2007-03-30 10:20:57 · 14 answers · asked by Kevin A 1 in Politics & Government ➔ Law & Ethics
Sorry. I've no idea what that means.
2007-03-30 10:23:57 · answer #1 · answered by Anonymous · 0⤊ 2⤋
Not at all. The executor has a duty to pay off all the deceased's debts from the estate. This is why you sometimes see "statutory notices" in the press requiring anyone owed money by the deceased to prove their claim by a certain date. Once all debts have been settled, any residue left in the estate is paid out to the beneficiaries according to the will. There is no liability on any beneficiary, it's the executor's problem.
(This why it's wise to appoint an entity such as a firm of solicitors or a bank to be the executor, it can be a difficult job for an individual person or persons)
2007-03-30 21:57:43 · answer #2 · answered by champer 7 · 0⤊ 0⤋
Absolutely not, when a person dies, debts must be paid out of the decedent's estate. Otherwise, you would have every person when they are old, take out debts and then put names down that they hate in their will. There are certain debts that must be paid first like administrative costs. But to answer your question - beneficiaries are not required to pay debts.
2007-03-30 18:57:00 · answer #3 · answered by Anonymous · 1⤊ 0⤋
No. The beneficiaries are not unless one of them happens to be the executor (female = executrix). The executor or anyone who gets a grant of administration is. He/she needs to get it right or they are personally liable.
If this is you be careful! If you are lucky enough to be just an beneficiary you have no problem. In short, if someone gives you money from a deceased's estate what went before is not your concern.
2007-03-30 10:49:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The answer is a Yes & No.
Depending on the nature of the gift passed to the beneficiary.
The gifts in a will are either specific or general gift. If the gift was for example " I leave all my exxon shares to X" this is a specific gift to X and X will take before other beneficiaries and creditors.,..................
2007-03-30 10:36:08 · answer #5 · answered by luxlugger 1 · 0⤊ 0⤋
Nope...otherwise I'd leave everything to the person I hate most.
What can happen is that an estate can have so many bills that people don't get what they thought they would.
If I have a million in the bank for my 4 grandkids and left $250K to each of them, but I had $500K in debt...my creditors would get $500K off the top and my grandkids' inheritance would be cut in half.
2007-03-30 10:27:57 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Of course the bills have to be paid off first, before the beneficiaries get any assets.
2007-03-30 10:25:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No. But he estate has to settle all the deceased's liabilities before there is a surplus to distribute to the beneficiaries.
2007-03-30 10:25:02 · answer #8 · answered by Finbarr D 4 · 3⤊ 0⤋
No. The deceased's estate is liable for them and all assets of that estate can be sold to meet the obligations.
2007-03-30 10:23:27 · answer #9 · answered by khrome_wind 5 · 2⤊ 0⤋
No but the estate is and beneficiares get whats left after the debts are paid.
2007-03-30 20:46:37 · answer #10 · answered by frankturk50 6 · 1⤊ 0⤋
Not personally, but any debts that are secured (car loan, home mortgage) are still valid against the property, and can be foreclosed if not paid.
2007-03-30 10:32:29 · answer #11 · answered by open4one 7 · 0⤊ 0⤋