Debt Responsibility

The executor of the will is the person responsible for following the instructions of the will. They work with the probate court to make sure everything is done legally. The court provides them with a letter of authority that will allow them to act on behalf of the estate.

That will depend on whether they had children or siblings. If there are no heirs under the intestacy laws, the state of Tennessee will receive the property.

Under the provisions of Kentucky law the the surviving spouse may elect to renounce the will and receive what he/she would have inherited under the state laws of intestacy. There is a statutory period of six months after the probate is filed during which a claim by election may be filed. You can read more about related issues at the link below.

Not clear why an executor would be interested in any property that is jointly owned, with right of survivorship, as it would not be part of the decedent's estate.

If you wish to keep the car then you will need to pay the lien on it. The lien takes priority over your inheritance. If the decedent purchased a car and had to finance it then the lender owns the car until the loan is paid. Therefore the car was not owned by the decedent and could not have been gifted to you in the will.

If they have the letter of authority, yes.

If the decedent left a will a friend can petition to be appointed the executor if there are no relatives.

When there is no will the laws vary from state to state. Each state has a schedule of persons who are qualified to be appointed an administer of an intestate estate. Generally the administrator must be a person who would inherit from the estate, a creditor or a public administrator if there is no other qualified person.

Yes, in West Virginia they will pay for the debt. Either through a reduced inheritance or because of perceived benefit from the debt.

Only if the executor and probate court agree.

Minors cannot legally contract for a debt. Only their parents/guardians can assume that responsibility. So, your parents ARE responsible. On the other hand, if you are legally an adult and contract for debt - and your parents 'assume' responsibility for it -there would have to be legally binding paperwork naming them as the debtors in lieu. Simply giving their word is not sufficient, and you would remain responsible.

Creditors are always paid according to their priority before any inheritance is distributed to beneficiaries named in a will or entitled by probate succession laws. Depending upon state laws and individual circumstances, some property and assets may be exempt from probate procedure and cannot be used to pay the deceased debts.

They file a claim against the estate. They try to get the executor to pay them before they pay others. The company may try to file a lien against any real property in the estate.

They have breached their fiduciary duty. They can be held liable and prosecuted for theft.

The borrower is responsible for any deficiency in the balance of the loan and applicable fees that remain after the sale of the repossessed vehicle. If the borrower cannot reach an equitable repayment agreement with the lender, the lender may decide to file a lawsuit against the debtor to recover the monies owed.

It will depend on the specific estate. All of the debts and taxes must be paid and everything inventoried before reporting to the court.

Yes, if the lienholder agrees to lift it. It is commonly called a postponement or subordination. This is very common in fact. If a person buys a home with a mortgage, that mortgage is a first lien. If the owner then takes out a home equity loan, that is a second lien because it was placed on the property after the first mortgage lien. Next, if that person refinanced the first mortgage, the new loan would pay off the first, eliminating it and giving the home equity loan the first position. The new loan would be in second position because it comes after the home equity loan. But the refinancing company would not agree to the refinance unless the home equity bank agreed to postpone or subordinate its the second lien and let the new refinanced loan become the first lien. The home equity bank would sign a document agreeing to allow the refincing bank get into first place. The home equity loan would then drop back into second place just as it had been before. In a sense the home equity lien has been lifted then reinstated. So it can be done but only with the lienholder's consent.

Read the document that created the trust to find how the trust can be terminated. If there is no provision for terminating the trust you need a court order.

They are usually associated with a divorce or child support hearing. The court requires that the subject pay specific amounts at specific times. Failure to do so can result in jail for contempt.

The estate of the decedent is responsible for paying the judgment in any lawsuit against the decedent. When notice of the lawsuit has been filed in the estate the Administrator would be responsible for maintaining the assets until the lawsuit has been resolved. No distribution can be made to beneficiaries until the debts of the estate are paid. The Administrator can be held liable if they distribute assets before debts are paid.

You don't have to accept it. If there is a lien against the property, you would be responsible for it. Maybe you could sell the property, pay it off and keep the rest.

The son is not personally liable. The estate, of which the son is most likely going to be executor, is responsible for liquidating all debts. If there are not enough assets, the executor provides the court with how they are dividing them across the debtors. With approval, the estate is then liquidated and closed.

Depending upon the state and the trust rules, when the expenses of maintaining a trust exceed its value, they can liquidate the estate. Check with a trust attorney in your state.

Personally they are not responsible for anything. As the executor of the estate, they are responsible for maintaining the estate so most utilities are going to be good.

You cannot force someone to go someplace they don't want to go. The exception would be to be appointed guardian for the individual.