I have always been close to my grandma and grandpa, my dad was their only child and once he grew up he basically had a relationship where he didnt want to be around them .... I on the other hand spent as much time as I could with them, and they have told me many time I am like their daughter.
Anyways when I was 18 or 19 ( just got married and had first child) they made me the person who like gets to make decisions on everything from if they are life support ( to pull the plug or not) , and basically their money and everything... is that a beneficary ? ( I know that is spelled wrong) ....
At the time they basically just told me they trusted me to take care of them when they cant... but now my mom has said if they pass away I can get stuck with paying everything that they didnt ...is that true ?
Asked by Anonymous at 1:28 PM on Jun. 3, 2010 in Just for Fun
Power of Attorney would be a person that is able to make medical and financial decisions. Executor of an Estate is a person that is responsible for dissolving property and assets when someone passes away, as well as paying debts from any open accounts and money received on behalf of the departed. If there is a lot of debt, you will have to use money made from the assets to pay off as much debt as you can with what they have. If there is nothing left and there is still debt, it is forgiven. You CANNOT inherit debt. A beneficiary is a person that is listed to receive property or assets in a will or insurance policy. My biggest recommendation is to find out what exactly they have you listed as and research what it takes to do the job. Being an Executor of an Estate is a very difficult job. Some states call it a Personal Representative. If you aren't prepared, ask that you not be responsible for it. Good Luck.
Answer by Anonymous at 1:57 PM on Jun. 3, 2010
Answer by Anonymous at 1:34 PM on Jun. 3, 2010
Answer by TheDiva320 at 1:34 PM on Jun. 3, 2010