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baghag
:P
Member since 5/05 10278 total posts
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Who is responsible for a deceased persons debts?
Assuming the person is single, with adult children?
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Posted 2/9/06 9:21 AM  |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: Who is responsible for a deceased persons debts?
Posted by baghag
Assuming the person is single, with adult children?
I believe, any assets the deceased person had have to go to pay the debts, but any debts, that the assest do not cover, do not have to be paid.
This happend to my friend when her father died & he owed back taxes & other things.
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| Posted 2/9/06 9:53 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Who is responsible for a deceased persons debts?
Posted by baghag
Assuming the person is single, with adult children?
The estate of the deceased is responsible for the debt. Debtors get paid before the estate is settled and proceeds sent to any beneficiaries. Should the debt not be covered by the decedent assets, the debtors settle and the decedent assets are distributed among the debtors as the court assigns.
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| Posted 2/9/06 10:59 AM |
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baghag
:P
Member since 5/05 10278 total posts
Name:
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Re: Who is responsible for a deceased persons debts?
Very interesting, thanks guys!
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| Posted 2/9/06 11:42 AM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: Who is responsible for a deceased persons debts?
Posted by shamrock12472
Posted by baghag
Assuming the person is single, with adult children?
The estate of the deceased is responsible for the debt. Debtors get paid before the estate is settled and proceeds sent to any beneficiaries. Should the debt not be covered by the decedent assets, the debtors settle and the decedent assets are distributed among the debtors as the court assigns.
keep in mind though the debtors are told via an announcement of some sort..in the newspaper, via a central system...
When my Uncle passed, his life insurance was in "estate of" because there was no beneficiary...he was in the process of claiming bankrupcty , had about $25K in debt, but none of the debtors claimed any money in the time frame they were given , so the money was turned over to my mom and her sister as the last living relatives, and no debtor can ever take the money or claim it now.
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| Posted 2/9/06 11:43 AM |
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LIPrincess
Foxy Lady
Member since 6/05 1610 total posts
Name:
Jaimie
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Re: Who is responsible for a deceased persons debts?
You have FM
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| Posted 2/10/06 7:40 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Who is responsible for a deceased persons debts?
Dh's grandfather passed a few weeks ago and he did have a house however when my MIL called his one CC co. which he owed 9,000 to they said they were writing it off
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| Posted 2/10/06 10:19 AM |
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