies in California and leaves no money are the children responsible for debt?
The children are not responsible unless they were also signatories on the debt. One of the primary reasons someone should open an estate is to resolve debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Is the estate responsible for gambling debt incurred by a parent?
The decedent's estate is responsible for any debts incurred by the decedent.
Can a parent's debt fall on his children after the parent's death if the parent has no estate to speak of?
Not sure if the same applies worldwide but certainly not in the UK
What happens to a lien placed on a property and that person who is owed the money dies?
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.
Who is responsible for debt when a parent dies in Florida?
The parent's estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Parent died without a will and has debt how is this resolved?
The estate of the parent is to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
When a parent dies are the children held responsible for any debt left?
The parent's estate is responsible for their debts. If there is no estate the creditors are out of luck. However, if the parent left any assets, the estate must be probated in order to give creditors an opportunity to file a claim.
If a parent dies and leaves house to children must they pay off any debt left?
The debts of the estate must be paid before any distribution of assets is made. If the parent left a will and owned a home, the estate must be probated in order for title to pass to the heirs legally. The creditors must be notified of the death.
Will the debt of the parents have to be paid by the children when they die?
The debts of the parents are paid by the parent's estate, not their children.
