Liability for Funeral Expense Flashcards
List the order of liability for funeral expense
Estate Spouse Parent Any person who signs Government (last resort)
The ability to meet financial obligation is known as
Solvency
The ability, capability, or fitness to do something is known as
Capability
A debtor is relived of total liability for its debts by making court approved arrangements for partial repayment in this situation
Bankruptcy
What are the three concerns with liability for funeral expense
Solvency
Capability
Bankruptcy
What is the primary obligor of the funeral expense
Estate
Real property and personal property owned at the time of death
Estate
Land and anything attached to it
Real Property
Anything tangible or intangible such as personal effects, furniture, automobiles, jewelry, money, stocks, bonds, insurance proceeds payable to the estate
Personal Property
The Estate is primarily responsible to pay
reasonable and necessary expenses
This can be sold to pay funeral expenses
Property
This is a high priority in the list of claims to be paid, being 2nd or 3rd debt to be paid
Funeral Bill
In MD, this is the maximum to be paid without a court order
$10,000
Any amount in excess of $10,000 requires this
Petition
This, with provision for payment, is enforceable against the estate if sufficient assets
The Will