Get Legal Help Today
Secured with SHA-256 Encryption
Mom passed away with only TOD account and an IRA, accounts that list bene. She had a will but doesn’t have anything else in her name. If she has debts outstanding, do they have to be paid from the money that was distributed to the TOD beneficiaries?
Asked on June 22, 2009 under Estate Planning, New Jersey
L.M., Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Debts will need to be paid from anything remaining in her estate outside of the TOD and IRA accounts, since each has beneficiaries to be paid upon death. She must have had some personal belongings, such as a car, furniture, other personal possessions. The court will order the executor of the will to sell these items in order to pay the debts to the extent they will cover them.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.