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In order to "handle someone's estate' you must be appointed by the probate court as executor if there is a will, or as administrator if there is no will. Once appointed then you have the authority and obligation to pay the debts of the decedent from any assets owned by the decedent. The debts must be paid before any property can be distributed to the heirs.
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Who pays real estate taxes and other related expenses on estate property before distribution is made to the heirs?
The debts of the decedent must be paid by the estate before distribution can be made. If there isn't enough cash the property must be sold to satisfy creditors. To save the real estate heirs often get together and pay any outstanding debts in order to inherit clear title to the RE. YOu should discuss it with the attorney who is handling the estate.
What happens if you die and owe the IRS money?
One of the primary reasons to open an estate is to resolve such issues, including taxes. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Is a executor of a will responsible for all the bills of a estate?
The executor is not personnally responsible. The estate is responsible to pay off the debts. If the assets are not sufficient to pay off the estates, they do their best and get the court to agree.
Who pays taxes on estate that is controlled by the executor?
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
Can the executor of an estate sell assets of that estate even if those assets have stated beneficiaries if the executor needs cash to pay taxes?
Yes. Payment of debts takes priority over other bequests. In most cases, the second requirement of a will says to pay all debts including taxes (the first being to pay for funeral and medical expenses.).
Does a power of attorney have to pay the debts of a decedent if there is no estate to settle them?
No, the estate has to pay the debts unless someone else guaranteed the debt. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What if there are no estates will the children have to pay debts left by parents?
A person's estate is responsible for their debts unless someone else agreed to pay them.
Who is responsible for a person's medical debts after death?
The estate is responsible for the decedent's debts. One of the primary reasons someone should open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Who pays the attorney when someone dies in Alaska?
The debts of the deceased are the responsibility of the estate. The estate would pay the cost of an attorney. If the estate has no assets, the attorney would require someone to pay them for their services.
When a man dies how long can someone collect debts from the estate?
As long as the estate has assets and is still open. The estate has to pay off the debts. If the estate doesn't have the assets to do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
If you have more debts than your estate is worth won't it make more sense to NOT have a will so that your life insurance beneficiary won't have to pay your debts?
In order to satisfy the debts and end the creditors, an estate is the way to go. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
How long after death is estate responsible for medical bills?
Until the estate is closed, it is responsible for debts. One of the primary reasons someone should open an estate is to resolve debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What happens to the estate of a parent who dies and leaves a lot of debt?
Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Who is responsible for debt after death in Tennessee?
The estate has the responsibility. One of the primary reasons someone should open an estate is to resolve debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What happens to debt of someone who dies?
One of the primary reasons to open an estate is to resolve these debts. The estate is required to pay off any debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What happens when mom dies and has no estate except life insurance and outstanding credit card debt does executor have to pay the outstanding debt?
Yes, the executor has to pay the debt. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
If a person has no estate at the time of death who is responsible for his loan debt?
The estate is always responsible. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
