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What else can I help you with?
Are adult beneficiaries responsible for deceased parents debts?
No, you are not responsible for their debt. The only person legally responsible for a debt is the person that signed the contract for the debt. It doesn't matter if your dead parents left you money. Collection agencies cannot legally collect someone else's debt from you - but they will try. See the FDCRA to know your rights in debt collection.
Are brothers an sisters responsible for a debt of a sibling deaceased even with a spouse?
Siblings certainly are not responsible. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
Are adult children responsible for deceased parents debt in North Carolina?
In no state are they responsible to do it with their own money. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
Do family members have to pay taxes on a parent's annuity when parent deceases?
Yes the annuity payments are taxable income to the beneficiaries in the same way that they were taxed to the deceased taxpayer.
Are the joint heirs responsible for paying one brothers debt in a judgment from the proceeds of an estate settlement?
The estate is responsible to pay out the proper values to the beneficiaries. They have no reason to give more than the fair share toward anyone receiving assets.
Are beneficiaries responsible for debt on a home left to them?
Before title can be transferred, debts must be resolved. If there is a mortgage, it has to be satisfied by the estate, or the property sold. Any liens would have to be taken care of as well.
Can a beneficiary stay at a property without paying rent to other beneficiaries?
They are not responsible to the other beneficiaries, they are responsible to the estate. It is up to the executor to make sure things are done fairly.
My Step-father died am i responsible for his debt?
No, you are not responsible for his debt. His estate has that responsibility.
Who is responsible for marital debt?
Both of the spouses are responsible for the debt. They both benefited from the debt, so they are held responsibility.
Are you responsible for your siblings debt?
You are not responsible for your sibling's debt unless you co-signed and agreed to be responsible for it. If you co-sign for a debt and the primary borrower doesn't pay then you will be held responsible for repayment.
Is wife responsible for any debt if the husband cosigned a loan for their son in a divorce?
It's up to the judge and the laws in your state, but probably not. Likely you will be responsible for your exclusive debt, she will be responsible for her exclusive debt, and you will split shared debt and assets.
Who is responsible for debt if a bank cancels a credit card?
The person who carried the card is still responsible for the debt.
