5 ANSWERS
Elvin Garry Grundy
Most debts incurred in life simply don't vanish upon death. After funeral expenses, homestead & exempt property allowances, and family allowances are paid out the deceased person's estate first, creditors then can seek to collect monies owed from the "net estate," but this is so long as that property is not jointly owned by the decedent & another person. Common examples of joint assets shielded from creditors include joint bank accounts and real property held by joint tenancy. Arizona's community property laws are also implicated here. Qualified estate planning and consumer debt counsel can help you tailor a will and trust to protect your hard-earned assets and your loved ones from relentless creditors or third party collectors. Do not delay.
Answered on Aug 31st, 2011 at 10:27 AM
3 Awards
It depends upon a number of factors, including: the type of debt, secured or unsecured; the amount of assets; the amount of debt; who the heirs/survivors are; and if your estate is subject to an administration. This response is not intended to create an attorney client relationship. The response is solely intended to answer the question presented. Additional facts and issues are unknown to the responding attorney. Should you still have questions, legal assistance should be sought by making an appointment to meet with an attorney, rather than attempting to resolve the issue via e mail. This response is merely provided to give direction to assist you in the decision of whether you should contact an attorney or not.
Answered on Aug 24th, 2011 at 5:30 PM
Provided that your creditors promptly make a claim on your estate. All your debts (or as much as possible) will be paid first before your heirs will be able to take any assets. Typically, funeral and hospital are always paid and have priority over credit cards. You mortgage will also need to be either assumed by one of your heirs or be paid off.
Answered on Aug 24th, 2011 at 11:14 AM
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It dies with you.
Answered on Aug 23rd, 2011 at 8:43 PM
Your estate is liable for your debt.
Answered on Aug 23rd, 2011 at 8:23 PM