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Is the executor of the will responsible for debt in excess of value of estate?
No, the executor is not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
Is executor responsible for deceadents debt?
The executor is only responsible for paying the decedent's debt up to the amount of the assets left. An executor sees that the funds available get paid to the right people. The funeral home is one of the first businesses that get paid.
Who is responsible for credit card debt after death in washington state?
The estate of the deceased is responsible in Washington. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
Are adult children responsible for deceased parents debt in North Carolina?
In no state are they responsible to do it with their own money. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
Will become responsibe for adult son's debts become executor?
The estate is responsible for the debts of the deceased. The executor is not personally responsible for them.
If the debt is greater than the assets of the estate is the executor responsible to pay off the remaining debt?
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
Who is responsible for deceased spouse's debt in Florida?
The estate of the deceased is responsible in Florida. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
Am I responsible for my husband's debt in NY?
You do not have to do it out of your own pocket in New York. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, you may have to sell the house or other assets.
Is an executor responsible for the debt?
Not personally. The estate is responsible.
Who is responsible for credit card debt after death in Michigan?
The estate of the deceased is responsible in Michigan. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
Who is responsible for credit card debt after death in Indiana?
The estate of the deceased is responsible in Indiana. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
Are brothers an sisters responsible for a debt of a sibling deaceased even with a spouse?
Siblings certainly are not responsible. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
