Legal Question in Credit and Debt Law in Illinois

As trustee of a deceased persons estate, am I responsible for their debt?


Asked on 6/17/10, 4:05 am

1 Answer from Attorneys

Are you the trustee, or an executor/administrator. First make sure you know what position you occupy. Generally no, you are not liable for the personal debts of the deceased, because they are either covered or not covered by the deceased's assets, not yours. BUT whether you are a trustee, executor or administrator, they are all FIDUCIARY positions, and require certain actions governed by applicable Illinois statutes, and if you blow it, then you could be liable -- but that's why such fiduciaries are entitled to be reimbursed for reasonable attorney fees for being put in that position and why some situations require a surety bond posted to cover boo-boos. Hope that helps; if this was a loved one don't give up but get the protection you need and are legally entitled to if the estate can afford it. If the estate can't, that might be a different story -- you should at least have some legal help.

Read more
Answered on 6/17/10, 9:37 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Illinois