Is an administrator responsible for paying off all debts of the estate or are the children?
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Is an administrator responsible for paying off all debts of the estate or are the children?
My mom and dad own land but the took a loan out against it 4 years before the died.
Asked on February 28, 2011 under Estate Planning, North Carolina
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The administrator is responsible for making sure all debts are settled out of estate assets. At least up to the point that all such asserts are spent. If there is not enough money to cover all debts, then any outstanding debt will extinguish. The heirs/beneficiaries are not liable to pay it. Children do not inherit debt. If there are enough assets to pay down all debt, then the remaining assets are distributed as per a decedent's Will or their state's instate laws of succession.
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