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Is a funeral bill considered part of a debt of the estate if only one person signed for it who is not administrator of estate?
In most cases the will, if there is one, designates that the funeral be paid out of the estate. Yes, it would be a part of the estate. One of the primary reasons someone should 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.
My husband is on the deed we are both on the mortgage and he has died. Am I responsible for the debt?
If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.
Are paid on death bank accounts considered as part of an estate and does the recipient have to pay taxes?
CAn the POD designee be a living trust?
Does interest accrue on bequests not paid within one year of death?
This depends on what part of the world you live in. In the US, if you are part of the estate of a deceased person, depending on the type of debt, you may be liable to pay it off using any settlement from the estate.
Is a mortgage considered part of the debt of an estate to be paid by the estate?
This is an issue that may vary from state to state. Many states passed laws that provide that a person who inherits mortgaged property is not entitled to have that mortgage paid for by other assets in the estate. The mortgaged property itself is primarily liable for payment of the mortgage, unless the will says specifically that the estate is to pay off the mortgage. A simple direction to an executor to pay all debts is not enought to require the estate to pay the mortgage. If a will gives John a mortgaged house and gives Mary all the cash, and if the estate had to pay the mortgage as if it were an estate debt, then John would receive the house free and clear and Mary would lose a lot of cash. But because of this type of statute, the mortgage technically is not an estate debt. It gets passed on to John and he will pay off the mortgage. It should be noted that the bank will have to be paid when the decedent dies or it will foreclose and take possession of the property.
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.
Are mineral rights considered part of an estate that have to be liquidated or executed to pay debt?
Mineral rights are a part of the estate. All assets have to be valued and distributed or liquidated. Any proceeds from the sale of assets must be used to pay off any debts.
Will the IRS forgive tax debt if taxpayer is deceased but has assets?
If a taxpayer is deceased and has outstanding tax debt, the IRS typically does not forgive that debt. Instead, the tax liability becomes part of the deceased's estate and must be settled from the estate's assets before any distributions to heirs. The estate's executor is responsible for ensuring that any debts, including taxes owed, are paid from the available assets. If the estate lacks sufficient assets to cover the debt, the IRS generally cannot pursue the deceased's heirs for the unpaid taxes.
What part of the estate is charged for a exceutor fee?
The estate is a single entity. There are no 'parts' to an estate, the bill is paid from the assets.
In the state of Texas is a mortgage an estate debt?
Yes it would be part of the estate debt. The estate has to pay all of the debts off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
Is real property considered part of an estate?
Yes. An estate is comprised of all real and personal property owned by a living person or by a decedent at the time of death. Estate planning is all about how to pass along one's "estate" to the next generation with the least amount of taxes having to be paid.
What happens to a debt you owe to a person that dies?
The debt you owed to the decedent will become a part of their estate and their heirs can collect as long as they have proof that you owe the money. The heirs can request that an estate representative be appointed and that person can pursue payment from you. The debt does not just go away as long as there is evidence that the money was owed to the decedent.
