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The question is asked a little awkwardly. Most people intend to ask how the deceased individuals assets are dealt with not the recipients/beneficiaries. However, the assets of a beneficiary's estate should increase since they are receiving assets from a deceased individual.
Also, if a beneficiary is deceased their assets, including any inheritance, will pass to their own beneficiaries under the terms of their will.
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What happens to the remaining assets in a closed estate?
If any undistributed assets remain in the estate then the estate must be reopened and an estate representative must be appointed by the court.
What happens when no estate and no insurance who pays debts?
The decedent's estate is responsible for the decedent's debts. If there are no assets the creditors are out of luck.
What happens to the assets due to an executor if the executor of a will dies?
They become part of his estate. The executor of his estate would file the claim against the first estate.
What happens to the estate after the estate is closed?
There should be no remaining assets in the estate once it has been closed. All the property should have been distributed according to the Will or according to law.
What happens to a loan if the holder dies and there is no insurance or estate?
If there are no assets in the estate the lender is out of luck as to having the loan paid off, however, it can repossess the automobile.
Is an estate necessary for an indigent parent?
If by indigent you mean completely without assets, then no, an estate is not necessary. An estate is necessary if a decedent has assets that are to be transferred to another person, whether by will or intestacy. In fact, since a decedent's "estate" consist of his/her assets nd if there are no assets, there is no "estate."
What happens to debts if estate is in debt?
The estate has to pay all of them off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
What happens if your estate debt is greater than assets?
Then the estate is sold to cover the debt, and the "inheritors" are usually hit up for the rest.Another View: If the assets of the estate are insufficient to satisfy the debts of the deceased... UNLESS any of the heirs actually signed documents obligating themselves for their payment, once the assets of the estate are exhausted they are under no legal compulsion to pay off the deceased's debts.
What happens if parents die and owe money to the government but the estate has no money?
The government is not going to get their money. They will have to be satisfied that there are no assets in the estate and that no one else got paid.
What happens to an estate claim known about by the executor but not filed during probate.?
The executor has breached their duty. They have a requirement to take care of the estate and resolve all its assets and debts.
What happens to the debt if there is no money in the estate?
The estate has to pay all of the debts off if at all possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
What happens to a debt if a person has nothing in the estate?
The executor will show the plan to the court. It will include all debts and all assets. If the debts are more than the assets, the debts will be cancelled.
