Debt Responsibility

Let me start by sending my condolences for the loss of your father.

If the student loans were taken out by your father as PLUS loans, then the loans will be forgiven by the government. If you took out the student loans under your SS#, then you still have to pay on the loans, even if your father cosigned on them.

The Estate, and or its only child (per se). If the debt is secured (by property) then the property can be taken, no matter whose name or possession it is now in. The debt can also be attached to the child if they are worth the time and effort. Most back off when you tell them that there is no money. If they don't, and it is often the smart thing to do, is to file Bankruptcy on behalf of the Estate (the funds for this should have been taken from the estate, once it realized it was unable to pay off its debt).

Banks don't give up that easily! They will go after the estate. 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.

No unless you specifically guarantee payment.

A personal promissory note ceases to be valid after the person has died. The law differs from state to state so it is best to check with the probate court or an estate attorney for details.

In the event of your death whilst owing money to your creditor and when you leave an estate then the first thing to be sorted out from the estate are your debts which you owe at the time of your death and for the executor of your will to ensure that any monies owed to you by a third party is also collected in as your estate consists of your entire assests at the time of your death once all of your debts and monies owed to you are collected and paid out and what is left is then permitted and only then to be shared amongst the beneficiaries but your creditor is not permitted to take the private pension of your spouse in order to recover your debt unless your spouse also signed as the guarantor at the time the credit was was agreed and paid to you in which case a judgment must be granted by the court in their favour against your spouse before they are permitted to claim or to arrange deductions directly from your spouses private pension

Or if you meant to ask if your spouses creditor is permitted to claim your spouses private pension upon theur death then again the answer is no as they get paid from the contents of your spouses estate before you or any beneficiaries are given your share and their estate consists of all of your spouses assets at the time of their death and a pension scheme is paid in installments weekly or monthly and therefore the money from their private pension does not count as part of their estate as the money in the pension is not yet at that point of the estate being worked out yet an asset nor part of the estate .

If she's 18, she's reached the age of majority and is an adult. You have no responsibility for her debts except as follows: * Anything you cosigned * Any debts she ran up before she was 18

They will have a letter of authorization from the probate court. This should enable them to provide the signatures for the sale. Many jurisdictions have a special format for small estates that include only a vehicle and few other assets.

No, most states do not allow liens on anything for back child support owed. Most state only allow garnishment of wages and garnishment of state and federal income tax refunds.

Only for the allocated amount until the child turns 18.

The decedent's estate still owes the money, and that debt must be satisfied before the estate can be distributed. In the case of a surviving spouse, that spouse is equally liable for any existing debts. If the deceased's estate cannot cover the debt, the spouse must do so.

Yes, it does, but the nature of the business entity will determine how the business is run after death. If a business is a sole proprietorship, the executor has the sole authority to run the business during administration of the estate. Generally, the executor tries to wind the business down, sell it or transfer it to the beneficiaries. The executor would be wise to consult the beneficiaries as to their intentions. If the business is a partnership, generally, the death of the partner automatically dissolves the partnership and the executor has no authority to operate the business. In this case, you have to look to the contract that created the partnership to see how the business is to be disposed upon the death of one partner. The partnership agreement might provide that the business simply goes to the surviving partner, in which case the business is not part of the estate. The agreement might dissolve the partnership, leaving the other partner in full charge of operation, but giving the estate a financial interest in some percentage of the value of the as of the date of death. Sometimes there is a fixed payout amount. Sometimes the business has to be appraised to determine its value. If the business is a corporation in which the decedent's ownership interest is determined by ownership of shares of stock, the business does not become part of the estate in the sense that the executor has automatic power to run it, but the stock certificates are part of the estate. You have to look to the incorporating papers or by-laws of the corporation to see if they provide for the appointment of other persons as corporate officers to operate the business on the death of this owner and follow those procedures. The executor might or might not be the one to replace the decedent in order to keep the business going. There are other types of business organizations, such as Subchapter S corporations, Limited Liability Companies, Limited Partnerships and others depending on individual state laws. The laws governing all business organizations and the documents organizing those businesses will determine the actual treatment of each business.

Generally, the executor must petition for a license from the court to mortgage the property unless that power was granted in the will.

The debts of the deceased are the responsibility of the estate. The hospital can certainly put a lien against the estate for their money. 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.

Generally, an executor doesn't need to be the "legal spouse".

If the person lacked capacity or was unduly influenced, the conveyance can be attacked. It'd be expensive, though.

fiscal policy

As a general rule, life insurance policies in the US are not taxable. However it is taxable if it is combined with a non-refund life annuity.

The money is still a valid debt. The estate would have to pay the loan back. The loan may also have a co-signer that is still responsible for the debt. Consult an attorney to protect your rights.

Absolutely yes. Better pay up.

No, settling up with the nursing home(s) is not an eligibility factor for Medicaid.

No, but if the house was the only thing she owned at death the creditors might be able to get at it and give you the option of paying to credit cards instead of selling the house to pay the deceased person's debts. ADDED: I disagree with the initial answer. It would be EXTREMELY unusual for a credit card creditor to have a claim against the real estate of the deceased. If, after passing through probate you are granted possession of the home, you will possess it without encumbrance.

Answer: Minors may be beneficiaries of a trust.

The debts of the deceased are the responsibility of the estate. The estate would pay the cost of an attorney. If the estate has no assets, the attorney would require someone to pay them for their services.