0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
When does interest stop accumulating for a debt owed to an estate by an heir?
Interest on a debt is not going to stop accumulating for a debt owed to an estate by an heir until the debt is paid off. Perhaps selling the estate will help the heir pay the debt off and stop the interest accumulation.
If one heir owes a small debt to an estate should the debt be paid back first before the estate is divided or should the debt be deducted from the estate total then divided between the two heirs?
You can see the answer to this if you imagine an amount of debt to be the whole estate. That is one heir is holding all the assets. If the debt wasn't repaid first, before division, the other heir would get nothing at all. The estate is the total after all debts have been repaid. So you add the value of the debt to the residual estate. Give half of the result to the one with no debts. This has the same effect as the debtor repaying a sum equal to half his debt to the non-debtor, and then dividing the existing estate by 2.
If one heir owes a small debt to an estate should the debt be paid before the estate is divided or should the debt be deducted from that beneficiary's share?
You should ask the attorney who is handling the estate. If it is a small estate there may not be any tax consequences either way.
Estate insolvent cannot pay credit card debt affect on heir's credit history or tier score?
It does not. The debt belongs to the deceased. If the estate cannot settle the account, the credit card company is not going to get paid.
Will my credit be affected by my deceased parents' home being in foreclosure since I am an heir?
No. You never agreed to pay the debt, therefore cannot be held responsible.
When does interest stop accumulating for a debt owed to an estate by an heir?
Interest on a debt is not going to stop accumulating for a debt owed to an estate by an heir until the debt is paid off. Perhaps selling the estate will help the heir pay the debt off and stop the interest accumulation.
Can an executor or trustee sell the property of the person who inherited the property?
It all depends on the provisions in the will.If (1) the "heir" is a beneficiary of a testamentary trust; and, (2) the "heir" "inherits" the property through a distribution from or of the trust res by the trustee, and, (3) the provisions of the trust instrument or will provide that the trustee has the power to do so; and, (4) the rights of the beneficiary terminate with the exercise of this power by the trustee as provided for in the trust instrument or will, then yes.
What is one who dies leaving a will called?
heir --- It is not an Heir. An Heir is what you call the people who receive something from a will or a trust. A person who dies leave a will is a Testator.
As an heir do you have the right to see the trust?
As an heir, you may not have the right to see the trust documents during the grantor's lifetime, but you may have the right to view the trust after the grantor's death. It is important to consult with an attorney to understand your rights and options regarding the trust.
Sentences with the word heir in it?
The family heirloom had been passed down for so many generations that it had become an antique.
What is your financial obligation if you are heir to a trust?
You have no responsibilities. The trust is responsible for its costs and distributing the assets per the terms of the trust.
Is an heir a blood relative or can they be a friend or fiancee of the deceased?
An heir does not have to be a blood relative. An heir, also known as a beneficiary, is whoever is listed in a will or trust as a beneficiary. So it could be a friend, or a charitable organization, or a blood relative. It is up to the person making the will or living trust.
Who has to pay the bills of the deceased?
The "estate" or the heir. But the heir's responsibility is limited to the amount of money in the estate. In other words, the heir does not become responsible for all the debts personally as if they were his own. The estate, but not the heir. The heir has no liability for the debt - the debts might only go to reduce the amount the heir might get.
Can a trustee remove an heir?
A trustee does not have the authority to remove an heir from a trust unless there are legal grounds for doing so, such as the heir's misconduct or failure to meet certain conditions set in the trust document. The trustee must act in accordance with the terms of the trust and state laws governing trusts when making decisions regarding beneficiaries.
Mom died owing Sears do you have to pay debt?
If you are her legal heir - YES
What rights does a beneficiary and third heir have in an amended living trust?
They have no rights in the trust. The trust has already been established. They may be able to get help from a trust attorney.
How can you get an heir cash advance on an inheritance before you turn 25?
Many places offer a probate or trust advances. You must verify you are a legal heir to a trust of an estate in probate or trust. You just have to have access to the estate paperworks and prove evidence of an inheritance over a certain amount.
