Legal Question in Wills and Trusts in New York
heir's responsibility
In NY state, what is the financial responsibility of heirs if the deceased died in debt? Aunt died with outstanding Credit Union Automobile loan. Car has been reposessed and sold (at a loss). Can the credit union go after heirs (nieces and nephews) for balance of loan?
Asked on 6/17/08, 9:39 pm
2 Answers from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: heir's responsibility
No. Creditor can only go after the estate's assets for the balance of the loan.
Mike.
Answered on 6/18/08, 8:52 am
Norman Nadel
Norman Nadel, Esq.
Re: heir's responsibility
In the absence of a guarantee, the creditor can only seek payment from the assets of the decedent. The heirs are not responsible for payment of those debts.
Answered on 6/18/08, 9:09 am
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