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 Layfray21 |
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Posts: 8674 (06/26/2009 3:41 PM) |
bigredmunkeebutt wrote: I heard on CNN or MSNBC that he left the catalog to Paul |
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becky711 |
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Posts: 2473 (06/26/2009 3:42 PM) |
jcsgrrl21 wrote: It must have been a small amount. They can write off small amounts of money with a death certificate, but if it's a large amount (I think the grad total of my grandmother debt was around 43 thousand) they can't just forget about it. |
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jcsgrrl21 |
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Posts: 7320 (06/26/2009 3:42 PM) Celeb Scoop '07 |
Layfray21 wrote: How awesome if that's true. 
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EndlessNameless |
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Posts: 3966 (06/26/2009 3:42 PM) |
I really hope Paul gets his songs back
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jcsgrrl21 |
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Posts: 7321 (06/26/2009 3:43 PM) Celeb Scoop '07 |
becky711 wrote: Yeah, she wasn't that much in debt. |
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jetsetter4eva |
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Posts: 409 (06/26/2009 3:46 PM) |
His shows he was doing in London were going to be the debt payment..He was going to gross $400 million
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EndlessNameless |
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Posts: 3967 (06/26/2009 3:49 PM) |
But Paul is older than Michael, leaving him the songs isn't so wonderful. He shouldn't have had them in the first place
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Diane99 |
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Posts: 3232 (06/26/2009 3:50 PM) |
jetsetter4eva wrote:I heard on the news this morning that the promoters had already advanced him $85million. The estate will now be liable to pay that back. |
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Courtney Love1 |
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Posts: 6631 (06/26/2009 3:50 PM) |
Okay, are there any law students here?
I thought the only people who had to pay a dead person's debt was either a spouse (if the debt was in a shared name) or someone who shared property with the deceased. Who the hell is somene FORCED to pay someone else's debt? |
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 99thdegree |
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Posts: 29056 (06/26/2009 3:51 PM) |
I don't know how anyone knows who he left it to since CNN isn't even sure if he had a will. Not to mention he had 300 million dollars in loans that
were out with the catalog as collateral. We don't even know if the current value of the catalog is more than what he had out on it.
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Mistress Darcy |
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Posts: 9886 (06/26/2009 3:52 PM) |
Courtney Love1 wrote:The way my mom has always described it is that they can take the property/inheritance money to pay off the debts, but its not like they dump unshared debt on random family members personally. Like, if my parents die now and are in debt they can seize the house that is supposed to be our inheritance, but not dump that debt on my brother and me and say start making monthly payments! We went through similar issues with our Grandpa and that was how it was. |
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AlfTheGreat |
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Posts: 30894 (06/26/2009 3:54 PM) |
McKennaWasBanned wrote: Yes, in some cases you do. The person who inherits the estate/property also inherits the debt. If there isn't enough in the estate and assets to cover the debt, and it's a large amount of money, collections can go over the inheritor for the debt. You also have to run public notices stating the person has passed and give contact information for anyone owed money by the deceased. |
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NancyOttawa |
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Posts: 6254 (06/26/2009 3:55 PM) |
Ok, now I'm confused!!
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Diane99 |
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Posts: 3233 (06/26/2009 3:56 PM) |
McKennaWasBanned wrote: Agreed. The estate will pay as much debt as possible and any left over debt (unless its joint) is wiped out. His kids might come out with nothing but they won't come out with debt. |
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AlfTheGreat |
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Posts: 30895 (06/26/2009 3:58 PM) |
It may differ from state to state, but if it's a large amount of money like millions of dollars, they don't just forget about the debt. Or if it's
a mortgage, the person who inherits the house also inherits the mortgage. That's what I can remember from when Dad died, and I'm sure it differs by
state and type of debt.
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EndlessNameless |
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Posts: 3969 (06/26/2009 3:59 PM) |
I can't help you, I haven't taken wills and trusts yet
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seaner23 |
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Posts: 10811 (06/26/2009 4:01 PM) Best Male '09
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obviously i'm not talking about hundreds of millions of dollars but when my dad died the credit cards that he had IN HIS NAME ONLY were wiped away. my mom
called them to see what the procedure would be and they told her "well if you want to pay us something, even a token amount, you can" but nothing was
required. i think she paid them a few thousand (only because that's the type of person my mom is, lol) but she wasn't legally obligated.
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cryinblue |
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Posts: 14776 (06/26/2009 4:03 PM) |
EndlessNameless wrote:Well, someone was going to get HALF of the publishing rights no matter what. |
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Diane99 |
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Posts: 3234 (06/26/2009 4:04 PM) |
AlfTheGreat wrote:I think you are simply mixing up the inheritor with the estate. These are two separate identities. The estate pays off as much debt as possible. If the people in the will (inheritors) don't want to sell the house to pay off the debt, then yes, they must take on that debt. But if they sold the house and the mortgage was more than the value of the house, they would not have to pay the loss on the mortgage. It would be written off. Basically, the inheritors get nothing until the estate pays all the debts regardless of what's written in the will. |
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AlfTheGreat |
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Posts: 30896 (06/26/2009 4:04 PM) |
It's not a cut and dry answer. It depends on the type of debt, the amount, the state of residence, the length of the debt, assets, how the will is
probated, and on and on.
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