Legal Question in Wills and Trusts in California
My father died recently. He had executed a trust. He left behind a camping trailer, still owing over $25,000 on it. Legally, can I, his son, the executor of his estate, simply return the trailer to the bank? Or should I pay it off and then sell it? I don't want it or the debt.
Asked on 9/27/11, 3:09 pm
1 Answer from Attorneys
If you can sell it for more than is owed, you should pay it off and then sell it, or sell it and then pay it off. If more is owed than it is worth, then its a question of whether there are other assets in the estate for the bank to go after. If not, then just let the bank repo it and offer to cooperate with them to have the repo company pick it up. If there are assets, you'll have to guage whether the bank will come after them for the balance due.
Answered on 9/27/11, 3:28 pm
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