Legal Question in Wills and Trusts in Georgia
No will, little assets, and lots of debt
My father-in-law died unexpectedly and to our knowledge, without a will. He was in the process of purchasing a business (owner-financed), but was only making down payment installments, not any mortgage payments yet. His only known assets are 5 Mercedes, but he owes back-payments to the business/property owner and another person has produced a Promissory note that includes 2 of the cars as collateral. He also has numerous business expenses to be paid and someone has to run the business. Who is responsible for those expenses and keeping the buisiness running?
We've been told that probate court is the next step and that the cars will be liquidated to pay off the above mentioned creditors. Are his personal belongings(TV, furniture, etc.) going to be liquidated as well or can my wife and her brother stake claim to them?
Furthermore, who pays the probate costs?
1 Answer from Attorneys
Re: No will, little assets, and lots of debt
Wow. You've got so many issues here that it would take hours to go through them. Basically, you need to file a petition with the court to appoint an administrator to manage the estate and get it on solid ground. After the administrator is appointed, the adminstrator can start liquidating the estate, paying expenses, and settling up.
No, I would not distribute any personal property until all the debts are paid. If property is mishandled or sold the administrator can bring a cause of action against any wrongdoers.
Any remaining property will have to be distributed according to the laws of the state of georgia. Since the business is operating the process should begin immediately.
You need to consult a probate attorney as soon as possible.
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