Everything passes automatically to the heirs without probate. I am on the bank account but there isn’t enough money to pay all the bills, How do the bills get paid?
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Everything passes automatically to the heirs without probate. I am on the bank account but there isn’t enough money to pay all the bills, How do the bills get paid?
Posted in Estate Planning.
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Any real property is sold if there is not any then the bills do not get paid.~
You have to sell off some of the assets inherited to pay the bills. If there was cash involved then the payment for the outstanding debts (bills) would be taken out of the estate before you got it. Then you would have no further liability.
Depends on how the passage of the real property was actually done. There are safeguards to ensure that people don’t use estate planning to cheat their creditors. I STRONGLY recommend you consult a probate lawyer. If you mess up, the consequences can be severe.
Richard