Is there something that should be done as a child of the deceased to protect your credit, assets, savings, etc?
2006-10-25 17:36:15 · 10 answers · asked by Zloar 4 in Business & Finance ➔ Credit
The deceased was not married, but had a live in boyfriend for 10 years. All property of the deceased amounted to less than $2000. Debt exceeds $10,000 to credit card companies and various other services. There was no will. The children have been estranged from the deceased and received no inheratance.
2006-10-25 17:44:41 · update #1
They can't go after anyone but the debtor (deceased) and his estate.
If the executor of the estate posted the appropriate notices and they did not respond within the prescribed time and the estate was then disbursed to the heirs, the lender is out of luck. They have no recourse against the beneficiaries.
If the executor acted improperly and did not follow the standing rules then the creditor can go after him/her.
They can never go after more than the worth of the deceased's estate. The children never have to pay the debts of the parent from their own money.
2006-10-25 17:49:34 · answer #1 · answered by Jack 6 · 2⤊ 0⤋
Depends on the state the deceased lived in and what the laws are in that state. Typically, if there was no will or any type of estate planning then the estate must go through probate court. At that point there is a time frame from which credit can make claims against the estate. If there is nothig for the creditor then they will receive nothing and neither will the children. The only thing that should not be included in an estate is a life insurance policy.
2006-10-26 01:03:42 · answer #2 · answered by Abbi G 2 · 0⤊ 0⤋
Creditors can file against the estate of the deceased person. The debts of the deceased do not flow to the heirs.
2006-10-26 00:44:39 · answer #3 · answered by Robyn C 2 · 0⤊ 0⤋
if there is an estate they can attach that, they can go after the spouse in some cases. if it is set up as a trust fund very hard to for them to touch if not impossible. but if there isn't an estate children are not liable for parent's debt
2006-10-26 00:39:07 · answer #4 · answered by Teresa A 3 · 0⤊ 0⤋
Especially if the deceased's creditors are the banks and/or companies - it's possible.
2006-10-26 00:40:17 · answer #5 · answered by Believe 3 · 0⤊ 1⤋
no a child or family is not expected to pay .....[creditors will lie to you and threaten family to pay but it is a game they try...] ignore their calls and send back any mail you recieve, marking it "deceased".................
2006-10-26 01:10:24 · answer #6 · answered by churchonthewayseniors 6 · 1⤊ 1⤋
Yes, if unfortunately you are the next of kin. If they have a spouse still alive then no.
2006-10-26 00:38:49 · answer #7 · answered by Anonymous · 0⤊ 1⤋
No problem unless you are a so-signor
2006-10-26 01:14:48 · answer #8 · answered by nora7142@verizon.net 6 · 0⤊ 0⤋
They can put a lien on any property.
2006-10-26 00:39:49 · answer #9 · answered by Anonymous · 0⤊ 1⤋
they can go after their inheritance
2006-10-26 00:37:57 · answer #10 · answered by reno_tony_casino 5 · 0⤊ 0⤋