Legal Question in Wills and Trusts in California
responsible for all debt of decedant
I am executor of my fathers living trust, he passed away recently. What property he had has been sold and monies dispersed. All the debt relating to medical has been paid and any people he owed money to. What was left has been divided accordingly. The only thing that hasnt been taken care of was credit card debt. When he past,I was told by a close friend that we werent responsible for it, is this true?There was no probate filed because of the living trust. Now I have a law firm from a creditor stating that I am resposible for this debt. They have also sent letters to my siblings. Is there a law in California stating that the family is responsible for all debt with a living trust? The trust itself states that all debts to be paid at the sole discretion of the trustee.
2 Answers from Attorneys
Re: responsible for all debt of decedant
Uh oh. Your father's estate, including the trust property, is responsible for the debt, up to the amount of the estate assets. It's true that you're not responsible with your own assets, but the estate is. And you as trustee are also responsible.
Talk with an estate attorney, as there may be other issues outstanding as well, and you may be able to negotiate the credit card debts.
Re: responsible for all debt of decedant
The estate is responsible for all the debts of the decedent. If that was not the case, would anybody give credit to an elderly individual?
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