Debt Responsibility

Your wife's will has nothing to do with your death - if you don't have a will, you will be subject to the intestacy laws of your state, which will determine who gets what. Now, if you die without a will, your wife will get the lion's share of your estate, so that when she dies, what was yours that became hers becomes part of her estate. If you're at all concerned about what is going to go to your children, call an estate attorney and draft a will.

no one unless their name was also on the debt. like a combined credit card, or a two party mortgage. the advertizement by the executor for any claims against the estate allows for claims to be made under a certain time frame. after that the estate is settled, depts paid and estate closed or probated.

Logic would tell me the person that is in charge of the dead person's estate. On the other hand it would be a real good idea to read the contract with the lease company first, sometimes when the lease contract is made their is an insurance policy built into it. You might also want to look at the dead person's auto insurance policy to see if there is anything about what happens when the owner of the policy passes away. Does the person who passed away-did they have a life insurance policy. It might be easier to hire a estate lawyer to do this, and to ask them all your questions.

Yes, of course. The lender forecloses on the dishonored promise to pay, takes possession of the home, auctions it to the public, and you still owe whatever amount they were not able to obtain at the auction to satisfy your loan obligation.

If the home has more equity in it than you owe, then the extra proceeds of the auction will go back to you, but you'll need a new home, unless you won the auction.

Try going through the below steps. Good Luck 1. If you have access to their personal records, go through old bank statements or canceled checks to see if they paid any insurance companies. 2. Did they have a personal lawyer or accountant who may have known about any old policies? 3. Talk with a past employer about any group life insurance policy that may have existed. 4. Get in touch with the Medical Information Bureau. They track all requested medical records by insurance companies for the past 7 years. So, if they took out the policy during this time period, most likely the MIB will know about it. You can find more information about them online. 5. Look at the mail that continues to be delivered after the person's death. If it was a policy that was still being paid for, you'll see premium notices. 6. Look at income tax returns to see if interest dividends on any life policy were claimed. There is no time limit on claiming the benefits of any missing life insurance policy that you are the beneficiary of. It can be 25 years later and the company will still pay you the proceeds.

That's one way to put it, yes. Most credit agreements state that heirs will be expected to make the debt good if the creditor does not purchase additional insurance to cover the debt balance in the case of debtor's death. The Probate Court will address the issue if you don't take care of it before the issue is presented to the court.

You would be responsible only if you signed a written agreement with the care facility and/or physicians to pay her medical debts. Being a legal representative (POA) does not obligate that person to take personal responsibility to pay the grantor's (named person's)debts outside of the ability of the grantor (named person) to pay debts using his or her income/financial resources.

The executor is required to resolve all loans and debts. If there are co-signers on the loan, they may be held accountable. If there are not enough assets to pay off the debts, they are not resolved.

If you father has surviving spouse or/and children his sister would generally not be considered an heir in most states if your father died without a will. You can check the laws of intestacy for your state at the related question link provided below.

If his sister inherited under the terms of his will then she would be considered an heir.

your estate.

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 the credit card debts before the can transfer any remainder 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.

California is a community property state, therefore if there is a surviving spouse he or she is responsible for all outstanding debt including credit card accounts even if the decedent was a sole account holder. If there is not a surviving spouse the credit card debt will become a part of the probate procedure and will be handled according to the state laws of distribution of an estate.

Notices of default will be sent to the borrower and co-signers, then notices of final opportunity to pay, then notices of foreclosure. Once the property is foreclosed and auctioned, the borrower and co-signer may be sued to cover any remaining deficit on the loan.

The estate of the deceased is responsible for the debts. Indirectly, the spouse is going to pay the debts, either by a smaller inheritance or as a beneficiary of the goods and services purchased by the spouse.

No

All states have a law known as the statute of descent and distribution. When a person dies intestate(with no will), their real estate, personal property and money go to their heirs according to this statute. In other words, the state makes a will for anyone who did not do so. A person who dies testate has a will stating to whom they wish their estate to go. But, before the heirs can take possession of all or any part of the decedent's (the deceased) property, the estate must be probated, and all claims against it must be met.

If the decendent's son was also named on the credit account, (which it must be if he used the card) then he needs to pay the debt. Hopefully, he did not spend money he cannot pay back.

I would say it depends on if you live in a community property state or a non community property state and if your name is on the bill or contract.

The executor of the estate has the ability to retrieve any gifts given out during the two years prior to death and including them in the valuation of the estate. You wouldn't be doing your kids any favors!

A " P G " must be in written form... and notorized in order for it to be valid for a debtor to collect against...

Currently I am dealing with estate issues and credit card debts. I am not a lawyer but after talking to many professionals, it seems to me that if their is no estate and no joint credit card holders then the card company will have to write it off.....

Perhaps. The extent of liability of a surviving spouse depends upon the laws of the state in which the married couple lived at the time of the person's death and the type of debt(s). Joint accounts/debts are always the responsibility of the surviving spouse. Married couples who reside in community property states are generally equally liable for all debts incurred during the marriage regardless of which spouse is the actual account holder and when a spouse passes away. Two "CP" states have exceptions to the rule, those states are Texas and Wisconsin.

No i don't think so because its in your name. i wont really know but that's what i think any way

The debts of the parents are paid by the parent's estate, not their children.

yes only if married at the time or unless if their credit cards no