Legal Question in Wills and Trusts in Georgia
Estate and Personal Assets
An individual is threatening to come after my husband's estate for over $200,000. The value in the Estate is $80,000. Our home was right of survivorship and my spouse left me his 401k - beneficiary designated. If this individual is successful in his lawsuit against the Estate, since $200,000 does not exist in the Estate, will I be forced to sell my house or 401k to fulfill the $200,000, or is this person limited to funds in Estate?
2 Answers from Attorneys
Re: Estate and Personal Assets
Anytime a suit is threatened or possible, you should seek the advice of an attorney. Only after sitting down and talking rather extensively could one give you any advice on potential liability.
Re: Estate and Personal Assets
Generally speaking, creditors can only claim against assets of the probate estate - which would NOT include life insurance or retirement funds with a designated (non-estate) beneficiary or a house titled in joint tenancy with right of survivorship. Then, even among estate creditors, there is a priority, for example, executors fees, legal and accounting fees, estate taxes, administration expenses and years support to the surviving spouse would come first before general creditors. I am speaking generally, the full facts of your situation could mean a different result for you. Therefore, I also urge that you discuss this matter with an attorney who could receive all the relevant facts about your case.
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