Legal Question in Business Law in California
Payment
Am I responsible for my deceased husbands Businessline account balance with a local bank. His only partner will declare bankruptcy this month . I am on none of the paper work at all. Am I legally responsible for the balance?
1 Answer from Attorneys
Re: Payment
Probably, and for an assortment of reasons. First, community assets are liable for the debts of either spouse incurred during marriage. Paperwork has nothing to do with it. Also, a decedent's estate is liable for the decedent's debts. So, if Joe Sr. dies owing $100,000 to Bank of America for whatever, Joe Jr. cannot take the first dime from old Joe's bank accounts or the first teaspoon from old Joe's silver chest until the bank is paid. Now, I am not an expert on wills, trusts and estates, but this is my general understanding and I think you should treat this as further bad news that you may have to deal with until someone with greater expertise, hopefully someone you've retained to assist you personally, advises you differently.
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