Legal Question in Wills and Trusts in Texas
estate of deceased family member
our father passed away without a will. he owns a buisness but has a
GREAT amount of debt. if his children go to probate court, would his children get his buisness and have to pay off his debt OR will his
buisness be used to pay off his GREAT amount of debt from creditors etc. and will his children be left with nothing?
1 Answer from Attorneys
Re: estate of deceased family member
You need to determine how the debt is structured. Is the debt secured by specific assets? Was it his personal debt or business debt? Guaranteed debt? Some of the unsecured debts may be negotiated down, or eliminated through the probate process. Secured debts will need to be addressed. Will the business survive without the father, or was the father the business?
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