Legal Question in Wills and Trusts in Arizona
My father recently passed away. The house is in a beneficary deed and I am his only heir. Am I responsible for his credit card debt?
Asked on 7/08/11, 12:54 pm
1 Answer from Attorneys
Scott Hyder
Law Office of Scott W. Hyder, PLC
No, but his estate is. Any assets of the states may be used first to pay off the deceased debt. If the house has equity, then you will need to send a notice of claim to your father's creditors. If they respond within the statutory time frame, then you have notice that creditors need to be paid, and you may have to liquidate his free and clear assets to pay such amounts before taking your inheritance.
If the house has no equity, then it doesn't matter. But look at his other assets (i.e., cash in the bank, etc.) to see if they can be used to pay his debts.
http://scotthyderlaw.com/
Answered on 7/12/11, 5:50 pm
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