Legal Question in Wills and Trusts in California
car lease-death
My father leased a car under his personal corporation prior to his death. Will my mother or his estate be responsible for the remainder of the lease if we return the car early? He had a private corporation and he was the only person in it. The corporation is still open because we are currently involved in some lawsuits that require it to be.
1 Answer from Attorneys
Re: car lease-death
If the lease was taken out by the Corporation, the corporation is considered a separate legal entity and will remain liable for the lease.
You should make sure to contact the leasing company to see whether you can get some leeway in making the current payments considering the circumstances, assuming that one or more payments have been missed.
However, you should find out whether either your father and/or your mother signed a personal guarantee of the lease. If so, they will have liability IN ADDITION to the corporation being liable.
Let me know if you want to consult regarding this matter.
Caleb
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