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Is the trustee of an irrevocable trust personally liable for the debts of the trust?
No. A trustee is only liable in her capacity as a trustee and only the trust assets are exposed to its debts. Of course, that protection exists providing the trust is valid. If someone sets up a trust in order to incur debts they will not be personally responsible for paying, a creditor may be able to recover by a court action. Also, a trustee is personally liable for any mishandling of the funds of the trust.
What else can I help you with?
You are the successor trustee of your deceased mother's estate in California Are you responsible for her credit card debt?
No, you are not PERSONALLY liable for your mother's debts. Debts of the deceased are paid from the estate, so as the Trustee for that estate, you would have to see that the debts are paid from the estate. Creditors must file a claim against the estate to be paid, and state laws dictate the time limit for filing such claims.
Can a successor trustee distribute part of the trust funds before all debts are settled?
If you are referring to a testamentary trust the debts of the estate must be paid before the residuary can pass to the trust. You should consult an attorney. If you err you may be personally liable.
Is the executor of the estate liable for mortgage if foreclosure?
The executor is not personally liable for anything. The estate is liable for all of the debts. If the executor is going to inherit anything, there may not be anything for them to get.
Are you liable for parents debt being a trustee in there trust?
As a trustee of a trust, you are generally not personally liable for the debts of the trust's beneficiaries or the parents who established the trust, unless you acted negligently or outside the scope of your authority. Your responsibility is to manage the trust assets according to the terms of the trust document and in the best interests of the beneficiaries. However, it's important to consult with a legal professional for specific advice related to your situation, as laws can vary by jurisdiction.
A disadvantage of organizing a business as a sole proprietorship?
If your business fails with debts you are personally liable. You only have yourself to blame.
You are the successor trustee of your deceased mother's estate in California Are you responsible for her credit card debt?
No, you are not PERSONALLY liable for your mother's debts. Debts of the deceased are paid from the estate, so as the Trustee for that estate, you would have to see that the debts are paid from the estate. Creditors must file a claim against the estate to be paid, and state laws dictate the time limit for filing such claims.
Can a successor trustee distribute part of the trust funds before all debts are settled?
If you are referring to a testamentary trust the debts of the estate must be paid before the residuary can pass to the trust. You should consult an attorney. If you err you may be personally liable.
Is the executor of the estate liable for mortgage if foreclosure?
The executor is not personally liable for anything. The estate is liable for all of the debts. If the executor is going to inherit anything, there may not be anything for them to get.
Are you liable for parents debt being a trustee in there trust?
As a trustee of a trust, you are generally not personally liable for the debts of the trust's beneficiaries or the parents who established the trust, unless you acted negligently or outside the scope of your authority. Your responsibility is to manage the trust assets according to the terms of the trust document and in the best interests of the beneficiaries. However, it's important to consult with a legal professional for specific advice related to your situation, as laws can vary by jurisdiction.
Can the executor of estate be held liable for taxes owed if estate is solvent?
The executor is responsible for paying any debts, including taxes, owed by the decedent before any assets can be distributed. If the debts are not paid and assets are distributed the executor can be held personally responsible.
A disadvantage of organizing a business as a sole proprietorship?
If your business fails with debts you are personally liable. You only have yourself to blame.
Is an invester liable if a corporation fails?
Generally, investors are not personally liable for a corporation's debts or failures beyond their investment in the company. This limited liability protection means that they can lose the money they invested but are not responsible for the corporation's obligations. However, there are exceptions, such as cases of fraud or if investors personally guarantee corporate debts.
Is an llc member liable for llc debt in Colorado?
In Colorado, an LLC member's liability for the LLC's debts is generally limited to the amount of their investment in the LLC, unless they personally guarantee the debt or engage in wrongful or fraudulent acts. Members are not usually personally liable for the LLC's debts in Colorado.
Does the expenses of the home of the deceased get paid before medicaid lien?
You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.
Can the executor be liable for money not paid up?
The executor is not personally liable. They have to pay off all debts using the assets of the estate. If the liabilities are greater than the assets, they present an equitable distribution plan to the court.
Are you liable for debt after death of brother?
No you are not personally responsible for your brother's debt. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
If your spouse dies in Arizona and he has credit cards in his name is the wife liable for them?
In Arizona, a spouse is generally not personally liable for the credit card debts of their deceased partner unless they were joint account holders or co-signers on the accounts. The debts typically become the responsibility of the deceased's estate. If the estate does not have sufficient assets to cover the debts, they may go unpaid, and creditors cannot pursue the surviving spouse for those debts unless they were jointly liable. It's advisable for the surviving spouse to consult with a probate attorney for guidance specific to their situation.
