0
yes
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What are the estate laws in California concerning credit card debt?
Credit card debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate doesn't have the assets to do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
In Ky is the surviving child responsible for deceased parent medical bill?
No they are not personally responsible for the medical bill. 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.
What is the law on a deceased's ESOP plan when there is no beneficiary assigned?
The assets would be payable to the participant's estate.
Are step children responsible for debts of their deceased parent in Florida if they are named in the will?
The estate has to resolve all debts. The step children will not inherit until that is taken care of.
Do you need to probate your father's estate if he left a living trust before he died?
Generally, if your father owned any property that was not transferred to the trust while he was living then his estate must be probated.
The whole estate is in trust for the daughter of the deceased who is responsible for the credit card debts?
If the will provides that the estate shall be held in trust for a daughter that is called a testamentary trust. By law, the debts of the decedent will be paid first out of the assets of the estate. After the debts have been paid any remaining assets will then be transferred to the trust for the benefit of the daughter.
Can payable on death accounts beneficiary be a testamentary trust trustee?
Yes.Note that a payable on death account is paid over directly to its beneficiary and is not include in the probate estate.
Must the debts of the deceased be paid out of insurance funds prior to the distribution?
If the insurance is made payable to the estate then the debts of the decedent must be paid before any distribution to heirs is made.
Is the beneficiary of a life insurance policy responsible for funeral expenses of the deceased?
No. All monies of a deceased is gathered in to their estate, then all debts of the deceased are paid, then legacies are paid out. Policies payable to a person are payable to that person.
Is payable on death income taxable?
Well...payable after death. Your estate will resolve your business affairs (whatever they be) after your death, so debts and taxes (for the part of the year you were alive), etc are paid, before any heir can get anything. Then the estate ends...and your business obligations can rest in peace.
If there is a living trust upon death is the trust responsible for paying all the credit card debt?
No. Not unless the payment of debts was made a provision of the trust. Otherwise a decedent's estate is responsible for paying debts before any distribution can be made.
Who is responsible for expenses while a home is in probate?
The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.
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.
Is the beneficiary of an estate responsible for the deceased debts?
Debts are the responsibility of the estate. No will is necessary to open an estate. Before anything in the estate can be distributed, the debts have to be cleared.
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.
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.
Are children responsible for credit card balances of a deceased parent in Massachusetts There is a living trust. No mortgage.?
The Uniform Trust Code contains provisions relating to liability of a revocable trust for payment of the grantor's debts. The definition of revocable clarifies that revocable trusts include only trusts whose revocation is substantially within the grantor's control. The trust remains revocable until the grantor's death. Upon the death of the grantor the trust becomes irrevocable and not responsible for the payment of the grantor's debts. Any assets of the estate are not protected from debts, as the now irrevocable trust's are, and must be used to pay debts until the estate, not the trust, becomes insolvent.
