Legal Question in Wills and Trusts in Missouri
Do sole beneficiaries incur all debt of the deceased?
I am the sole beneficiary to a terminally ill parent. That parent has little to no assets or savings, but has a substantial ammount of incurred debt. In the event that this parent dies, and I become the executor of that parent's estate, will I be responsible for repaying all, or some, of that debt?
1 Answer from Attorneys
Re: Do sole beneficiaries incur all debt of the deceased?
The executor of the estate only administers the estate and its assets. The executor is not personally liable for the debts/obligations of the decedent/estate. However, if the executor breaches his/her duties in that role, he/she may be liable to beneficiaries (including creditors) for the damage resulting from such breach of duty. This is one of the reasons executors are generally required to post a bond with the probate court, unless the decedent's will waives such a requirement. Part of the role of the probate court is to allow creditors to make claims against the estate for any debts or obligations of the decedent. However, if the decedent has no assets, and no one else was jointly liable for such debts, then the creditors typically have no further recourse.