What is the name of your state?What is the name of your state? AL
What is the requirement to probate when deceased had minimum property in deceased's name only with remainder joint with survivorship with spouse? If creditors of deceased (credit cards) open a probate, what would be the status of deceased's 401K, IRA, and joint/survivor accounts in regards to those creditors? Please review the following post in regards to this question. Thank you in advance.
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The following question/answer was posted on a ME state website in regards to creditors and assets of deceased:
Question: "Does death relieve a family from making payments of monies owed by a decedent?"
Answer: "A creditor has a right to look for payment of any outstanding obligation incurred in the decedent’s lifetime from those properties owned by the decedent in her name alone. In most cases, creditors and family members agree on the amount which the decedent owed, and payment is made voluntarily by the executor or administrator. However, a creditor may want to protect himself by filing a written claim of the debt with the executor or administrator and, if he has been given a specific written notice by the executor or administration inviting such a written claim, the creditor must file that claim within the time limited by that notice. The failure of the creditor to file such a claim as requested may very well be that creditor’s right of recovery. In many instances, properties in the name of the decedent and another or others in survivorship will not be subject to the claims of all creditors against the decedent. However there are exceptions to this rule which should be carefully considered. For example, if the decedent’s estate is not sufficient to pay funeral expenses, debts due for the last illness of the deceased and expenses for settling the estate, as well as debts due to the State for aid or care to the deceased, and the decedent’s proportional share of the monies on deposit in a survivorship joint bank or savings account may be subject to payment of those expenses. "
What is the requirement to probate when deceased had minimum property in deceased's name only with remainder joint with survivorship with spouse? If creditors of deceased (credit cards) open a probate, what would be the status of deceased's 401K, IRA, and joint/survivor accounts in regards to those creditors? Please review the following post in regards to this question. Thank you in advance.
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The following question/answer was posted on a ME state website in regards to creditors and assets of deceased:
Question: "Does death relieve a family from making payments of monies owed by a decedent?"
Answer: "A creditor has a right to look for payment of any outstanding obligation incurred in the decedent’s lifetime from those properties owned by the decedent in her name alone. In most cases, creditors and family members agree on the amount which the decedent owed, and payment is made voluntarily by the executor or administrator. However, a creditor may want to protect himself by filing a written claim of the debt with the executor or administrator and, if he has been given a specific written notice by the executor or administration inviting such a written claim, the creditor must file that claim within the time limited by that notice. The failure of the creditor to file such a claim as requested may very well be that creditor’s right of recovery. In many instances, properties in the name of the decedent and another or others in survivorship will not be subject to the claims of all creditors against the decedent. However there are exceptions to this rule which should be carefully considered. For example, if the decedent’s estate is not sufficient to pay funeral expenses, debts due for the last illness of the deceased and expenses for settling the estate, as well as debts due to the State for aid or care to the deceased, and the decedent’s proportional share of the monies on deposit in a survivorship joint bank or savings account may be subject to payment of those expenses. "