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You must look to the trust for direction as to the distribution of the trust property and the termination of the trust. The management of a trust is set forth in the document that created the trust. If there is not direction as to the termination and final distribution of the trust property then a judge must make that determination.
What else can I help you with?
Must a child pay a debt to a deceased mother through an estate in an irrevocable trust?
The estate is required to collect on all monies owed it. And to pay off any debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Can someone file a lien on real property that has no mortgage that is an asset of an irrevocable trust?
You can, but only if the lien is from a debt that is owed by the trust itself. If the debt is against the person who created the trust or against the person who is the beneficiary of the trust, then you cannot. The trust is considered a legal entity separate and apart from the individuals involved. The fact that it is a trust, as opposed to a person or business entity, does not prevent it from being liable for its debts.
What happens now that your uncle died and your mother is executer he had a will but did not own anything of great value is she responsible for any debts he may owe?
No, the job of the executor is to use the resources of the deceased to pay any debts owed and then to distribute the remainder according to the will. If there are not enough resources to pay the debts, the executor has NO duty to pay them him/her self.
Do Debts owed by a business are referred to as?
Liabilities Liabilities
What are the procedures to collect a debt of a deceased person when no estate has been set up?
Debts are one of the primary reasons someone should open an estate. Those that are owed money can ask the court to establish an estate. 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.
Will my mother's estate be responsible for a debt my brother made in our mom's name and didn't pay?
The executor should approach the brother to collect from him on the amounts owed. Debts are one of the primary reasons someone should open an estate. 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.
Can an estate collect debt?
Yes, in fact it is the obligation of the estate to collect all valid debts owed to the decedent. Debts owed to a decedent are considered assets of the estate. The estate's representative has authority to demand that all debts owed to a decedent be paid to the estate. If the debtor refuses to pay, the estate representative has legal power to sue to collect those debts if it has to do so.
Amounts owed by a business to others are referred to as?
debts
What were war debts owed by Germany to the allies called?
reparations
War debts owed by Germany to the allies were called?
reparations
What were war debts called owed by Germany to allies?
reparations
Which colony was settled for people in Great Britain who owed large debts and had a climate good for growing sugarWhich colony was settled for people in Great Britain who owed large debts and had a cl?
georgia
