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My aunt passed with several balances on a credit card and a 5 year car note. There was no money in the estate to pay. The car was repossessed and the credit cards closed with not one attempt to come after the family.
We did the same when my brow passed.
Another brother took his vehicle back to the dealership. He had maybe two cards with low balance. Called them, they said okay and closed the account.
My aunt passed with several balances on a credit card and a 5 year car note. There was no money in the estate to pay. The car was repossessed and the credit cards closed with not one attempt to come after the family.
Yes but the "estate" is not the same as the family. If the estate is insolvent like in your aunt's case, the creditors just have to eat the loss, and relatives don't inherit debt.
"Bills die with you" is not really true as long as the decedent has assets that can be liquidated to pay the bills/debt.
Scenerio.
All of my monthly bills are sent and paid online . I die, daughter has all my passwords so can pay them IF credit cards/ bank accounts aren't shut off quickly.
On average, how long does this take? I know SS gets notified automatically.Does anybody else?
I know some will say she doesn't have to, but most should be kept current to, for instance, keep the power and water on.
No one else does. SSA gets notified from the filing of the death certificate, but anyone else would have to be notified by next-of-kin or whomever.
My aunt passed with several balances on a credit card and a 5 year car note. There was no money in the estate to pay. The car was repossessed and the credit cards closed with not one attempt to come after the family.
Usually funeral home notifies the Social Security Administration.
The heirs must return SS money for the month of the recipient’s death - even if the death has occurred in the last hour of the last day of the month
It doesn't always happen smoothly. When my mom died on the 14th of the month, SS had been paid. They were notified, we received notification they wanted it back, so cut a check. They also notified the bank, who returned the money as well. The bank, (well a credit union) not only refused to refund the money they sent to SS, but also refused to let me have access to her safety deposit box even though I was on the account as well as the executor (one call from an angry estate lawyer took care of that). They actually told me it was impossible to reach back to SS. I contacted SS who said they would return it. Guess what they refunded both - to the bank account and a check cut "to the estate of". I closed that credit union account, because I was so pissed, I also used her estate funds to pay off her mortgage, which I hadn't intended to do, but didn't want them to have one more penny of her money.
We finished closing the estate, eventually sold all her properties (there were 3) paid last taxes etc. I'm still waiting for SS to claim their money, so I still have an "estate of" bank account with $2900 in it...7 years later. My estate lawyer said to just keep it till they figure it out....
Your daughter will have to set up the usual estate account and pay utility bills, taxes, etc., as necessary from that until the house is sold and the estate is settled.
Details of how that goes depends upon your state of residence and the terms of your will.
Yes, those bills still have to be paid until house is sold.
We are in the process of selling FILs house. Closing will be just the first week of January, but property taxes are due Jan 1. When we sign the offer we are accepting later today, we will see if we can't add that the buyer is responsible for those taxes.
Otherwise, we will have to pay full years taxes, and wait about 3 mos to get a refund back of 359 days prorated back to us. That's just a bit ridiculous, but we still may have to play that game.. pay the $4500 and wait to get $4439 back.
The heat is on (hopefully at the 58° we sent it at. We turned the water main off, and the water heater off. After the buyers inspection, we will have to check to be sure all is back to those settings.
Electric on too.
One MIGHT get away with turning that off in summer months, but buyers inspector is going to know all that works.
To get best offers, best to leave those on, but restricted just in case.
Daughter will have to notify those automatic bills that you are deceased and she will be selling the house as soon as she's able to after inheriting your estate.
She might even want (in fact she may have to) stop the auto payments, and go on month to month actual use payments.
Otherwise the bills may still be tried to pay even as she's ready to put your checking account.
I dunno. We just did as instructed by the SS personnel I spoke to about my mother's check. As I had mentioned, she died Sepember 30, and they did not take back her Sepember benefit. They did take back the October benefit.
I guess they figured surviving to the very last day of the month qualified her to receive the September check. Or something.
If by "September check" you're referring to the check actually received in September, that would be the August benefit check so she would be entitled to keep it, regardless of what day in September she died. It would be the September benefit check that she would not have been entitled to keep. That's the check that would have been sent out in October.
Yes, those bills still have to be paid until house is sold.
We are in the process of selling FILs house. Closing will be just the first week of January, but property taxes are due Jan 1. When we sign the offer we are accepting later today, we will see if we can't add that the buyer is responsible for those taxes.
Otherwise, we will have to pay full years taxes, and wait about 3 mos to get a refund back of 359 days prorated back to us. That's just a bit ridiculous, but we still may have to play that game.. pay the $4500 and wait to get $4439 back.t
All taxes should be prorated as of the closing date. Call your closing agent and ask these questions.
SS didn’t tell you that they would just withdraw it from her account?
I'm assuming this question was for me. If I remember correctly the account already had a "hold" or something like that on it, which caused the request for money to be returned from the bank to be denied. This was a small town private credit union. SS just sent us a bill, which was being forwarded to VA from FL so I just paid the bill. The whole situation was aggravated by the credit union. After the estate lawyer stepped in to allow me access, I think that triggered the repayment back to SS. The fact that after I called they refunded both is on them, and as I mentioned still waiting.
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