Legal Question in Wills and Trusts in New York
What assets can be sought by creditors of deceased?
My father died recently. His assets consisted of a 13,000.00 life insurance policy split equally between his 3 children after funeral expenses, and a 6 year old car he left to his grand daughter. He had roughly $16,000.00 in credit card debt. I believe the life insurance is protected from the creditors but can they make a claim for the car? Would they bother?
3 Answers from Attorneys
Re: What assets can be sought by creditors of deceased?
Get a value for the car. Tell the card companies
their balances are less than the assets of the estate and offer to compromise the balances. They need a judgment to go after the car, but you may be able to settle the balances for less than the value of the car by notifying them. If necessary, do this negotiation with the attorney.
Re: What assets can be sought by creditors of deceased?
I am sorry for your loss.
You are correct, they would have no interest in a six year old car. You are welcome to a consultation at no fee at my offices at 42 west 44th st., NY,NY. Please call for an appointment first. (646) 591-5786
Re: What assets can be sought by creditors of deceased?
If you opened an estate, the creditors could make a claim against any assets, including the car. Since the car appears to be the only asset, you can use a Small Estates Affidavit to have it transferred to his granddaughter, provided that the value of the car does not exceed $5000. This way you never open an estate, and the creditors don't have an opportunity to present their claims. If you need help preparing the Affidavit, you can contact my office and we can assist you.
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