The estate must be probated and the creditors will be given notice. The decedent's debts must be paid by the estate before any property can be distributed to the beneficiaries.
No, you are not responsible for their debt. The only person legally responsible for a debt is the person that signed the contract for the debt. It doesn't matter if your dead parents left you money. Collection agencies cannot legally collect someone else's debt from you - but they will try. See the FDCRA to know your rights in debt collection.
Siblings certainly are not responsible. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
In no state are they responsible to do it with their own money. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
The estate is responsible to pay out the proper values to the beneficiaries. They have no reason to give more than the fair share toward anyone receiving assets.
Yes the annuity payments are taxable income to the beneficiaries in the same way that they were taxed to the deceased taxpayer.
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Before title can be transferred, debts must be resolved. If there is a mortgage, it has to be satisfied by the estate, or the property sold. Any liens would have to be taken care of as well.
They are not responsible to the other beneficiaries, they are responsible to the estate. It is up to the executor to make sure things are done fairly.
No, you are not responsible for his debt. His estate has that responsibility.
There is no specific amount of years that you are responsible for a debt. This depends entirely of the terms of the debt.
Both of the spouses are responsible for the debt. They both benefited from the debt, so they are held responsibility.
You are not responsible for your sibling's debt unless you co-signed and agreed to be responsible for it. If you co-sign for a debt and the primary borrower doesn't pay then you will be held responsible for repayment.