Will bank want to be paid for debts deceased cousin owed to it?

by chris
(easton ma bristol)

my cousin died in june 22nd 2007 she had 2 equity lines of credit totaling 129.000. her taxes are 58.000. the pipes in the house burst in walls fire department contacted,water meter removed, electrical lines cut at poles. water everywhere. as named executer on dec.29th 2010. will bank still want their money. she had nothing while alive and since her death i have no more money to put into estate.

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Feb 02, 2011
Will bank want money owed to it by my cousin now that she is dead
by: Debtcollectionanswers.com

The death of your cousin did not cancel any debts she owed at that time and therefore your cousin's creditors are entitled to be paid from the assets in her estate. As executor of the estate you are responsible for notifying them of your cousin's death once the probate process begins and once they are notified, the creditors have a limited amount of time to file claims for what they are owed.

Of course if there is not enough money in the estate to pay those debts in full, then the creditors will suffer a loss and none of your cousin's beneficiaries will end up with any of her assets. You should also know that neither you nor any of your cousin's other relatives will be obligated to pay the unpaid portion of her debts even if debt collectors tell you otherwise.

If you are not working with a probate attorney, I recommend that you set up an appointment with one to get an overview of how the probate process works in your state and of your obligations and responsibilities as an executor. During the appointment you can get answers to any other questions you may have about the probate process and your cousin's estate.

Hope this information has been helpful to you.

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