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Probate is the easiest way and the legal way it should go when a Will is left. Probate makes sure that all creditors (banks, charge cards, loans, property taxes and personal taxes, etc.) are paid in full. Whatever is left after the creditors is paid goes to the Heirs in the Will. If there is no money left and debt still owing then the creditors are out of luck and the Heirs are not liable for any monies owing. Marcy

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โˆ™ 2006-03-27 07:41:51
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Q: What is the easiest way to settle a parent's estate in Illinois if they had more debts than assets?
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What is legal age to own property in Illinois or can a 17 year old own real estate in Illinois?

You have to be 18 to have any real assets to your name.


Are surviving children responsible for deceased parents debts in the state of Virginia?

The estate is responsible for the debts. If the estate has no assets, the creditors will not get paid. If there are not enough assets to pay the debts, the beneficiaries will not receive anything.


Is an estate necessary for an indigent parent?

If by indigent you mean completely without assets, then no, an estate is not necessary. An estate is necessary if a decedent has assets that are to be transferred to another person, whether by will or intestacy. In fact, since a decedent's "estate" consist of his/her assets nd if there are no assets, there is no "estate."


Can a son in Missouri be executor for estate of parents in Illinois?

I can answer my own question now that I have spoken with a lawyer in Illinois. The answer is yes, I can be the executor of my parent's estate, even though I live out-of-state. Thanks for this forum.


What happens if parents die and owe money to the government but the estate has no money?

The government is not going to get their money. They will have to be satisfied that there are no assets in the estate and that no one else got paid.


What happens to the remaining assets in a closed estate?

If any undistributed assets remain in the estate then the estate must be reopened and an estate representative must be appointed by the court.


Can an adult child inherit a parents debt if there are no assets?

The estate will be responsible for the debts. A child is not responsible unless they co-signed for it.


Who will get the assets of a deceased parents if children are underage and there is no will and testament in state of Florida?

The state will open the estate. The assets will go into a trust for the use of the children. The state will appoint a trustee for the assets and a guardian for the children. They may be the same person.


How is the probate estate maintained?

Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.


What tax is imposed by the federal government on assets left by an individual at the time of death?

For the estate assets you would have estate taxes.


What happens when your parents are deceased and there is no money left in the estate to pay for medical bills?

If there is any other property such as real estate then it must be sold to pay the debts. If there are no assets the estate will be deemed insolvent by the court and the creditors are out of luck.


A person appoints a child as executor of the estate. is executor of estate required to list assets after that person dies?

That is one of the duties of the executor. They have to inventory the assets and debts of the estate. Then they will be able to liquidate the debts and distribute the assets.


What type of assets qualify for a marital deduction in estate planning?

REAL aSSETS


How do you file a claim against an estate in Illinois?

how do I file a claim against an estate in Illinois, Cook county


Do you have to pay the debts of your parents if they die?

The estate of a decedent is responsible for the debts. The debts must be paid before any assets are distributed to the heirs.


Does items that were taking by family right after a die need to be account in the estate?

The items are assets of the estate. All assets must be inventoried and appraised.


Does a pour over will into a revocable living trust ever have to be probated?

Yes, if the assets passing by Will exceed the state's small estate procedure exception (e.g. $100,000 in Illinois).


Can debt collectors make a beneficiary pay the decedents debts?

The creditors can file a claim against the estate and the debts of the decedent must be paid by the estate before any assets can be paid over to the beneficiaries of the estate. If there are no assets in the estate the creditors are out of luck. You should consult with an attorney or other advocate before you pay any debts of the decedent.The creditors can file a claim against the estate and the debts of the decedent must be paid by the estate before any assets can be paid over to the beneficiaries of the estate. If there are no assets in the estate the creditors are out of luck. You should consult with an attorney or other advocate before you pay any debts of the decedent.The creditors can file a claim against the estate and the debts of the decedent must be paid by the estate before any assets can be paid over to the beneficiaries of the estate. If there are no assets in the estate the creditors are out of luck. You should consult with an attorney or other advocate before you pay any debts of the decedent.The creditors can file a claim against the estate and the debts of the decedent must be paid by the estate before any assets can be paid over to the beneficiaries of the estate. If there are no assets in the estate the creditors are out of luck. You should consult with an attorney or other advocate before you pay any debts of the decedent.


Are unsold works of art which have not been appraised of a deceased person considered to be assets to his estate?

Yes, they are part of the estate. The executor is responsible to get the assets appraised. Only then can the estate be settled and distributed.


Can an unpaid executor get paid for gasoline expenses?

As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.


What does a probate lawyer do first when handling an estate?

Inventory the estate and protect the assets.


What is condidered an estate in a will?

All the assets and property belonging to the deceased are part of the estate.


What percentage of your assets that the government will tke if you do not have a will or trust?

This depends on various factors, such as the size of the estate, what state law applies, what type of assets were in the estate, etc.


What prevents a executor from not following the will?

One issue may be that there are not enough assets to settle the debts of the estate. Or the specific assets left for someone are no longer in the estate.


Who own assets after someone dies but before the assets are transferred to the heirs via a will?

The assets of an estate are held by the trustees of the estate. After all debts and testamentary dispositions have been satisfied the residue may be distributed