Friday, October 17, 2014

My wife's father passed away. he had various debts, and very little in assets, whatever he had in the bank, roughly 2000 dollars, and a truc...

Question

My wife's father passed away. he had various debts, and very little in assets, whatever he had in the bank, roughly 2000 dollars, and a truck, with a 4000 lien on it. My wife is not the executor, nor is she on any of his debts. he had a will which lists his wife as the sole beneficiary and executor, who he has been seperated from for over 20 years but never divorced and is in poor health, and his brother as his executor in case she is unable to fullfill those needs. My question is what if at all should my wife get involved in any of his affairs, selling his truck (Which I have no idea how she would if it has a lien), settling any debts, etc. My opinion is she should walk away from the mess, but she feels she needs to hear that from someone with legal/lawyer credentials. Please advise.



Answer

You are correct. The creditors should be paid first.



Answer

Let the executors handle probate process, the collection of assets, and the payment of liabilities. If she is not a guarantor or co-debtor on any debt and there aren't enough assets to pay those debts, she isn't responsible for anything.

Moreover, if she tries to sell the truck or other asset without being the administrator, she may open herself up to liability. This is also true if she tries to settle his debts. In fact, oftentimes, creditors attempt to guilt or trick the survivors (spouses and adult children) into paying for unpaid debts, she should not fall for their tactics. I know she's trying to be helpful. However, in this particular situation a good deed may be punished.

Also licensed in New York and practicing in NYC and Long Island.



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