Legal Question in Wills and Trusts in Connecticut

Re: Deceased co-signer on a car loan default

The problem is: what's the loan balance? If the balance is 12K and the asset is 12K, fine; but if the balance is 18K they'll come after the estate for the balance. You'll also have no control over what they sell the asset for. They're notorious for selling a 10K asset for 6K and chasing you for the difference. You might do better to sell the asset yourself to get the best price. Two ?? spring to mind, however. did they file a claim against the estate within the claims period? If not, you may get some leverage with them by saying they're too late and you'll deny the claim unless they agree to take back the asset in full settlement of the decedent's obligation. They could still chase the other obligor. Second ?: Can you get title to the asset to sell it? I.e., is the other obligor co-operative?

Your other option is to close out the estate, distribute the $$ and let them try to chase the heirs (a difficult proposition); but that option depends a lot on the claims period and what kind of demands they have made on you at this point.