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If you inherit a ring and the estate doesn't have even money to cover the bills will the ring have to be sold?
Yes, if the estate lacks sufficient funds to cover its debts, the ring may need to be sold to satisfy those obligations. The executor of the estate is responsible for settling debts before distributing any assets to heirs. Depending on the specific circumstances and laws in the jurisdiction, selling the ring could be necessary to ensure that all creditors are paid.
What else can I help you with?
Does your credit card debt die with you?
No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.
How can escrow increase in a real estate transaction?
Escrow can increase in a real estate transaction when additional funds are required to cover unexpected costs or when the buyer requests more time to complete the purchase.
In Missouri is the surviving spouse liable for credit card debt?
The estate is responsible for any outstanding credit card bills. But the assumption is that the wife inherits the husband's assets. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by the husband. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
Is everything sold to pay outstanding debts?
The executor is expected to exhaust the resources of the estate to resolve all debts. If the value of the estate does not cover them, those owed money are short changed and the beneficiaries do not receive anything.
Who pays outstanding bank loan on personal property which is more than the value of the estate after death in NY State?
The estate is responsible for the debts of the decedent. The property should be returned to the creditor if possible. However, if the assets cannot cover the debts the estate is declared insolvent and the creditors are out of luck.
Is the wife responsible for the deceased spouse's hospital bill in Tennessee?
The estate is responsible for medical bills of the deceased. That means before the estate can be settled, all debts have to be cleared. If there is not enough in the estate to cover them, there are some people who will not get paid. The wife may not inherit anything from the spouse if there are not enough assets to cover the debts.
If a person dies with debts and if their estate cannot pay those debts can the creditor go after the executor to pay off the remaining bills?
No. If the assets of the estate doesn't cover the debts, the creditors will have to write them off. But that means that no one can inherit anything from the estate as it would have to be liquidated to pay debts.
Are the parents of a deceased adult child with no estate responsible for unpaid medical bills?
It is not the parents, but the estate that is responsible for any remaining debts. That will include medical bills. If there is not enough in the estate to cover them, someone will not get paid.
After estate has no funds left what does the probate attorney do with rest of bills?
The debtors have to write off the money. If the assets of the estate do not cover the bills, there is little they can do, unless there is a co-signer to the obligation. It is not uncommon for the estate to be unable to cover all of the debts, particularly if there were major medical bills. All cases are different and it is best to contact a probate or estate planning attorney to ensure protection of your assets.
Are heirs responsible for medical bills in Nevada?
It is not the heirs, but the estate that is responsible for any remaining debts. That will include medical bills. If there is not enough in the estate to cover them, someone will not get paid and the heirs may get nothing.
Who is responsible for unpaid medical bills of deceased step-father in North Carolina?
The estate is responsible for any remaining debts. That will include medical bills. If there is not enough in the estate to cover them, someone will not get paid.
Are you liable for your wifes medical bills in colorado?
In Colorado, as in all states, the estate is responsible for all the debts of the deceased. That means before the estate can be settled, all medical bills have to be cleared. If there is not enough in the estate to cover them, the husband may not get anything.
Is the spouse responsible for the deceased spouse's medical bills in Virginia?
In Virginia, as in all states, the estate is responsible for all the debts of the deceased. That means before the estate can be settled, all medical bills have to be cleared. If there is not enough in the estate to cover them, the husband may not get anything.
In Arkansas must adult children pay deceased parent's medical bills out of parent's payable on death accounts if probated portion of estate is inadequate to cover the medical bills?
Arkansas, like most states, look at a number of factors involved. Typically the estate is responsible for paying the debts, including the medical bills of the deceased. If a child has co-signed any paperwork regarding medical procedures, they may be held liable. If they hope to inherit a house, they may have to pay the bills to avoid the house being sold to pay the debts.
Your son passed away wanting you to have his classic car but no papers were signed to that effect Creditors are seeking fund to cover bills Can you sell the car?
If you are the executor of his estate you can sell it to pay his bills.
Are parents responsible for deceased children debts?
It is not the parents but the estate that is responsible for any remaining debts. That will include medical bills. If there is not enough in the estate to cover them, someone will not get paid and the heirs may get nothing.
Do you have to pay a dead spouse's medical bills in Alabama?
As in all states, Alabama requires the estate to be responsible for all the debts of the deceased. That means before the estate can be settled, all debts have to be cleared. If there is not enough in the estate to cover them, there are some people who will not get paid.
