i'm her daughter and have nothing to do with her debts. they will come out of her estate when she dies, she said she desires that. this is a very hard time for me and i don't want to worry needlessly over these things. thanks.
2007-11-25 12:59:13 · 7 answers · asked by G F 1 in Business & Finance ➔ Personal Finance
Agreed, the only one responsible is the estate. Find out what type of debt the $52000 consists of like medical bills, credit card debt, etc. Also, what does your mother suffer from? This will help you, financially. It may be possible to discharge a significant portion of the $52000 prior to her death. Or, you may be able to shelter a portion of the estate from collection.
2007-11-25 13:10:59 · answer #1 · answered by Legend 4 · 0⤊ 0⤋
You don't really say what they are, I'm guessing credit cards or something. But you have other things to consider. She needs to have a will otherwise it goes into probate and several thousands of dollars will go to the county because of that.
If she's on medicaid, most takes take back what was spent from the estate.
Tuff subject to bring up but final expenses, funeral. That's easy 10k.
If she has a life insurance policy, that will help. If she's young enough and you can put burial insurance on her, you might consider that, if you think after settling her estate will not cover all expenses.
If it's credit cards, contact a credit agency that helps reduce or manage credit card debt. Some are non profit and charge nothing. Others will charge you several hundred bucks.
2007-11-25 21:11:51 · answer #2 · answered by rann_georgia 7 · 0⤊ 0⤋
Assuming she is the only person that signed for the debt (if you had, you would remember signing something), only her estate is liable. If the assets in the estate are insufficient to cover the debts, the creditors MUST settle for whatever is in the estate.
NOTE: None of the heirs can inherit ANYTHING until the debts are paid in full. This means your favorite jewelry, photos, etc. can be sold to cover the debts. If you want to keep ANYTHING, you must find a way to cover the debts first.
2007-11-25 22:33:49 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
You are correct. As long as she is the only name on those accounts, she and her estate are the only responsible parties.
2007-11-25 21:04:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Un less your name is on the accounts or you cosigned, you aren't responsible. They will come out of her estate.
2007-11-25 21:25:17 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
If the bills are in her name ONLY, then you are correct.
2007-11-25 21:03:11 · answer #6 · answered by Anonymous · 1⤊ 1⤋
you have nothing to worry about if they are in her name.
2007-11-25 21:08:23 · answer #7 · answered by Jason F 2 · 0⤊ 0⤋