2007-05-25 08:38:29 · 3 answers · asked by Virgilio 1 in Business & Finance ➔ Personal Finance
The estate must pay any outstanding bills before anything left is distributed to the heirs. Insurance payouts and certain portions of the estate may be excluded. Best to check out the laws of the state in which the person died to be sure.
2007-05-25 10:42:04 · answer #1 · answered by Piggiepants 7 · 1⤊ 0⤋
There is no personal responsibility. It depends on how the will was written. If the deceased left all their assets to their heirs that the credit cards companies can go jump. If there is a large bill they might try to sue the estate, but if there is nothing left in it, they are screwed. The executor can negotiate almost any deal he/she can.
Just went through this with my Mom's estate.
2007-05-25 08:44:38 · answer #2 · answered by WJVV 4 · 0⤊ 1⤋
I always thought the executor had to settle the estate (pay outstanding debts) before distributing anything to the heirs.
2007-05-25 09:07:53 · answer #3 · answered by Kathryn 6 · 0⤊ 0⤋