Estates

Virginia is not a community property state, therefore if the cc debt belonged solely to the deceased the surviving spouse is not responsible for repayment. How the property is titled would determine if it could be subject to creditor attachment, if it is titled as Tenants-in-Common or Joint Tenancy a juegment lien after due process can be executed and possibly (but not likely) a forced sale. If the property is held as JTWRS and the debt belonged only to the deceased, neither a lien nor a forced sale is possible. (e-mail macky83@juno.com)

The creditors will write it off if there are no assets. They cannot come after anyone exept the person with the debt or their estate. If neither exists, they write it off.

This could be a tough question and probably depends on your state. Most courts will hold the insurance proceeds should either be used to rebuild the house or placed in escrow with the interest going to the life tenant. It is possible the son could prevail in getting the money, but it is his mother we are talking about.

Yes. The mortgage note is still a legally binding contract enforceable on the estate.

Some people have an Executor (male) or Executrix (female) in their Will to take care of these duties. Other people have "Trust companies" that will do it as well for a fee. Both parties have to probate the Will to be sure all debts including property and personal taxes off and the residue that is left after that is the total amount of the Estate. Marcy

The executor is responsible for collecting all debts owed to the estate. If the deceased did not write such intentions down it must be assumed that the debt is still owed. If the Executor is the one making false claims, other benificiaries may want to consult with a lawyer, especially if the estate is substantial.

If the deceased person only co-signed, that is, lent his credit standing to you so that you would be approved, then the family has no stake in the property. All the co-signer did was ensure that if you defaulted, he would be financially responsible. He never owned the house, so no relative can make a claim against it.

The appraised value is supposed to arrive at fair market value. Remember that property owned by a decedent gets a new basis, which is equal to the value as of the date of death. When a buyer purchases the property for its value, there is no capital gain or loss. If the buyer pays less than fair market value, then you can simply allocate the difference between FMV and the purchase price to the buyer's share of the estate.

The house must be included at fair market value as of the date of death regardless of the amount actually paid for the house. the only exception to this rule, would be if the executor elects the alternate valuation date, which would be the fair market value at the earlier of 6 months after date of death or the date ther property was sold.

It depends on that person's will. Any inheritance may go to their family. The state's probate succession laws determine what should be done with the deceased's share of the inheritance.

Hi Mackey Nice to see you around and thanks for adding on the extra info. Have a great weekend! Marcy No, only the surviving mate would be responsible. Parents debts are not their children's debts and vice-versa. If your parent owned a car and owed some debts the car would be sold to pay as many as the debts as possible, but other than that the IRS and creditors are going to have to write-off those debts. Marcy In addition, all states have probate laws which determine what assets belonging to the deceased(s) are to be used to repay debts. All assets and debts are audited and filed in the probate court of jurisdiction by the appointed executor or executrix. Creditors are notified that they have a specified amount time to file a claim (generally 6 months) against the deceased's estate. All debts must be paid according to there priority and to the extent of the non-exempt assets that can be used for repayment. No property or assets will be distributed to surviving family members until this has been done. When a person dies intestate, the state probate succession laws apply to the distribution of assets and/or real property that remains after debts have been satisfied. The same laws apply when there is a will, all nonexempt assets must be used to repay debts owed by the deceased before any inheritance is distributed to named beneficiaries.

I am assuming this question relates to a situation where the executor has already been appointed and the beneficiaries are unhappy with the administration. You can file a lawsuit in the probate court demanding the removal of an executor, however you will have to prove that the executor is acting unlawfully to the detriment of the estate or otherwise not fulfilling his/her duties. Mere animosity between an executor and beneficiaries without proof of some substantial wrongdoing will not serve as grounds for the court to order a removal. These lawsuits should not be filed unless there is serious wrongdoing because with legal fees for both sides a lot of the estate can be spent in the litigation. Besides, courts offer beneficiaries other remedies for problems, such as forcing an executor to make an accounting. Most Courts consider removal of executors a drastic measure.

An executor has no legal authority before a person death, nor can such authority be retroactive. If someone held a POA, that person might be able to recover funds that were taken from the account depending upon the circumstances. If the funds were withdrawn without permission of the account holder and signature(s) were forged or a debit card used criminal charges could be forthcoming if a complaint is filed by the deceased's surviving family members.

If the Son had claimed responsibily for his Mothers debt by a written agreement, such as a will or Trust, then he would be responsible. But if there wasn't anything drawn up, then he is not reliable. The Credit Card Company may contact him for monies, but if there's nothing showing he's responsible, then they can't hold him responsible.

No. An authorized user is like a visiting guest in a house. You're able to use all the amenities, but you're not responsible for the mortgage. Only a joint holder on the account -- that is, someone who opened and signed responsibility for the account with another person -- can be held liable for the charges made by the other joint holder.

Yes they can. When the person is deceased their estate goes to the Executor (male) or Executrix (female) and they make sure all personal/property taxes and creditors are paid off. You can go into any book store and get a "Probate Book" or even go on the internet and get the forms. Of course when you take the Probate forms in they almost always fail you the first time (cash cow method) but, be patient, the second time around you'll get through OK. It can take 8 months to a year for the Probate to go through. The Executor/Executrix can pay electric bills, phone bills, etc. (every monthly bill), but the bulk of the Estate has to go to probate. If the debt is worth more than the total Estate then the creditors are out of luck! Marcy

Yes. There are some limitation based on the total value of the estate, but if real property is involved, you need the finalization of probate. * Florida allows married couples to hold real estate as Tenancy By The Entirety. When the property is titled TBE it passes directly to the surving spouse and is not subject to probate proceure or creditor attachment if the deceased spouse is the sole debtor.

No, New Jersey is not a community property state. It does however recognize Tenancy By The Entirety when it pertains to real property. Therefore the family home will pass directly to the surviving spouse and not be subject to probate unless the titling to the property is otherwise worded.

Most Executors want to get the property sold as soon as possible and it depends on the Heirs. They have a right to say whether one of them wants to buy the home or property, or if they want it sold or not. E.g. There are 3 Heirs and 2 out 3 agree that they want to sell the property. The property MUST be sold. You usually can have it sold within the year, but, if the house or property has some difficulties attached to it or is a (hard sell) it can lapse over a year. Marcy * There are not laws in the U.S. which designate how long a named executor has to liquidate exempted property after closure of probate.

No. The executor or executrix cannot be held personally responsible for the decedent's debts.

If the deceased left an estate the medical bills along with all other debts will be handled according to the state probate laws. If the deceased left no assets that can be used to pay debts, the debts become null and void. Surviving family members are not responsible for medical bills unless they signed an agreement with the hospital, physician(s) or care facility. The one exception is if the deceased left a spouse and the married couple resided in a community property state. Although in several CP states such laws will not apply to the payment medical bills directly connected to the death of of a spouse.

When a person dies intestate the distribution of assets and the payment of debts come under the jurisdiction of the state probate court. Probate laws differ in what property of the estate is exempt from seizure to pay debts. The best option would be for the involved parties to consult an attorney who is knowledgeable in the probate laws of the state where the deceased resided.

The debt you owed to the decedent will become a part of their estate and their heirs can collect as long as they have proof that you owe the money. The heirs can request that an estate representative be appointed and that person can pursue payment from you. The debt does not just go away as long as there is evidence that the money was owed to the decedent.