Legal Question in Wills and Trusts in Indiana
I am gathering info to set up my will, and it is clear that I have a negative net worth. I owe more on house than it is worth. Cannot significant affordable life insurance, to clear out my debts, due to health and age. I was going to have my son be the executor. He is one of 4 heirs (children, all over 21). By setting up a will, does this create a liability on the part of the heirs, that would not be there without a will. Said more generally, do the logical heirs (will or not) have an obligation to pay the debts of the deceased, if there are insufficient assets to pay the debts?
Asked on 7/22/10, 1:34 pm
1 Answer from Attorneys
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