Does someone's will indicate who will be responsible for debts and obligations?

Answer by  patti (29325)

The will expresses the wishes of the deceased with regard to his assets, burial, etc. Debt and financial obligations are allowed to come against the estate to be satisfied. A will could leave $2M to the heirs, to be divided equally. But if there are debts still owing, the monies will be used first to pay the debts.

Answer by  patti (29325)

The estate of the deceased is responsible for debts/obligations, which will be satisfied with proceeds of the estate. Debts/obligations are not assigned to others. Debts/obligations that cannot be met with assets/proceeds (if there are none)are forgiven by the creditors, provided that the debt was not joint.

Answer by  tamarawilhite (17883)

While someone can list who they want to pay their debts upon death, a will does not legally transfer such financial obligations. Their estate will be held liable for their debts. For example, all money must go to pay debts before property is distributed. If that isn't enough, property the dead person had will be sold to pay the debts.

Answer by  olive49 (424)

Debts and obligations are decided by state and/or federal law. The majority of the time these debts are not the responsibility of anyone else with very few exceptions, including someone's spouse or a person who co-signed loans/leases in order to obtain debt. You cannot assign responsibility for debt through your will.

Answer by  RRGKK (412)

The person in charge of the estate is responsible for taking care of any outstanding debts before the estate is settled in full, including funeral expenses. After debts are taken care of and any remaining funds or property are split according to the will to the beneficiaries. If there is a spouse surviving, they will usually be responsible.

Answer by  demannlv (179)

If the will is written properly it should name who is to be the recipient (beneficiary) of the estate of the deceased. It is highly suggested that the will be drawn by attorney. The attorney will ask many questions regarding your finacial affairs. With the information gathered, the attorney will be able to best advise you what you should do.

Answer by  dimusu (55)

No,Will does not give indication about debt and obligations. It only indicates how property should be divided or alienated but the probate will have to settle the debts.

Answer by  tamarawilhite (17883)

A will indicates who receives property. However, debts are either paid for by the estate in full or by anyone who cosigned the debt. It may be are picked up by those who receive the property, such as the person who gets the house having to pay the mortgage.

Answer by  diva25 (4016)

It can, but it depends upon the will. Not all wills are the same, because there are many different types of wills. It depends on the person and what they want covered in a will, as well. The best thing to do is to contact the attorney to have them better explain it to you.

Answer by  diva25 (4016)

I think it goes to your next of kin. For married couples it goes to the spouse and otherwise it goes to the parents, unless a will says otherwise.