Legal Question in Wills and Trusts in California
I have been named as a beneficiary in my aunt's will and will inherit a small business that has over $50,000 in debts. Am I lable for the debts?
Asked on 11/29/11, 8:42 am
2 Answers from Attorneys
Scott Jordan
Jordan Law Office
The business is still liable for the debts. Whether you become personally responsible depends on whether the business is incorporated (inc. or llc) or a sole proprietorship. If the latter and you accept the gift, yes, you could be held personally liable for assuming the debts. If you don't want to take the risk, you can decline the gift and let the executor decide what to do with the business.
Answered on 11/29/11, 9:34 am
Anthony Roach
Law Office of Anthony A. Roach
If you inherit property, without paying the debts, you will become liable for the debt.
Answered on 12/11/11, 12:03 pm
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