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Being the executor or administrator of the deceased’s estate, but only in states that require executors or administrators to pay off debt from property jointly owned by the surviving and ...
They co-signed a loan with the deceased which has outstanding debt. They hold a joint credit card account with outstanding debt. They’re a spouse in a state where the law requires them to pay ...
Can items be taken to pay debts? Creditors have access to most of your estate, with exceptions. Assets that may be used to pay off debt could include: Real estate. Vehicles. Securities. Jewelry ...
Money from the estate is used to pay off the deceased person’s debts and may be wrongly paid to settle fraudulent accounts. This reduces the money available to legitimate heirs and costs the ...
In some cases, surviving family members might be responsible for paying certain debts of the deceased. This largely depends on the type of debt and where you live.
Abatement of debts and legacies is a common law doctrine of wills that holds that when the equitable assets of a deceased person are not sufficient to satisfy fully all the creditors, their debts must abate proportionately, and they must accept a dividend. [1] [2]