Legal Question in Wills and Trusts in Florida
Do we also inherit debt?
My father passed away last month. There is no will that we know of. I am wondering what the first step would be in finding out exactly how much he has in assets and also how much debt he has. If we inherit 50% of his assets do we also inherit his debt? What is the typical fee for finding this kind of information out? He is married to a woman I absolutely do not trust.
2 Answers from Attorneys
Re: Do we also inherit debt?
If an estate is done properly you do not inherit debts. You should retain counsel in fl to review the matter and investigate whether the wife has commenced an estate. if everything was in joint names then there is no estate! All assets transfer on death to the the joint owner, usual husband and wife arrangement is joint ownership as husband & wife only separate property of husband would be in estate.
Re: Do we also inherit debt?
The first step to take is review all assests(check acct,savings,brokerage,etc). In the process you usually find the debts(it depends how organizes the papers are).In Florida, the personal rep. is represented by an atty and files the will and other papers to open the estate.The estate pays the decedents debts so a beneficiary is not required to pay any debts.this is a very short overview of the process. If you you like to discuss this further call at my office or send me an e-mail
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