Legal Question in Wills and Trusts in Florida
Estate and debt responsibility upon death
In the state of Florida, who is responsible for your estate and individual remaining debt upon your death? I am also trying to figure out the order in which debt is dispursed to next of kin, spouse, family and so on when a will and/or trust are not present. How does a will and/or trust change this?
Is there a way to protect yourself from inheriting your fathers deliquent debt? What would happen if I was named in his trust? Can I dispute or reject?
2 Answers from Attorneys
Re: Estate and debt responsibility upon death
The estate is responsible for debts of the decedent, not his family. Of course, this will diminish the estate assets.
Re: Estate and debt responsibility upon death
Only your father's probate assets are normally liable for his debts. Of course, the home, if any, is still subject to the mortgage, as would be a car with a loan outstanding. Heirs do not inherit debt. If there are no assets to go after, creditors are just out of luck. I have had clients who have said they would like to leave their debts to their heirs, but it doesn't happen.