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If you become power of attorney for a deceased sibling can you be held responsible for their debt?
Wiki User
∙ 14y ago
No. There seems to be some confusion as a POA becomes null and void upon the death of the grantor. However, the POA grantee is never responsible for the debt of the grantor beyond said grantor's financial assets.
Wiki User
∙ 14y ago
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Are you responsible for your deceased father debt if you share a bank account?
A joint bank account or more likely a portion of such might become part of the deceased estate depending upon how the account is held. Most accounts held jointly by family members are done so under the law of rights of survivorship and therefore revert to the living account holder(s) upon the death of the another. In any case, just being a joint account holder does not make the person responsible for the repayment of debt incurred by the deceased.
Can a company still trade if insolvent?
A company can not still trade while insolvent. If a company does trade during this time the directors of the company can become responsible for the debts.
What is an EA in accounting?
EA stands for Enrolled Agent. It is a certification by the Internal Revenue Service that someone is qualified to practice before them. To become an EA, one must pass a test given by the IRS, the purpose of which is to try to ensure that only qualified people practice before the IRS. You may not be a Power of Attorney for the IRS unless you are an EA or some other certified individual such as a CPA or an attorney.
Is a shareholder responsible for payroll tax debt?
=It all comes down to the one-on-one interviews by all parties involved and how the IRS agent will evaluate who will be held responsible. Your interview will be twisted around on you. If you willfully did not pay the taxes and had the ability to, yes you may be responsible. If you were the responsible one to pay payroll and knowingly avoided to pay your payroll taxes, yes you may be held responsible. If you're on the signature card at the bank but say you never even wrote a check, my situation, you are responsible. I personally was not aware of our company missing payments as I was not involved in those dealing and only work limited hours dealing with giving clients updates and never doing payroll but these loser are coming after me too. The idiots we have had to deal with in the Twin Cities are just horrible and our government better take a hard look at this issue because it is about to become a major one! I am making it my mission to be the advocate to all those out there who are innocently shot between the eyes by these scums of the earth! This is an absolute attack on innocent people with no remorse and the agents who knowingly do this should also have to suffer the consequences of their actions!!!=
When does a cost become an expense do all costs become expenses?
so all costs become expenses? explain it
If you have power of attorney am I responsible for existing debt at death?
No. POA's become null and void at the time of the grantor's death. The administrator of the deceased person's estate is responsible for the payment of creditor debts and other matters.
Will become responsibe for adult son's debts become executor?
The estate is responsible for the debts of the deceased. The executor is not personally responsible for them.
In California if a person is deceased who is responsible for medical debt?
The estate is responsible. It may become part of the spouse's responsibilities depending on the insurance and the estate.
If you were a power of attorney could you become executer atfer someone die?
Yes, you could become the executor of the will. The holding of the power of attorney is a good indicator to the court that you were trusted by the deceased. However, if other beneficiaries contest the appointment, a neutral party might be appointed.
Does the estate of a deceased person pay the taxes until probate and deed is in beneficiary name?
In general, the estate of a deceased person is responsible for paying any taxes owed until the assets are distributed to the beneficiaries. Once the probate process is completed and the property is transferred to the beneficiary's name, they would become responsible for the taxes going forward. It is important to consult with an estate attorney or tax professional for specific guidance based on your situation and jurisdiction.
Is there a way to become administrator of an estate if the children of the deceased cannot agree?
Yes, in such cases the court will often appoint a neutral third party, such as an attorney or a bank.
How do you become emancipated from your sibling?
You cannot become emancipated from a sibling because you do not owe them anything. Unless the court had ruled that an older sibling should take care of you, there are no legal obligations.
If you are driving your deceased father's car can his estate be held liable if you wreck the vehicle?
More than likely the driver of the car would be held responsible. Obviously the owner could not give permission for the car to be driven. This is a situation that can become very complicated and costly. Consulting an attorney would be the best course of action.
How do you become administrator of your deceased mothers estate?
You petition the court. It is a fairly straight forward form that has to be signed by all of the beneficiaries of the will or estate. You should consult a probate attorney for your jurisdiction.
My deceased mother named a trustee on my Grandma's trust and I have power of attorney for my mother Do I become the new trustee?
No you do not. The next person in the list on your Grandmother's trust document steps in as the successor trustee. Powers of attorney are invalid once the principal has died. Your mother's Power of Attorney (which has expired) has nothing to do with your Grandmother's trust.
How do i become a real estate attorney?
Well, first you have to become an attorney...........
How does a family member apply to become executor of estate if executor is deceased?
You apply to the probate court. There is normally a package of documents that have to be filled out and submitted to the court. Consult a probate attorney for specifics.
