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Debt Responsibility
Questions relating to the responsibilities for debts left by an individual that has died.
1,506 Questions
How do you know how much you owe in inheirtance taxes?
The executor will have to fill out the Federal tax forms. They will determine what the taxes are. In order to do so, the estate will have to be valued.
What happens when no estate and no insurance who pays debts?
The decedent's estate is responsible for the decedent's debts. If there are no assets the creditors are out of luck.
Who is responsible for paying any bills of your deceased grandmother who lived in Vermont?
Grandmother's estate has to pay off her debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
In PA if a spouse dies are you responsible for outstanding debt?
While the estate has primary responsibility, in most cases they will be held responsible. They are deemed to have benefited from to goods and services.
Beneficiary rights in pennsylvania bypass trust?
I have a trust ,but the trustee will not allow me to veiw my acctount.
Has is an estate settled in AZ when the deceased died without a will?
yeah and you have to CleanUps only use quality staff and materials that are “fit for purpose”. We keep a professional approach to every job ensuring all agreed tasks are completed and accounted
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It means whoever is deemed the executor of said will and/ or estate has now the responsibility and control over disabled/deceased individuals finances, properties, or just anything stated within the individuals will.
Who pays bills after death if there is no spouse in Florida?
The estate is set up in Florida to be responsible for paying any bills. One of the primary reasons for setting up an estate is to liquidate any debt. If there are no heirs, the state will appoint an executor, the debts will be settled. If there is anything left over, the state will get it.
Are you legally responsible for paying spouses medical debts?
In most cases the debts of the deceased are the responsibility of the estate. Anyone that was also a co-signer on any of the agreements might also be responsible. Consult a probate attorney in your jurisdiction for help.
Can a remainderman get a mortgage on a property with a life estate?
It is possible. It is not likely to be very favorable terms, but if the bank is willing to do it, they certainly can. Consult with a bank in the area that knows what the rules are for where you live.
You have a difficult situation. Once a home is built it becomes part of the real estate. It cannot be owned separately nor can it be left separately in a will or trust. The owner of the real estate has the right to sell that real estate. The house went with it. You cannot receive money for the house unless your parent and the owner of the real estate has a written agreement to that effect. Also, you have absolutely no right to any property devised to you in your parent's will or trust until they have died. If they no longer own the property when they die, the gift is extinguished.
The estate is primarily responsible. However, a spouse is normally considered to benefit from such debt and can be held responsible.
In Minnesota is wife responsible for husbands medical debts?
The estate in Minnesota is responsible for any outstanding bills. But the assumption is that the wife inherits the husband's assets. One way or another, the she ends up paying the debt. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
Can my deceased father's car get repossessed?
If there is debt and the estate isn't paying for it, yes. The estate should make arrangements to resolve the issue. If they don't pay the loan, it can be repossessed.
When someone dies and leaves animals who has to pay until probate?
The estate is responsible for maintaining the assets of the estate. The place housing the animals has the right to place a claim on the estate for the services.
If someone is divorced can he still be the beneficiary on a life insurance policy?
yes. until you change the beneficiary they will stay on there
After death in PA is a spouse responsible for a utility bill?
While the estate has primary responsibility in Pennsylvania, in most cases they will be held responsible. They are deemed to have benefited from the use of the utility services.
Are you responsible for your living spouses medical bills in Virginia?
It is normal to have responsibility for it. The insurance often also required the spouse to accept responsibility and the primary insurance holder is always required to do so.
Mother left residence to children with no deed change who owns it?
Mother's estate must be probated in order for title to the property to pass to her heirs. You need to consult with an attorney who specializes in probate who can review your situation and explain the probate process and costs to you.
If a credit card holder dies who will be responsible for paying debts on cards?
If the cardholder has an estate, the credit card company can pursue that. In practice they don't really do that. If the account is a joint account, the other account holder becomes wholly responsible for the debt. Otherwise the bank eats the money.
What are the inheritance tax in New Mexico on property?
It will depend on the total value of the estate. There may not be any if the estate is small enough.
Are the children in the state of Florida responsible for a deceased parents medical bills?
No, they are not
What happens to a mortgage when home owner is deceased and the home is gifted to a child in a trust?
The mortgage must be paid. When a property has been encumbered by a mortgage the property remains subject to the mortgage even if the title is transferred or the original owner dies. You need to pay off the mortgage or make arrangements with the bank to transfer it to your own name. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
