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It will depend on whether she was listed in the debt documents. In most cases the estate will be responsible and if there are not enough assets, the debt goes unpaid.
No. There seems to be some confusion as a POA becomes null and void upon the death of the grantor. However, the POA grantee is never responsible for the debt of the grantor beyond said grantor's financial assets.
Yes provision of doubtful debt is part of current assets as accounts receivable is part of current assets and this allowance is for short term period.
Refund of money,debt,assets,or nay value at time of liqidation
Debt to total assets ratio
The estate still has to pay the debt. Usually that means that the widow will have to pay the debt from the assets left by the husband.
Some or all of the deceased assets will be liquidated to pay for the debts before any remaining assets can be divided by the survivors or distributed as decreed in his/her will. If there are not enough assets to cover the debts, the court will divide the assets somewhat equitably. If the deceased was married, the debt will be passed on to the spouse.
Unfortunately yes. Communal debt and communal assets.
If the debt exceeds the assets, the assets must be sold to cover the debt. Heirs are not responsible for any remaining debt. Certified letters along with a certified death certificate should be sent to each debtor that can not be paid in full after the sell of assets. In this case there would be no inheritance.
The debts are paid out of the deceased's estate, and this can include things that are jointly owned. Anything entirely in your name is safe. Even if the deceased's assets and joint assets are not enough, you are not responsible for the remaining debt.
You can apply to the estate for your money. If there are no assets in the estate, you aren't going to be successful. Consult an attorney in your jurisdiction for help.
It will depend on whether she was listed in the debt documents. In most cases the estate will be responsible and if there are not enough assets, the debt goes unpaid.
If they are not an account holder they are not responsible for the debt. All debts and assets and wills are handled in accordance with the state probate laws in which the deceased lived and/or owned property.
A dead person in any state is not liable for debt. The deceased's estate is responsible for the debts to the extent there are assets in the estate to pay them.
The estate of the deceased is responsible in Florida. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
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.
Then the estate is sold to cover the debt, and the "inheritors" are usually hit up for the rest.Another View: If the assets of the estate are insufficient to satisfy the debts of the deceased... UNLESS any of the heirs actually signed documents obligating themselves for their payment, once the assets of the estate are exhausted they are under no legal compulsion to pay off the deceased's debts.