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Debt Responsibility
Questions relating to the responsibilities for debts left by an individual that has died.
1,506 Questions
In California do you have to pay a deceased husband's medical bills?
Yes ... they must be paid because services were rendered for medical care received. The hospital cannot absorb those costs, as they had to pay their employees already for their time worked as hospital staff.
The executor of the estate is responsible for insuring that the value of the estate is maintained. This is the purpose for setting up an estate. If there are no assets other then the house, it may have to be sold to pay her debts.
It should not affect your credit unless you signed as a guarantor on any of the agreements. In most cases the debts of the deceased, including funeral expenses, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. Consult a probate attorney in your jurisdiction for help.
If an individual dies owing back taxes to the IRS are his heirs responsible for the repayment?
The heirs are not personally responsible for the debt, though the spouse may be. The estate has to pay off the debts including taxes. 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 you owe more than your estate is worth?
If you have a Will there will be a statement saying that "all of my debts are to be paid." Each creditor puts in a claim. The estate is divided among them. Your survivors don't have to pay them unless they co-signed.
What is extortion in business?
Extortion in business is obtaining money, goods or services from a person through coercion. This is actually regarded as a criminal offence.
Who is responsible for credit card debt when some dies in PA?
The person(s) named as the account holder. If the account was held jointly then the surviving account holder is responsible for the debt. If the decedent was the sole account holder the debt becomes a part of his or her estate and is handled according to probate laws.
What could happen when an estate has no money left to pay credit card balance?
The estate has to pay off the debts possible. If the estate cannot do so, they distribute the amount as best they can. If the court approves the distribution, the debts are ended.
Are you responsible for your deceased husbands debt?
The debts of the deceased are the responsibility of the estate. The estate will resolve the debts before you get any money. Consult a probate attorney in your jurisdiction for help.
If a person is married is the executor of their will responsible for paying there bills?
The executor is responsible for making sure all assets in the will are accounted for, along with transferring these assets to the correct party. He or she also needs to ensure that all the debts of the deceased are paid off, including any taxes. The executor is legally obligated to meet the wishes of the deceased and act in the interest of the deceased. The executor can be almost anyone but is usually a lawyer, accountant or family member, with the only restriction being that he or she must be over the age of 18 and have no prior felony convictions.
Source: Answers.com
Do I have debt responsibility as a POA for my Mother?
personally no. However, as POA you act as your mother's agent and must pay her debts as they become due. If you mismanage her funds, then you may have some responsibility.
The estate has a responsibility to pay off the debts. If there are assets to do so, they must be used. The estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What debt is paid by deceased estate?
The estate has to pay off all of the debts of the deceased if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
Parent died without a will and has debt how is this resolved?
The estate of the parent is 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.
No. If the assets of the estate doesn't cover the debts, the creditors will have to write them off. But that means that no one can inherit anything from the estate as it would have to be liquidated to pay debts.
What can make a will null void?
A new will can void an old one. Some divorce decrees will also nullify a previous will. In some places an heir can elect to take against the will, voiding parts of it. And if a court finds that the will was signed under undo influence it can be voided.
Are daughters responsible for deceased fathers bills?
No, she should be held responsible. Typically the estate is responsible for paying the debts, including all the bills of the deceased. If the daughter has co-signed any paperwork regarding those bills, she may be held liable.
Are children responsible for medical bills of a deceased parent when there is an estate or will?
Children are not responsible for the debts of their parents. The estate must settle the debts. The exception would be if a child signed any paperwork gaurenteeing the medical costs.
Your daughter and son in law both died what do you do with credit card?
Shred it and let the company know. They will want to file a claim against the estate. If the estate has no assets, they won't get paid.
Who is reponsible for credit card debt upon death?
If there is a co-signor on the accounts, they will become responsible for the balance due. If there is not a co-signor, creditors can attempt to collect from your estate. If your estate is not enough to cover the balances due, the remainder will be written off by the creditor leaving no one responsible for the balance.
Do you have any equity interest as beneficiary of a will?
You have whatever interest is bequeathed you under the Will. If that's an "equity interest" (whatever that is), then, yes. You only acquire your interest upon the death of the testator. Until that happens you have no interest in any property devised to you in a will. Clarification: If you are asking whether you have an expectancy under the Will of a testator who is still alive, no. The Will can be revoked as long as the testator has capacity. An exception would be in a situation in which the testator has obligated himself by contract to make you his beneficiary.
What Massachusetts law describes who is responsible for a deceased persons credit card debt?
The probate code would explain the process for closing an estate.
Separated from husband over 20 years but not divorced must wife pay his debts in pa?
The estate of the deceased is responsible for the debts. In this case, it would be difficult to show that the spouse benefited from the debt.
What happens in the UK when two executors do not agree?
When co-executors cannot agree then they each need to have their own attorney (or solicitor) and then allow the attorneys to complete the proceedings. Generally, an attorney will not allow the client to impede the process unnecessarily. Generally, the attorneys will be paid by the estate so it benefits the estate for the co-executors to act reasonably and responsibly to preserve the assets that will eventually pass to the beneficiaries.
What if the person who died with credit card debt who has no estate?
Debts are one of the primary reasons to 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.
