Losing Spouse/Parent

questions & answers

Question: do you need to post death of parent for creditors? there is some credit card debt do we need to pay from estate there is no cash available there will be minimal when home sales.

Answer: It all depends on the situation.  If the deed to the home is held in joint tenancy with another person (like one of the kids), it will automatically pass to the 2nd person on the deed.  That 2nd person needs only use the death certificate to change the title.  If there is little equity in the house and if the personal property of the deceased is valued at less than $75,000, Arizona law allows the heirs to use the small estate affidavit instead of probate.  Personal property includes the contents of bank accounts, stock and investments, retirement accounts, cars, furniture, etc.  If all those things total less than $75,000 and the equity in the house is less than $100,000, you can use the affidavit process set out in Arizona Revised Statutes, Section 14-3971.  Under those circumstances, there is no requirement for probate and publishing for creditors. Generally, children have no responsibility for their parents' debts unless they have co-signed. If there is no money in the estate, there is no money to pay creditors of the deceased.  I am sending you the site with the statute so that you can read it for yourself. Go to: https://www.azleg.gov/arsDetail/?title=14.

QUESTIONS

  • do you need to post death of parent for creditors? there is some credit card debt do we need to pay from estate there is no cash available there will be minimal when home sales.

STORIES

  • I just helped my mother, age 89, deal with her Medicare HMO. . .
  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • I just helped my mother, age 89, deal with her Medicare HMO. . .

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