Who is responsible for a debt when a parent dies in Illinois?
Illinois has probate code that says that the estate has to resolve all debts. If there are co-signers to the debt or credit card, they may be held accountable. If there are not enough assets to pay off the debts, they are not resolved.
In Oklahoma, the deceased's estate is responsible. The spouse can be held as a beneficiary of the costs and by inheriting less from the estate.
It depends on the laws of the specific jurisdiction, but in general, if the child's share in the house has been legally transferred to them, it could potentially be subject to collection by debt collectors. However, if the house is owned jointly with siblings or has restrictions preventing creditors from seizing the share, it may be protected. Consulting a legal professional for advice tailored to the specific situation is recommended.
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.
Is the surviving spouse responsible for medical bills in Kentucky?
In Kentucky, the deceased's estate is responsible. The spouse can be held as a beneficiary of the costs and by inheriting less from the estate.
Is a surviving spouse responsible in Nebraska for bills in the deased's name?
In Nebraska, the deceased's estate is responsible. The spouse can be held as a beneficiary of the costs and by inheriting less from the estate.
In Ohio who is responsible for a dead spouses medical bills?
In most countries (I expect the state of Ohio would be the same) the debts of a deceased person are normally payed from that person's estate and would be settled by the executor of the estate as part of obtaining probate for the estate.
If you are worried (and the estate has an executor) speak to the executor, otherwise seek advice from an attorney if the hospital is coming after you for the money.
Will my credit be affected by my deceased parents' home being in foreclosure since I am an heir?
No. You never agreed to pay the debt, therefore cannot be held responsible.
How do you dissolve an estate?
You close out the estate with the court. It requires a final accounting and a complete plan of the distribution. If the court approves, the estate is closed.
In Michigan is a wife responsible for her living husband's medical bills?
"In sickness and in health, for richer or poorer"
Legally a husband and wife share all assets and liabilities unless they sign a legal agreement otherwise (such as a Prenup)
How is an estate settled in AZ when the deceased died without a will?
The laws of intestacy will apply. An estate can be opened and the distribution will be done according to the law. The estate will settle the debts, pay the appropriate taxes and distribute the remainder.
Mother died and had a house no will?
Your mother's estate must be probated. Title to her property cannot pass to her heirs legally until her estate is probated. You should consult with an attorney who specializes in probate who can assist you in filing for an Administration. Her property will pass according to the laws of intestacy in your state. You can check the laws for your state at the related question link provided below.
Are spouses responsible for tax debt?
That is a great questions and it relies on a couple key points of information.
A spouse is only responsible for tax debt if they:
A. filed a joint return during the year the tax event (or debt) occurred
B. The spouse filed separately, but shares a bank account with an individual who has a tax lien or levy filed against them as the IRS may seize the bank account (and in doing so seize the spouses money as well).
The good news is there are ways to detach a spouse from the liability via an Innocent spouse claim.
Additionally, there are many ways to resolve back tax debt via IRS resolution programs aimed at assisting tax payers to resolve back tax liabilities. These include IRS settlements, income based repayment plans, and/or non collectible statuses where the tax payer's expenses exceed their income and show they have an inability to afford the tax debt. We always recommend consulting with an experienced tax practitioner who deals specifically with back tax debt and IRS & State tax resolutions.
Is a parent liable for childrens debt?
It depends on the age of the child. If they are minors, they shouldn't have debt, as they are unable to contract. If they are over 18, the debts are not the parent's responsibility unless the parents co-signed. The estate should be set up to resolve the debts.
In Missouri is the surviving spouse liable for credit card debt?
The estate is responsible for any outstanding credit card bills. But the assumption is that the wife inherits the husband's assets. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by the husband. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
Only if they guaranteed the bills or debts. The estate needs to be set up to handle the debts. If there are no assets in the estate, it can close the debts.
Does a spouse have to pay medical bills of a deceased in Ohio?
In Ohio, as in most places, the debts of the deceased, including hospital bills, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. If the estate has been closed, there should be no further claims. Consult a probate attorney in your jurisdiction for help.
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 the unpaid bills of the deceased?
The estate is responsible of course. No they are not personally responsible for the debt. 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.
Are you responsible for your husbands debets when he dies you live in Ohio?
In Ohio 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.
The estate is probably responsible, however, the insurance may require the insured to pay. Indirectly, the spouse's inheritance will be reduced by the amount of the bills.
Husband dies and leaves debt but no assets who pays?
A married couple is seen as a economic unit, so to speak. So the widow is responsible for the debt.
Refer them to the estate of the deceased. 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 happens if the class action participant dies before receiving their settlement?
Generally, their award will become part of their estate.
No, you dont unless he left the house to someone else. then you pay someone who works for the bank to back date the removal of his name from your new morgage. Good luck