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It means that the money will be going to a trust or estate instead of an individual person. The estate can represent one or more individuals or just be an entity of itself.
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If life insurance is considered part of an estate is that money used for medical bills and debt?
Life insurance is not considered part of an estate and is not available to pay the decedent's bills and debts. Even if there is no money whatsoever to pay bills, the insurance is not part of the estate. The only exception would be if there were no existing named beneficiaries or if the policy is payable to the estate. But even there, keep in mind that it isn't the "insurance" money that is now available to pay the debts. It is "estate" money, because the proceeds were payable to the estate. The Federal government will include life insurance proceeds as part of the gross estate for federal estate tax purposes, but that does not mean they are actually part of the estate.
Who would pay the loan if the borrower dies and there is no co signer?
Unless there is insurance to pay the loan the estate of the deceased will pay it. If there is no estate, the lender is out of luck.
When there is no money is left in the estate to pay bills who is responsible?
The estate has to pay off the debts. If the estate does not have the assets to do so, they distribute as best they can. If the court approves the distribution plan, the debts are ended.
If the estate does not pay card balances that are small from an estate and funds are dispersed what can happen?
The executor of the estate may be liable for the debt.
Is personal representative responsible for mortgage of estate?
They are responsible for paying it from the estate's funds. They do not have to pay it personally.
What taxes did members of third estate have to pay?
the members of the third estate had to pay money
Does the executor of an estate pay attorney fees out of their compensation?
They do not pay the estate attorney's fees, the estate does. If they hire their own attorney, yes, they have to pay them.
Does the post office have to pay the estate for the picture on stamps?
The post office does not pay the estate.
Why did the third estate pay more Taxes?
The Third Estate had to pay 50% of their income tax
Do you have to pay taxes on estate money received?
Yes, you will have to pay taxes on any estate money received.
How do you stop foreclosure on deceased person's home?
You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.
Clergy and nobles did not pay these?
Taxes. During the old regime the Clergy (1st estate) and the Nobility (2nd estate) did not have to pay taxes, meaning the bourgeoisie (3rd estate) had to pay all the taxes.
If life insurance is considered part of an estate is that money used for medical bills and debt?
Life insurance is not considered part of an estate and is not available to pay the decedent's bills and debts. Even if there is no money whatsoever to pay bills, the insurance is not part of the estate. The only exception would be if there were no existing named beneficiaries or if the policy is payable to the estate. But even there, keep in mind that it isn't the "insurance" money that is now available to pay the debts. It is "estate" money, because the proceeds were payable to the estate. The Federal government will include life insurance proceeds as part of the gross estate for federal estate tax purposes, but that does not mean they are actually part of the estate.
Who would pay the loan if the borrower dies and there is no co signer?
Unless there is insurance to pay the loan the estate of the deceased will pay it. If there is no estate, the lender is out of luck.
Do you have to pay unsecured credit card debts?
The personal represenative of the estate should pay them from estate assets if they are valid claims. The beneficiaries would not pay them.
What happens to your mortgage when the person holding it died but the deed is in both of your names and you pay the taxes?
The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.The mortgage will be included in the decedent's estate and the heirs will own the debt once the estate has been probated. You must pay them.
do I have to pay medical bills of a deceased person if I am an administrator of the estate?
Yes, you have to pay any debts owed by deceased from estate proceeds. It depends on the state, but generally as the administrator of the estate, you, the executor, are responsible for paying debts 'with the estate itself'. You are generally not obligated to pay out of your own assets.
