My father just died and he had a lot of debt. He didn't own a house or car and only had a few minor possessions. Can the creditors come after me since he made me the executor of his estate and Power of Attorney? I don't have the money to cover his debts!
2007-07-13 10:20:24 · 12 answers · asked by merlin1000 1 in Politics & Government ➔ Law & Ethics
The assets of the decedent are used to pay debts, and there is a strict priority of what is paid first -- generally administration expenses, family exemption if there is one in your state, funeral expenses, and the like. Often creditors get pennies on the dollar. Your attorney will explain this to you.
Family members are not liable unless they are co-signors of a loan. You may be liable for the funeral bill if you signed a paper with the funeral director where you guaranteed payment.
2007-07-13 11:13:00 · answer #1 · answered by Mark 7 · 2⤊ 0⤋
No.
They can demand money from you as Executor, but you do not have to contribute your own funds.
If there are some assets, but not enough to cover everyone, you shouldn't pay ANYONE without an order of the court to do so.
You might want to just hire a probate attorney. They'll get paid from the estate first, and if there's nothing left for creditors, that's the way it goes.
2007-07-13 10:52:06 · answer #2 · answered by open4one 7 · 2⤊ 0⤋
the executor or family members are not liable for the debts of the deceased. If you cosigned on something or inherited a secured property, then you will be liable. but just as a power of attorney or executor, they are limited in recovery to what is in the estate.
2007-07-13 10:24:34 · answer #3 · answered by tortfeasor21913 2 · 2⤊ 1⤋
Wow i think of dat ur greatest concern must be ur sister no longer what she owes! :/ U ought to have extra wish!!!! And No they wont come after the family individuals, there are regulations against that. they might in easy terms come after a definite person if the deceded person had signed a settlement or somethng like that, then the indiviaul which remains alive may be in can charge of the entire debt.
2016-12-10 11:18:48 · answer #4 · answered by ? 4 · 0⤊ 0⤋
No, they can't. The debt dies with the debtor unless you held joint debt with your father.
If your name is on the accounts, they can probably come after you. But, if he held them alone, you are not liable.
A Power of Attorney doesn't make you liable for any debts that he incurred. POA merely gives you permission to act on his behalf on most things.... It doesn't mean you are responsible for his debts.
2007-07-13 11:27:13 · answer #5 · answered by Anonymous · 1⤊ 0⤋
You personally? NO
Against the estate? Yes
2007-07-13 10:25:32 · answer #6 · answered by hexeliebe 6 · 4⤊ 0⤋
well he certainly had something if you are executor of his estate...so if they find that something...yes they will want it.
if you were not listed on any bills, credit cards etc...most probably not then.
however...it never hurts to consult an attorny...or legal aid
good luck
2007-07-13 10:25:47 · answer #7 · answered by Blue October 6 · 1⤊ 0⤋
oh yeah it happens all the time they won't come after you but they will come after the estate and any other possesions he may have left behind.
2007-07-13 10:28:38 · answer #8 · answered by Dan15 3 · 1⤊ 0⤋
If you didn't sign your name to any accounts, you don't own them and are not liable. His estate is liable to all debtors, however.
2007-07-13 10:28:57 · answer #9 · answered by Anonymous · 1⤊ 0⤋
yes they can sue the estate
2007-07-13 10:23:39 · answer #10 · answered by luvapple 2 · 1⤊ 0⤋