The executor will pay as many valid creditors claims as possible, which may require the sale of some of the deceased’s assets. If there is not enough money to pay all of the deceased’s debts, some creditors won’t receive any money or will receive just a portion of what they are ow...
Under Federal Trade Commission rules, debt collectors can contact a deceased person's spouse, parent, guardian, executor or administrator to discuss the debt. But collectors can’t mislead family members into thinking they’re responsible for paying the debts if they’re not. Your family members ...
If the deceased person had no spouse, joint borrower or co-signer on the mortgage, the responsibility for the mortgage typically falls on the estate. If the estate can’t cover the balance of the mortgage loan by liquidating other assets, the lender may seize control of the property to cove...
A partnership has perpetual existence since someone can purchase the share of the partnership belonging to a deceased partner upon their death. Like partnerships, an S-corporation shareholder's stock basis must be adjusted annually. (a) True (b) Fa...
If you’re handling the affairs of a deceased loved one, you should call and cancel credit cards immediately. That freezes fees and keeps any additional charges from being made. Some creditors may get aggressive with families, seeking to make them pay off the debt, even if they are not le...