That’s because when a person passes away, his assets often enter into probate—the legal proceedings that govern transfer of property upon someone’s passing. Before you can receive a share of your parent’s estate, the will’s executor and a Sacramento probate attorney will notify all the creditors so that outstanding obligations can be paid off. This may include credit card debt, mortgages, and even hospital bills if the decedent was in bad health during his or her last days. Taxes and probate administration fees are also tallied and subtracted from the estate’s value.
If there is money left after these deductions, only then can this money be distributed to the named beneficiaries. If the monies owed are greater though, then the estate is deemed insolvent. Fortunately, children cannot inherit debt unless they cosigned a loan or mortgage with the deceased parent.
http://www.generationsprobate.com/blog/industry-news/sacramento-probate-lawyer-explains-what-happens-with-insolvent-estates.html
Sunday, April 27, 2014
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