Legal Question in Wills and Trusts in Colorado

Re: Need Information on liabilities after death

Unless your children are on the loan, or guaranteed the loan, they are not liable for it unless they would like to retain the vehicle.

Your estate could qualify as either a small or no asset estate. That would permit the Public Administrator for your county to administer your estate further relieving your children of obligation or responsibility. You might want to contact the Public Adminstrator's ofice for your county for more information.

Nothing in this message is intended as tax advice, nor can it be used as such and cannot be used in any manner to avoid or to attempt to avoid any penalties.

Re: Need Information on liabilities after death

Unless your children signed on the car loan as guarantors, they will not be liable for any balance. The car would usually just be repossessed under these circumstances.