2007-09-18 06:56:14 · 12 answers · asked by teejay 2 in Business & Finance ➔ Personal Finance
Next of kin, since the average Joe doesn't have an "estate".... When a friend of mine's ex husband died his next of kin was responsible. I know, cause they tried to get her to agree to be "next of kin" so they could pin his debts on her. Although, I wouldn't be surprised if this varies from state to state!
2007-09-18 07:00:22 · answer #1 · answered by I, Sapient 7 · 0⤊ 2⤋
His estate is responsible. That is, if he wrote a will, and it says his estate is to go to X, Y and Z, before they can get their money the bills have to be paid, and the taxes, if any, and some costs for administering the estate. The executor is entitled to a fee for all the work involved in administering the estate (and/or for having to hire an attorney to do it), and the judge will check all that out before he allows a distribution of the assets of the estate. The executor can let the heirs have an advance on their inheritance if he wants, and if he stays well within the amount they are expected to inherit.
If he died intestate (without a will), then the assets in the estate are divided up according to state law. Typically it is so much for the widow and the remainder divided among the children, share and share alike. But still the estate has to pay the bills first. If there's not enough money in the estate to pay all the bills, what happens to the creditors varies according to state law. There's very little federal law involved except taxes. (Typical of the feds!)
2007-09-19 07:52:53 · answer #2 · answered by auntb93 7 · 0⤊ 0⤋
The parent's estate is liable for outstanding bills. If the parent left no divisible estate, the liability falls to the surviving spouse. Note: Insurance policies are not subject to outstanding debt. If there is no surviving spouse, and the parent has no assets (property, stocks, bonds, bank accounts) at the time of death, then the debts are not collectible.
2007-09-18 07:04:11 · answer #3 · answered by claudiacake 7 · 0⤊ 0⤋
The estate is responsible for the debts of someone who dies. If there are not funds in the estate the debt is discharged. However the surviving parent is still responsible for any joint accounts. Also if the loan is secured(such as a car loan), the surviving parent must pay the loan or return the collateral.
2007-09-18 07:03:14 · answer #4 · answered by VATreasures 6 · 1⤊ 1⤋
Nobody....I ran into this problem with my grandma....a few months before she passed away she just kept on getting credit cards and spending money. She already had a huge debt problem and was paying like 500. a month on it for as long as I could remeber. When she passed away we just sent the company's a copy of a death certificate and it all just went away. She had no estate left.....her house and stuff in it but the family took what they wanted and we gave the rest to the church. My step sister moved into her house and we haven't heard anything out of anyone.
2007-09-18 07:02:54 · answer #5 · answered by Kathryn T 2 · 1⤊ 1⤋
It comes from the parents estate, if the parents have no money the children aer not responsible.
2007-09-18 07:00:49 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Unless someone co-signed with them, no one is responsible. The debt dies w/the debtor.
2007-09-18 06:59:45 · answer #7 · answered by Brain 4 · 1⤊ 0⤋
Th estate of your parents is responsible, or no one.
2007-09-18 07:00:36 · answer #8 · answered by cannot_remember_chit 7 · 1⤊ 0⤋
If one parent is still living, they are. If there are no parents, then it goes to the estate.
2007-09-18 06:59:37 · answer #9 · answered by Anonymous · 3⤊ 0⤋
The decedents estate....and thats it! Unless they have a surviving spouse
2007-09-18 07:00:15 · answer #10 · answered by Josia 3 · 1⤊ 0⤋