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Debt Responsibility
Questions relating to the responsibilities for debts left by an individual that has died.
1,506 Questions
Your Father died there is no will what do you do?
You should go to the local probate court and apply for Letters of Administration (as opposed to Letters Testamentary when there is a will). You will need the names and addresses of all children of the decedent and perhaps of children of any child who predeceased the decedent. You might also need to have some idea of the value of the estate. All states have laws that determine who among the decedents family receive a share of the estate, so you will need to know those as well. The probate court might give you that info or you could research it yourself or hire a lawyer. All of the children of the decedent have an equal right to be named administrator, so there will have to be some agreement as to which one it will be.
Do I have to file both a 2009 Form 1040 and 1041 for my mother's estate?
If your mother passed away during the year, yes. The 1040 is for the time that she was living. The 1041 covers the estate for the remainder of the year.
Repossess it
When a person dies does an estate have to be set up?
If you want to close things out and keep the creditors from bothering you in the future, an estate is a good thing. And if there is real property involved, it is pretty much required.
Is a Real Estate buyer allowed to check a title commitment without seller's permission?
While the estate is being probated, the executor is the legal representative of the estate and has been issued Letters Testamentary that authorize her to act on behalf of the estate. The power to sell real estate is generally granted in the will, if not, then the executor would need to petition for a license to sell the real estate.
If the daughters have POW can the astranged husband have a say?
I will assume you mean that the daughters have power under a Power of Attorney.
The POA gives the daughters the power to act on their mother's behalf and for her convenience managing her business affairs by performing such tasks as signing checks, selling her individually owned property, filing tax returns, etc. However, it sounds as though she is still married. Her husband may have the power to make medical decisions and funeral plans in the event of her death. He would also automatically inherit a portion of her estate by law in most states.
If they have been estranged for many years and do not plan to resume their life together your mother should seek a divorce. That would end any legal rights her husband has now regarding her property and his rights as a spouse.
How does a personal representative pay for items when there is no money in the estate?
They don't pay for them. If there are no assets, those owed don't get paid. If there are assets, say a house, they are sold and used to pay the debts.
How long after someone dies can bill collector demand money from an Estate in Ohio?
See the related section from the Ohio Probate Code:
(B) Except as provided in section 2117.061 of the Revised Code, all claims shall be presented within six months after the death of the decedent, whether or not the estate is released from administration or an executor or administrator is appointed during that six-month period. Every claim presented shall set forth the claimant's address.
(C) Except as provided in section 2117.061 of the Revised Code, a claim that is not presented within six months after the death of the decedent shall be forever barred as to all parties, including, but not limited to, devisees, legatees, and distributees. No payment shall be made on the claim and no action shall be maintained on the claim, except as otherwise provided in sections 2117.37 to2117.42 of the Revised Code with reference to contingent claims.
If your spouse is not on credit card is she responsible?
In many cases they will held responsible. They are considered to have benefited from the goods and services purchased.
Can the executor withdraw money from the deceased CD?
They are certainly able to do so. There has to be a full accounting of the funds in their control. They may need to pay off debts of the estate.
What are an heir's rights regarding the actions of an executor?
More input from FAQ Farmers:
- I would contact the probate court in the town your parent lived in, verify with them that it is the correct probate court and then see if the will has been probated. Sometimes small estates don't need to be probated, however they can be. See if you can petition the probate court to prove the will. The court will order that anyone having knowledge of a will, to produce it for the court. If that doesn't work, then your parent died intestate. The probate court can tell you what to do nonetheless.
- Options available: (1) ask for special request of notice. (2) ask that the trustee be bonded. (3) verify the deed of trust (house) title of car. (4) show proof to the bank; look for unusual payouts. (5) try to get copy of credit report. DO NOT believe what you hear from a trustee.
- An executor of a will has fiduciary duties under the common law, to act within the parameters of the testamentary document - to the letter! - and to do so always safeguarding each and every interest therein delineated. This means that not a dang thing can be changed, or withheld, or used to benefit ANYONE in ANY WAY (ESPECIALLY NOT THE THE EXECUTOR HERSELF!) without flat out breaking the law. If an executor pulls stuff, immediately the party wronged files suit civily for breach of the executory duties and pleads for immediate removal of the executor for this breach, alleges damages (whatever they might be), and asks the court to act quickly to appoint an interim executor (an uninterested, unbiased individual of the court's choosing who has experience in this sort of thing - usually a lawyer or big banker type) who will take the reins while the aggrieved party litigates the issue of the wrongdoing. Now, the judge may say, hey, I don't see anything untoward here, you have not shown me enough evidence in your plea to me that this executor did anything wrong, and could refuse to remove her. Generally, though, in a case like this, it's so obvious that the accused executor really did act wrongfully - why else would there be an appeal to the judge like this, and the whole will/trust/whatever will be be placed in the independently appointed trustee's hand until it is sorted out. I wish I could describe some of the wild, seminal lawsuits we all read in law school about this stuff- it can get very nasty indeed - he said, she said, etc. But the key thing is that the will or trust, assuming it is valid (a whole other story) reigns supreme, and there is no way an executor can fiddle with it.
How do you write a paragraph about your responsibility?
WikiAnswers will not write your paragraph for you, but we WILL help you learn how to do it yourself! Click on the Related Questions for even more information.
Write sentences the way you speak - just pretend you are telling this to a friend, and write down what you would say. What would you tell them about this topic? What does responsibility mean? What responsibilities do you have? How could you explain these responsibilities to your friend?
If you just start writing, you will be through with your assignment before you know it!
Can a person be an executor to the estate he owes money to?
Yes. Nothing prohibits a testator from choosing a person as his or her executor simply because there is a debt between them. In the matter of who is to be the executor, courts go to great lengths to honor the wishes of the deceased. The beneficiaries will be able to challenge in court the manner in which the executor handled repayment. An executor might be held to a higher standard of proof if he or she disputes the claim in full or in part than any other creditor might be held to. In other words, although it appears that there is a conflict of interest in the executor handling his/her own claim, there are remedies available to beneficiaries to ensure proper handling of that claim that do not thwart the decedent's personal choice of the person to be the executor.
Are children responsible for deceased parents dental bills in Oregon?
The estate is responsible for all the debts of the deceased including dental bills. The children are not required to pay them from their own pocket.
What are the creditors' rights on estates without wills?
They have the same rights as they have with an estate that has a will. The creditors file their claims with the executor.
Are you responsible for your siblings debt?
You are not responsible for your sibling's debt unless you co-signed and agreed to be responsible for it. If you co-sign for a debt and the primary borrower doesn't pay then you will be held responsible for repayment.
Can hospitals file claims against an estate?
Of course they can! Any creditor can place a claim against the estate. That is how they get paid the money the are owed.
Who is responsible for judgment on property inherited from deceased father?
The judgement should be resolved before the property is transferred. If there are not enough assets to cover it, the property would have to be sold to pay the judgement. If someone wants the house, it might make sense for them to pay it to keep the property.
What can happen to property if it has not been settled in probate?
In order for title to real estate to pass to the heirs the estate must be probated. Until it is the property will remain in the estate and can't be sold, refinanced, transferred or mortgaged. It cannot be insured because the deceased owner can't apply for insurance. If you don't notify the insurance company the owner has died it may refuse to pay if there is a claim made for fire damage, storm damage, injury, etc. If the property is uninsured and someone is injured on the property they can sue the estate and may become the new owner.
Do you really want to do that to your mother? If the estate didn't have the money, it could not pay you. Your mother probably owns the house free and clear and you would not be able to place a lien against it. Consult an attorney in your area for specifics.
What paperwork needs to be completed upon death?
Asset information forms need to be completed upon death of someone. This is the same for insurance policies, beneficiary designations, deeds for real estate, car titles as well as closely held business documents.
What to do if a person dies in Mississippi without a will?
You can open an estate for the deceased. Mississippi has a specific method for the distribution of the estate without a will.
