Legal Question in Wills and Trusts in California
Financial Responsibility
I have a relative that has a terminal disease and not expected to live beyond the end of Nov. 03. I am the only surviving relative to receive the assests which total under $100,000.00. Will I be responible for any debts that they have? Do I send all creditors a copy of the death cert? I am at a loss and do not know where to start. How does it all work? I also live in a different state, if that makes a difference. Thank You in advance for any reply.
3 Answers from Attorneys
Re: Financial Responsibility
If the assets are under $100,000, simplified procedures can be used--if there's no real estate, the court isn't even involved. However, the recipients of those assets are responsible for paying the decedent's debts up to the amount they receive from the estate. In short, you're responsible for the debts up to the amount you get from the estate.
Re: Financial Responsibility
You suggest that your relative is still alive. There are some things that could be done immediately to make easier your handling of the estate at a later date. It would be best if you contact an attorney in California with a list of the debts and assets presently in the estate and try to resolve some of the potential issues while your relative is still alive. As you mention you are from out of state, an attorney in California can assist you without your presence. This pre-planning can allieviate a lot of difficulty with which creditors get what and how to notify and who is liable, etc. If you might need assistance, feel free to call my office for a consultation at 800-693-9110.
Re: Financial Responsibility
You should hire a probate attorney. Assuming your relative doesn't have a trust, you can arrange to file a petition for adminstering a simple estate. You will not be responsible for the debts, but the estate will. Thus, if there are creditor claims of $100,000, the estate will most likely be used to pay those.
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