Legal Question in Wills and Trusts in California
Decedent Debts
I am the co-trustee of my mother's estate. After her passing and the money from the sale of her house was deposited into an estate account, my sister (the other co-trustee) and I paid off what we knew to be all my mom's debts. Since then we have divided up the remaining money and transferred it into our individual personal accounts. Another debt recently turned up and the creditor has come asking for their money. Are we responsible for paying off this debt? If we do not pay it will it effect our credit reports?
1 Answer from Attorneys
Re: Decedent Debts
When did your mother pass away? If it was more than a year ago, then there is a statute that bars collection of the debt. If it was less than a year ago, then you might very well be responsible for the debt.
If it's less than a year ago, I'd suggest writing to the creditor and telling them that your mother is deceased. They might offer a reduction in the debt for quick payment.
This situation exemplifies just one of the reasons that I always suggest leaving a fairly significant "reserve" amount in an estate (or trust) bank account.
This information is not intended to substitute for professional legal advice and does not create an attorney-client relationship. You should accept legal advice only from a licensed legal professional with whom you have an attorney-client relationship.
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