Legal Question in Wills and Trusts in Arizona

Re: Is the executer responsible for debt?

Generally, only the decedent's estate is responsible for the decedent's debts. As the "executor," you would have the responsibility to pay the debts according to their legal priority, but you would not be required to use your own $$ to do so.

Re: Is the executer responsible for debt?

Generally, no, you're not responsible. But, as executor, you'll have the responsibility to make sure all creditors of the estate are paid before any distributions are made to beneficiaries of the estate. If you distribute to beneficiaries while leaving creditors unpaid, you could become personally liable. You may want to consider at the time of your parent's deaths whether it is worthwhile to probate their estates. The vehicles will go back to the lenders in all likelihood. If the amount that's left is insignificant, probate may not be worth the trouble. Also, there may be some exemptions from creditor claims that your parents could position themselves for while still alive, which could allow some of the estate to pass to you and your siblings on their death. It probably makes sense to look into that now. You'll need a bankruptcy attorney to help with that question, even though it doesn't involve filing a bankruptcy. A probate specialist may be able to handle it as well. Probably best to call the State Bar for a referral.