Legal Question in Wills and Trusts in California
death of father, question re: credit card, property, assets
i am a 21 year old only child. my father just passed away. not sure what to do. we are joint tenants on our home. what happens to my fathers part? am i liable for his debt ie credit cards, home loan, if they r just in his name? he is divorced, it was just the two of us. how about his retirement account, life insurance and ira?? i am the beneficiary, how do i go about that? we were in the process of refinancing our home - will i still be able to go through with that? my father had a will, when he was married to my mother, but they r divorced, does that will become void? (it was a regular, revocable will) i have, or actually had power of attorney, both general and specific. any assistance would be greatly appreciated. thank you very much.
1 Answer from Attorneys
Re: death of father, question re: credit card, property, assets
I'm sorry to hear about your father. The assets you've described are probably claimable by contacting the institutions directly and filling out any forms they send you. The joint tenancy is transferrable by completing and recording an "Affidavit of Death of Joint Tenant" form, which is available from the county recorder or can be prepared by an attorney fairly cheaply.
Regarding the debts, you will be responsible for your father's debts up to the amount of the assets you receive from him. Life insurance proceeds, however, are often protected from his creditors.
Regarding the refinance, if it was not complete, it would likely not go through. However, the existing loan on the house may be assumable by you.
I wish you the best in dealing with all this, and if you do need help or have questions, feel free to contact me or another probate law attorney.
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