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Are children responsible for a deceased parent in the state of Pennsylvania?
The estate is responsible for all the debts of the deceased. The children are not required to pay them from their own funds, but it will reduce the amount they inherit.
Is an estate liable to pay 40000 in credit card debt of widowed mother?
The distribution of funds for debts of a deceased person is determined by state law. The assets, debts and will, if any,is filed in probate. Creditors have a specified time to file claims against the estate for outstanding debts. The court will then determine which assets are exempt and which can be used to pay creditors. State laws pertaining to probate procedures vary greatly. It is not possible to be more specific w/o knowing the deceased resident state.
Can the executor withdraw money from the deceased CD?
They are certainly able to do so. There has to be a full accounting of the funds in their control. They may need to pay off debts of the estate.
Funds or property that have value in meeting debts are called?
Funds or property that have value in meeting debts are called collateral. A+ answer- assets
Is the beneficiary of a life insurance policy responsible for bills of the deceased?
An individual buys life insurance for a variety of reasons, some of which may include Love, Character (to provide financial security for others), or because of a court order (such as for divorce) requires it. There are other reasons, too. Unless the beneficiary of the life insurance policy has agreed to answer for the debts of the deceased, he/she is not ordinarily responsible for them. The Statute of Frauds of the US jurisdiction in which he/she/the deceased resides will probably address this issue. Under the Statute of Frauds, an agreement to pay the debt of another usually has to be in writing to be enforceable. If the beneficiary of the life insurance policy is also the executor/administrator of the estate, he/she has to follow the statutory law regarding notice to creditors (usually by publication) of the insured's death, and see to it that claims timely filed are paid from available estate assets. If the life insurance proceeds are payable to the estate, those proceeds would generally become an estate asset. However, as your question is stated, the named beneficiary is someone other than the estate. Therefore, based on the scope of the question, the beneficiary is entitled to the funds and is not responsible for the debts of the deceased. Regardless of one's view on the moral or ethical issues of the matter, the beneficiary has no legal obligation to use the funds to pay the debts of the deceased. This is a general response to your question and is based only on the information given. No attorney-client relationship is created or intended.
If there are no funds in a trust just property how are the debts paid?
If there are no funds with which to pay the debts of the trust then the property must be sold in order to pay them.
Why have a life insurance policy to the estate?
One reason is that the decedent wanted to have the funds available to pay debts of the estate and to have the remaining proceeds shared equally by the heirs.
Can a creditor in collect on deceased NJ?
In New Jersey, creditors can seek to collect debts from a deceased person's estate, but they cannot pursue the deceased individual personally. The estate must go through probate, where the executor or administrator will settle debts using the estate's assets before distributing any remaining funds to heirs. If the estate lacks sufficient assets to cover debts, creditors may not be able to collect anything further. It's important for the executor to notify creditors and manage claims appropriately during the probate process.
Is sister responsible for deceased brother debt if no will?
Without some other duty owed the creditor (ie: cosigner on a loan, executor of estate obligated to pay creditor out of estate assets), there is no responsibility for the sibling of the deceased to pay the debts of the deceased. Further, the executor of an estate has no personal liability to pay debts of the deceased beyond the available funds of the estate. ---- Atty. John Libertine is providing this information for research purposes only, and is not offering legal advice. Licensing information is subject to change.
Are children resonsible for the debts of their deceased parents in Virginia?
Only the estate is responsible, not the children in Virginia or any other state. However, if you signed any of the paperwork, you may have become the guarantor of the debt. And the estate must pay off any debts before they can distribute any funds.
Who pays hospital bills of the deceased father are the beneficiaries of the life insurance responsible?
The estate or actually the executor of the estate is responsible for medical and other expenses as part of the distribution of the estate. After all debts have been paid from the proceeds of liquidation of the estate only then can funds be distributed to beneficiaries. The executor of the estate and beneficiaries of the estate need not pay anything out of their own pocket if the estate cannot pay for the entire bill. But if the expenses are not paid the hospital will certainly come after the estate and any monies that were distributed. Check the terms of the life insurance. If payment is assigned directly to the beneficiaries you may not need disburse funds to the hospital. On the other hand, if the life insurance goes to the estate, the hospital must be paid first if you don't want to end up in court.
Funds or property that have value in meeting debts are what?
Assets
