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Will you be responsible for your mothers outstanding dept if she died without any assets?
Wiki User
∙ 13y ago
No. Unless you agreed in writing to be responsible for your mother's debts, her estate will be responsible. If there is no estate the creditors are out of luck.
Wiki User
∙ 13y ago
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What is the difference between outstanding assets and outstanding liabilities?
Outstanding assets are assets that are owed to an individual or business. Outstanding liabilities are debts that ill be incurred in the future.
What is outstanding assest?
outstanding assets
Is excutor of estate responsible for paying the prior homeowner association fee?
Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.
Who is responsible for your dead mothers debt?
Your mother's estate is responsible for her debts. The debts must be paid off before any money can go to the heirs. However, if she had more debts than assets, the heirs are not responsible for the difference.
Are you responsible for deceased mothers bills?
If your mother died without any assets but died flat broke, you are not responsible for her bills. You do not have to pay her bills out of your own money. (You have to pay any expenses you arrange for after she dies. If you buy a funeral you have to make sure it is paid for.) However, if your mother left you money and you are the executor of her estate, you must pay her bills.
In Minnesota is wife responsible for husbands medical debts?
The estate in Minnesota is responsible for any outstanding bills. But the assumption is that the wife inherits the husband's assets. One way or another, the she ends up paying the debt. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
Does the estate of a decedent have to pay all outstanding debt such as medical bills utilities and insurance?
The estate is responsible for the debts of the decedent. The debts must be paid before any assets can be distributed to the heirs.
You are single who is responsible for your debt and assets?
If you are an adult, you are responsible for your debts and assets. If you were married, and the debts and assets were joint, then you and your spouse would both be responsible for them, unless you divorced, and it was settled in court at the time of the divorce.
Who is liable for your mothers hospital bills if there is no will?
Your mother's estate is responsible for her debts. If she owned any assets then her estate must be probated to give her creditors the opportunity to make claims. If she had no assets then you should notify her creditors of her death by sending a copy of the death certificate with the bill to the billing office.
Who is responsible for paying the unpaid balance on your grandmother's credit cards after her death?
The decedent's will (if any) assets and debts are filed in probate court pursuant to state laws. Nonexempt assets are used to pay outstanding debts. Surviving family members are not responsible for the decedents debts unless they were a joint account holder. An exception would be if there is a surviving spouse and the couple resided in a community property state.
Does the executor of a will have to pay for outstanding debts of a deceased parent if there is no money or property to sell?
The estate is responsible for the debts. The debts must be paid by the executor before any assets can be distributed. If the executor distributes any assets while the debts are outstanding, she/he may be personally liable. If there are no assets the estate is declared insolvent and the creditors are out of luck.
What happens when your partner dies and had outstanding credit card debt who is responsible for paying it off?
If there is no legal connection (marriage or business partnership) there is no obligation. The estate has to be settled and the assets sold to pay off the debts before anything can be distributed.
