Legal Question in Wills and Trusts in Utah
My Parents set up a revocable trust before their deaths last May, 2009, naming all 4 kids as trust members and one as trust executor. They left 2 large Visa card bills of about $10,000 (unsecured debt) can the Visa company attach any part of their estate which is only their home of 54 years and no other money except 2 life insurance policies of a total of $4000.
1 Answer from Attorneys
Your parents estate is liable for any debts they leave behind. If the trust wqs a standard revocable trust, the assets in it will be liable for the debts. Be aware of certain exemptions that are available to protect at least some of the property. The creditors cannot come against the children for any of the debt, unless it is because you have received assets from the estate. Call me if you have further questions.
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