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Who Pays My Debts When I Die?

Who Pays My Debts When I Die?

When a person dies, children or heirs often wonder if they become responsible for their parent’s debts. Generally speaking, the answer is no. The decedent is responsible for all of their debts. The personal representative pays all final debts of the decedent with money that is in the estate. Some amount of money are protected and exempted from the payment

Question: My husband died without a will and there isn’t a lot of money, do I have to apply for letters of administration?

Question: My husband died without a will and there isn’t a lot of money, do I have to apply for letters of administration?

Typically, when a person dies without a Last Will and Testament, the person who will be acting as the executor needs to apply to the local Surrogate’s Court for the Letters of Administration. (Technically speaking, if there is no will, the executor is called an “administrator,” but that’s a different blog post.)   There are three common exceptions to the requirement to

How Long Will It Take to Get Your Inheritance?

How Long Will It Take to Get Your Inheritance?

 You hang up the phone, you’re sad to hear your Grandmother passed away, but you’re also a little bit excited by the idea that you might get some money from her will. She lived a good, long life, it wasn’t unexpected. Sure, you’ll miss her amazing chocolate chip cookies, but maybe you can finally buy that silver, 6-speed manual convertible that you’ve been eyeing

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