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When a parent dies and the estate has not posted notice to creditors can a child enter into legal agreements?
Wiki User
∙ 14y ago
When a parent dies the estate must be probated in order for title to real property to pass to the heirs legally and for the court to appoint an Executor or Administrator. Only the court appointed fiduciary will have the authority to access accounts. Until the estate is probated there is no one authorized to enter legal agreements concerning the property. You should consult with an attorney who specializes in probate.
Wiki User
∙ 14y ago
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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 divorce parent dies is his estate responsible to meet divorce settlement agreements?
Quite often, yes.
In the state of Maryland who pays the credit card debt of a deceased parent?
Generally, the deceased parent's estate is responsible for the debts of the deceased. The creditors should be notified of the death. If there are any assets the estate should be probated.
Gifting of an estate if creditors want to collect can the gifting of an estate stop it and can it be gifted to the offspring. Will the offspring be liable to pay debt of diseased parent.?
Creditors have a statutory period during which they may make a claim against an estate for an outstanding debt. Creditors who file in a timely manner must be paid before distribution is made to the heirs. If there is no estate the heirs are not liable to pay the debts of the deceased.
Can you file for bankruptcy if the deceased parent's nursing home bills cannot be paid because there are no more funds in the estate?
You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.
Are the surviving children responsible for a deceased parent's debts?
The estate is responsible for paying the debts of the decedent. No distribution can be made until the debts are paid. If there is not enough to pay the debts the court will declare the estate to be insolvent and the creditors are out of luck.
If a noncustodial parent owes 55000 in back support dies is that money still paid to the custodial parent the child is over 18?
Yes, if there's anything left in the estate after the higher priority creditors (if any) are paid.
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.
What is the purpose of an irrevocable living trust?
Generally, an irrevocable living trust is created in order to transfer assets from a parent's estate to the trust in order to avoid inheritance taxes on the parent's estate, protect assets from creditors, make charitable contributions and other purposes. The key thing about the irrevocable trust is that the trustor (the trust maker) can not later change the terms of the trust once the documents have been signed.
Are children responsible for parent's debt after the parent dies according to Michigan probate law?
In Michigan the debts of the deceased are the responsibility of the estate. Anyone that was also a co-signer on any of the agreements might also be responsible. Consult a probate attorney in Michigan for help.
When a child dies by negligence of hospital can a parent be the power of attorney for the estate?
No. The parent must seek appointment as representative of the estate through the probate court.No. The parent must seek appointment as representative of the estate through the probate court.No. The parent must seek appointment as representative of the estate through the probate court.No. The parent must seek appointment as representative of the estate through the probate court.
When a parent dies in Oregon are the children responsible for the debt still owed by the deceased parentcredit cards taxes mortgages etc?
No. The Will goes into Probate and all monies and properties, etc., are called the Estate. All creditors are paid off and what is left in the Estate is called "residue" which will go to the Heirs.
