Debt Responsibility

They can file a claim against the estate. They can also file against any other signers of the contract if there are any. A lien could be placed on any property owned by the individual.

If when your spouse passed away, a Trust or an Estate was setup to manage their remaining assets, then you are required to file a tax return for the trust or estate and the 1099-c would need to be included on that tax return.

If no Trust or Estate was established, then you do not need to file an Estate tax return. Your spouse's final return would be processed either jointly with yours or individually depending on how you have historically filed and your individual tax situation. The 1099-C would NOT be included in that return.

The base assumption is always going to be that that the other spouse inherits the other's assets. But the estate has to liquidate all assets before they can transfer them to the spouse. 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.

Her son would "inherit" the debt only if he co-signed with her as a borrower. Her estate would pay the debts and the creditors would take the loss if the procedes from the estate were insufficient.

The executor of the estate has to resolve all debts. If there are co-signers to the debt or loans, they may be held accountable. If there are not enough assets to pay off the debts, they are not resolved.

The executor of the estate has to resolve all debts. The State of Georgia will appoint one if a family member doesn't wish to serve. There is no personal liability for the debts. If there are not enough assets to pay off the debts, they are not paid.

The governor of Massachusetts signed into law on January 28, 2009 a new probate code. The new code provides that the surviving spouse gets the entire estate as long as there are only children OF the marriage. The effective date of that section has not yet been found but it will be July 1, 2009 or later.

The present probate code provides that the children receive a portion and if there are no children then the decedent's parents or siblings. You can read that section for intestate succession at the link below.

yes, the wife has to deal with the bills

It depends if the dept was in both your names or just in his. If the widow co-signed for any of the credit she will be responsible. If the credit was only in his name, then no she is not responsible. Best advise is to talk to a lawyer

My mom passed away in march. I am the exexutor of the will. She only took in less then 5,000. She paid no taxes out of that amount.

Yes, that is the executor's responsibility. He has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.

The estates are responsible for the debts. The attorney who is handling the estate will let you know how the debts will be paid.

They are 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.

Not on a personal level. Typically the estate is responsible for paying the debts, including the medical bills. If an next-of-kin co-signed any paperwork regarding the medical bills, they may be held liable.

No you will not be 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.

most of the time

Apply to the probate court. The forms typically have a place where someone can ask to be appointed as executor. Consult a probate attorney in your jurisdiction for specifics.

This depends on how the house is treated in the will. Generally, if the house is given to a beneficiary specifically or through the residuary clause, or if it goes to an heir by intestate succession, the house becomes the property of the beneficiary as of the date of death even though the beneficiary is not entitled to actual possession yet. In that case, mortgage, property taxes, insurance and utilities are the obligation of the beneficiary or heir and are not true estate expenses. Since the estate account contains estate monies that may be used only for estate expenses and since those are not estate expenses, the estate account may not be used for them. However; if the will states that the house is not to be given to anyone in particular but that it is to be sold by the estate and the proceeds given to the the beneficiary, then the carrying charges of the house are legitimate estate expenses and the estate account may be used. In the world of reality and practicality, the estate account is sometimes used, even though it may technically be wrong. Sometimes, beneficiaries agree to let the estate account pay for carrying charges, subject to the beneficiary reimbursing the estate later on. As far as rent payments go, obviously, the estate account will be used to pay for the rental obligations the decedent has, because this is a legitimate debt of the decedent. But, the estate account cannot pay for someone else to live there. The executor has an obligation to cancel the lease as soon as practicable so that no unnecessary rent payments accrue.

Not you personally, 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.

Liability for debts varies greatly by circumstances. And the assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all debts before they can transfer them to the spouse. 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.

It does not. The debt belongs to the deceased. If the estate cannot settle the account, the credit card company is not going to get paid.

One of the primary reasons to open an estate is to resolve these debts. The estate is required 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.

Actually inheritance (if any) taxes were handled when you received the property. That point in time establishes your basis in owning the property. What you sell it for above that value essentially decides what your taxable gain will be.

Not on a personal level. Typically the estate is responsible for paying the debts, including the credit cards. If an heir co-signed any paperwork regarding the credit card, they may be held liable.

inheritance