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Debt Responsibility
Questions relating to the responsibilities for debts left by an individual that has died.
1,506 Questions
What if there are no estates will the children have to pay debts left by parents?
A person's estate is responsible for their debts unless someone else agreed to pay them.
Can a wife be held responsible for her husbands debt in Missouri?
In most cases, yes, they will be responsible. They are considered to have benefited from the goods and services.
Yes, you should file an identity theft report with the FTC at their website, and make a report with your local P.D. of Sheriff's office and submit to creditors letting them know you were a victim of fraud. Good Luck
Of course it is not legal. It is fraudulent and subject to criminal penalties. The executor should have the utilities put into the name of the estate or have them stopped.
Can you as co-executor be sued for the debt of your parent's foreclosed mortgage?
The estate is responsible for the debts of the decedent. The executor is not personally liable. If it is necessary to bring suit the executor's name will be recited as the respondent as the executor of the estate and not as an individual.
Do you have to pay the debts of your parents if they die?
The estate of a decedent is responsible for the debts. The debts must be paid before any assets are distributed to the heirs.
Can creditors go after estate property left to spouse's?
The estate pays all debts first and then distributes the assets.
So yes they can.
What bills are to be paid first from a will?
funeral expenses,, medical expenses and all other outstanding expenses which were not paid when the deceased person was still alive.
The estate is responsible for the debts of the decedent. The debts must be paid before any assets can be distributed to the heirs.
A personal representative of an estate has no power until they have been appointed by a court. The court appointed personal representative of an estate has no right to "take" anyone's share for any reason. If there are issues regarding a beneficiary who owes a debt to the estate then the PR should ask the court what action should be taken.
The PR is obligated to pay the debts of the decedent and distribute the assets according to the will or according to the laws of intestacy if there is no will. They act under the supervision of the court and will be held personally liable if they mismanage the estate or abuse their authority. They have no right to settle the estate by making their own rules. Each beneficiary must sign a release stating they have received their share and have no further claim against the estate.
What executive department is responsible for investigating people who do not pay their taxes?
treasury department i do believe
Who is responsible for credit card debt of deceased?
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.
It is certainly possible. Grandchildren can be entitled to a share of their grandparent's estate. Part of it will depend on how the will was written, or the laws for that jurisdiction. Consult a probate attorney for help!
Can you as a child be held responsible for parents debts after death?
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.
no if you did not sign anything
Title of the person in charge of the will?
The title of the person appointed by the court to settle the estate of a person who left a will is the executor.
That is up to the executor to decide. They can use any method they wish to do so, as long as the court approves. In most cases they want to sell as few things as possible.
Are surviving spouses responsible for debt incured by a dead spouse?
In most cases all of the debts of the deceased are the responsibility of the estate. The estate has to clear them up before anyone else gets anything. 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.
Who pays bills when your son dies no will no money?
Your son's estate has to pay off the debts. If the estate is unable to do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Yes, one of the disadvantages of living together without marriage is there is no inheritance right. The estate gets the property so that they can close the debts of the deceased according to the laws.
What do you do when some dies with a will and small estate and there is a balance on a car loan?
The executor should talk with the bank. 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.
Can the inheritors force the executor to sell assets?
No, they cannot force the executor to sell assets. The executor is responsible for closing out the estate and settling debts. Then the distribute the assets.
Can the personal representative be reimbursed before paying creditors from an estate?
In most cases the laws allow that. The representative must provide full accounting to the court as to what the costs were. In some a specific fee is set, either based on a percentage, or an hourly rate. Consult an attorney in your area for specifics.
