Debt Responsibility

While the estate has primary responsibility, in most cases the surviving spouse will be held responsible. They are assumed to have benefited from to goods and services.

The estate is responsible for the sole debts of the decedent. If there is no estate then the creditors are out of luck.

No one assumes the responsibility for ongoing support payments. If there are back monies owed, a claim can be made against his estate. That will have to be resolved prior to inheritances being distributed.

In the United States there probably would be no federal tax. The limit in the US is well above a million dollars. Most states do not tax anything under that amount either. Consult a tax attorney or probate attorney in your state.

They either become tenants in common or they sell the house. Then they would split the proceeds three ways. Or one of the children can buy out the other two children.

Yes!

The fact that it is Nebraska doesn't change the answer. The assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all assets before they can transfer them to the spouse. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by the husband. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.

The debt should have been divided appropriately in the divorce decree. If not, the fact that you are divorced and not on the card should insulate them from responsibility.

The estate is responsible for the debts of the decedent. The property should be returned to the creditor if possible. However, if the assets cannot cover the debts the estate is declared insolvent and the creditors are out of luck.

It should be done as soon as possible.

The parent's estate is responsible for their debts. If there is no estate the creditors are out of luck. However, if the parent left any assets, the estate must be probated in order to give creditors an opportunity to file a claim.

You take a certified copy of the death certificate and proof of your identity to probate court and fill out a Petition for Letters of Administration. The court will tell you if you have legal standing for the position of Administrator.

A divorce decree doesn't change at death of one of the parties. It would end the payment of support of any type. And it does prevent the ex-spouse from inheriting.

In some cases the loan customers would have some type of insurance that would protect the deceased persons family in case of his unexpected demise. If so the insurance proceeds would be used to pay off the mortgage and the family members would retain the house. If that is not the case then, the bank can ask the survivors of the deceased to pay off the loan. Which if they fail, the bank can take posession of the home, sell it and recover its loan amount.

The estate is responsible for the debts of the decedent. However, you should seek the advice of an attorney if there is money but not enough money to pay all the debts. There is a legal scheme by which debts must be paid.

Yes. The estate is responsible for the debts of the decedent. Those debts must be paid before any assets are distributed to the heirs.

Regardless of the manner of death, the debts of the decedent fall to the estate. If the decedent is indigent, it is my understanding that there is no means to collect unless other guarantors exist on the individual accounts. Keep in mind that if it is the intending decedent's intent to leave all his worldly goods to someone special, and there is sizable outstanding debt, it is unlikely that special someone will receive anything or much of anything once the estate is disbursed.

You are likely to have your wages garnished. Your credit cards will be cancelled and liens may be placed on property.

The estate would be responsible, but if the dying person had no assets, I do not think they could hold the spouse responsible, unless he or she signed a paper guaranteeing medical bills.

what do you mean you think, do you know for sure?

The decision to allow the executor to modify an existing mortgage is up to the lender. The executor could refinance the property with a new mortgage if allowed by the court.

If the debt is evidenced in writing it is the obligation of the executor to collect the debt owed to the estate.

Yes.

But since you will not be around to pay them, your estate will be responsible for paying them. If you are married and your spouse files a joint return for the year you die, your spouse could be responsible.

You had no right to sign your father's name to anything after his death. The moment he died the POA was extinguished. It sounds like you committed a fraud in order to obtain goods or services. You should pay the bill in full ASAP before the creditor discovers what you did and presses criminal charges.

There is no responsibility. The loan is the responsibility of the estate. They are required to pay off the loans if possible.

No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.