Legal Question in Wills and Trusts in California

Re: Claiming funds of dead parent with debit.

What assets? Was there a probate? Most of your father's debts would paid through a probate, and you would inherit the remainder of his estate without debt. However, debts to the IRS and Franchise Tax Board (State of California) are not generally discharged in a probate proceeding, and may have to be paid out of any insurance proceeds, etc., which you might receive. You need to consult with an attorney to determine what assets are still unclaimed after all this time, how to take title to the assets, and how to discharge the debts.

Re: Claiming funds of dead parent with debit.

The basic rule is that a person who inherits property from a deceased person is liable for debts owed by that person to the extent of the value of the property inherited by the heir. Another rule places a statute of limitations on unsecured debt owed by the decedent and suit must be filed in 1 year from date of death to collect or the debt is discharged. Exceptions are debt secured by assets of the decedent tax liabilities. They may survive the 1 year statute of limitations. Ordinarily in a probate proceeding is conducted, the property is valued, notcie to creditors is sent and creditors file claims; valid claims are paid and the balance of the property is distributed to heirs. Probate is not always required. You need to have an attorney evaluate the facts. You may be able to acquire all of the property after 6 years free of debt or there may be some debt that needs to be paid. Under the right circumstances there may be ways to transfer the property to the heirs without a full probate.