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Debt Responsibility
Questions relating to the responsibilities for debts left by an individual that has died.
1,506 Questions
Is wife responsible for line of credit debt in husbands name if he dies?
The assumption is that the wife will inherit at least half, if not all, of the husband's assets. That will normally include the property securing the line of credit. And the estate has to liquidate all assets before they can transfer them to the spouse. So one way or another, the wife does end up resolving 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 the Heir to the estate touch esbestos money left to other members of family?
No, an heir only gets access to their share of the estate. They cannot steal money from the others.
In most cases the debts of the deceased are the responsibility of the estate. If the house is an asset in the estate, yes, it may have to be sold. 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.
Debt of deceased parent in Wisconsin?
The states are pretty consistant on this. There are a number of factors to be considered. Typically the estate is responsible for paying the debts, including the medical bills of the deceased. If a child has co-signed any paperwork regarding medical procedures, they may be held liable. If the children expect to inherit a house, they may have to pay the bills to avoid the house being sold to pay the debts.
Your father had no will are you responsible for his medical bills after his death?
Well, not you personally. But your father's estate will have to settle the outstanding liabilities. If your family cannot agree on a executor, the court will appoint one. The executor's job is to see that all bills are paid prior to distribution of the estate to the heirs.
Will I have to pay an inheritance tax in Virginia?
There is no inheritance or estate tax in Virginia. It is limited and related to federal estate tax collection only.
After your death is your daughter responsible for credit card balance?
The estate of the person who has died is responsible for any debts. If there is not enough money in the estate to pay these debts then the people or companies to whom the debts are owed, simply never get paid. The descendants of the person who has died do not have to meet these debts unless they are party to the debt agreement (i.e. they signed the debt agreement too - i.e. the credit card is held in joint names).
If i leave my home in my nephew's name can he take over the mortgage?
This is something you must discuss with your nephew. If he is a minor then state in your Will that so much money is left to pay for the monthly payments on the mortgage. If he is not a minor then ask him if he would be willing to take over the mortgage. I am sure he would because he could always sell the home for a profit just for the property alone.
You need to discuss that matter with your lender.
If your name was added on the initial applications (with or without your knowledge) then yes, you would be responsible for the debt. If not, the debt still needs to be paid - and proceeds for that can come out of the deceased person's estate ... for married couples, that can mean ... You ... as the widower is the estate at this point.
Can credit card companies collect on unsecured debt if the debtor is deceased?
They have the right to make a claim against the estate. Like other debtors, the executor has to settle their claims. If there are not enough assets, some of the debtors will not receive all of their money.
Is there in the US capital gains tax on inherited property?
No. In the present system, you pay estate tax and you get a step up in basis
and the date of death.
But if you hold the house or stocks for several years, you should get
the house appraised or get a stock quote and you will pay tax
on the price change while you own it.
Estate tax exemption changes from year to year.
Right now it is several million, so if you are inheriting less than several million,
it is tax free.
Check with IRS for details. No. In the present system, you pay estate tax and you get a step up in basis
and the date of death.
But if you hold the house or stocks for several years, you should get
the house appraised or get a stock quote and you will pay tax
on the price change while you own it.
Estate tax exemption changes from year to year.
Right now it is several million, so if you are inheriting less than several million,
it is tax free.
Check with IRS for details.
The note is no longer valid because it is a personal promissory note. If you want to honor it, that is your decision.
Who is responsible for a dependent's credit card debt?
The dependent's estate is required to resolve all debts. If there are co-signers on the credit card, they may be held accountable. If there are not enough assets to pay off the debts, they are not resolved.
no in the state of Florida the homestead is exempt from all creditors
If the Deceased did not have an estate what happens to his credit debt?
The reason and estate is opened is to pay all the debts off 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.
No. They should buy out the third share and split costs and profits between 2.
A mothers burial is usually paid for by the surviving spouse. If there is no spouse, the children or other family members will pay.
What happens when your son dies leaving an outstanding car loan?
My sympathies to you and your family. If you, your husband or anyone else in the family didn't cosign for a loan for the car then the debt ends. If there was a cosigner then the cosigner is responsible for the debt. If your son was not a minor and took the loan out himself and he has left a Will or has anything of value this debt will be paid off or written off.
How can a credit card company collect debt from spouse of deceased in Missouri?
It is certainly possible. It will depend on how the credit card was set up. If it was obtained under both names, both parties can be held responsible for the debt.
When a person dies do they have to file taxes?
The individual does not file a tax return, but the estate is required to. That is the responsibility of the executor. They file on behalf of the individual and the estate.
That is the purpose of Life Insurance, to pay those bills and the cost of a funeral.
Even without assets, the estate has to pay off the debts. If the estate cannot do so, they distribute any money as best they can. If the court approves the distribution plan, the debts are ended.
Is the executor of the will responsible for debt in excess of value of estate?
No, the executor is 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.
the nursing home probably over charged; I'd keep the money! :]
not if you have death insurance on the loan and credit cards
