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Is an executor responsible for the debt?
Not personally. The estate is responsible.
Is a executor in NY state responsible for debt if it is more than the assets?
The executor is not personally responsible for the debts. If the estate is not sufficient, the debtors will not get paid in full.
Is the executor of the will responsible for debt in excess of value of estate?
No, the executor is not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
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.
If the debt is greater than the assets of the estate is the executor responsible to pay off the remaining debt?
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
Is the executor responsible for loan debt on property of child if over 21?
The executor is not personally responsible for the debt. That is the estates responsibility. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Can you as co-executor be sued for the debt of your parent's foreclosed mortgage?
The estate is responsible for the debts of the decedent. The executor is not personally liable. If it is necessary to bring suit the executor's name will be recited as the respondent as the executor of the estate and not as an individual.
Is the executor of a will responsible for all debt in the event of death?
The estate is responsible for the debts of the decedent. The executor is responsible for paying those debts before any property is distributed to the heirs. You should seek the advice of an attorney who specializes in probate law.
Who is responsible for deceased spouse's debt in Florida?
The estate of the deceased is responsible in Florida. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
Is the Executor responsible for paying credit card debt when the debt is being held by a collection agency there is a will the only asset is a home surviving children?
Yes, the Executor is responsible for paying off all the debts, or as many as possible, of the deceased using the assets of the estate. If the house has to be sold to settle the estate, then it must be sold.
Who is responsible for credit card debt after death in Michigan?
The estate of the deceased is responsible in Michigan. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
Who is responsible for credit card debt after death in Indiana?
The estate of the deceased is responsible in Indiana. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
