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Who is responsibe for spouses debts in case of death?
The estate is responsible to resolve all debts. Once they are resolved, then the rest can be distributed to the spouse.
Is there a law requiring you to open an estate if debts are owed?
Pretty much, the debtors can require it and can even petition the court to become the executor.
Is the Executor of the Will responsible for paying the debts of the deceased?
Yes. That is one of the duties of the executor. The debts must be paid out of the assets of the estate before legacies are paid to the beneficiaries.
A person appoints a child as executor of the estate. is executor of estate required to list assets after that person dies?
That is one of the duties of the executor. They have to inventory the assets and debts of the estate. Then they will be able to liquidate the debts and distribute the assets.
Can the executor of estate be held liable for taxes owed if estate is solvent?
The executor is responsible for paying any debts, including taxes, owed by the decedent before any assets can be distributed. If the debts are not paid and assets are distributed the executor can be held personally responsible.
Does an executor receive the estate?
The court appoiunted executor has control over the estate in order to pay taxes and debts and distribute the remaining property according to the will. The estate does not become their own property unless they are the sole beneficiary.
Your sister committed suicide and made you executor she has debts are you responsible?
No. You are not personally responsible for your sister's debts. The estate is responsible for the debts of the decedent.
What if you are the executor of the will m i responsible for any debts if the home was not in my name?
Being the executor does not make you personally responsible. The estate has to pay any debts. If the estate cannot pay them, the debtors do not get paid.
Does the executor of a will have to pay for outstanding debts of a deceased parent if there is no money or property to sell?
The estate is responsible for the debts. The debts must be paid by the executor before any assets can be distributed. If the executor distributes any assets while the debts are outstanding, she/he may be personally liable. If there are no assets the estate is declared insolvent and the creditors are out of luck.
Can the inheritors force the executor to sell assets?
No, they cannot force the executor to sell assets. The executor is responsible for closing out the estate and settling debts. Then the distribute the assets.
Is surviving spouse responsible for medical bills in NJ?
Only if she is the executor of the estate. The executor is responsible for all estate debts.
How do I protect myself from paying brother's debts after death?
You will never be responsible for his debts unless you co-signed on loans or debts. If you are the executor of his estate, then you must pay his debts out of the estate.
