Legal Question in Wills and Trusts in Arizona
Father died with business debt. Am I responsible?
My father owned his own business for 28 years but closed down last November. He passed away in March and I am finding TONS of business debt. that he owed. His personal residence was also in foreclosure. (yellowbook advertising, electric, credit cards etc...) He died with no life insurance, my question is do my brother and I have to settle these debts that were related to the business? Since the business was closed down before his death, and he was sole owner.
1 Answer from Attorneys
Re: Father died with business debt. Am I responsible?
An analysis of an estate is best done by sitting down with an estate attorney, showing all facts, the will or trust, etc. I advise you do this.
I will endeavor to answer your question. The estate is responsible for the debts, not the beneficiaries. But you cannot take assets and not pay the debts. If there are no assets, then you are not responsible for the debts. If there are assets but they are less than the debts, perhaps an estate attorney can settle the debts. There may also be an issue of taxes owing.
We offer free no obligation consultations at 480.835.1500.
Good luck.
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