So if I’m the executor of a will, and I’m also named in the will, and that person is in debt up to their ears, what’s to stop me - after they die of course - from just selling their house, taking the profit, and thumbing my nose at the creditors and just take the money, and split it up amongst those named in the will? Why can’t I do that? I’ve been told the children of the deceased are not responsible for the parent’s debts.
So if I'm the executor of a will, and I'm also named in the will, and that person is in debt up to their ears, what's to stop me - after they die of course - from just selling their house, taking the profit, and thumbing my nose at the creditors and just take the money, and split it up amongst those named in the will? Why can't I do that? I've been told the children of the deceased are not responsible for the parent's debts.You're forgetting about probate. "Probate refers to the process whereby certain of decedent's debts may be settled and legal title to the decedent's property held in the decedent's name alone and not otherwise distributed by law is transferred to heirs and beneficiaries. If a decedent had a will, and the decedent had property subject to probate, the probate process begins when the executor, who is nominated by the decedent in the last will, presents the will for probate in a courthouse in the county where the decedent lived, or owned property." https://www.legalzoom.com/articles/the-probate-process-four-simple-steps
So if I'm the executor of a will, and I'm also named in the will, and that person is in debt up to their ears, what's to stop me - after they die of course - from just selling their house, taking the profit, and thumbing my nose at the creditors and just take the money, and split it up amongst those named in the will? Why can't I do that? I've been told the children of the deceased are not responsible for the parent's debts.You're forgetting about probate. "Probate refers to the process whereby certain of decedent's debts may be settled and legal title to the decedent's property held in the decedent's name alone and not otherwise distributed by law is transferred to heirs and beneficiaries. If a decedent had a will, and the decedent had property subject to probate, the probate process begins when the executor, who is nominated by the decedent in the last will, presents the will for probate in a courthouse in the county where the decedent lived, or owned property." https://www.legalzoom.com/articles/the-probate-process-four-simple-stepsThis is our first go at this kind of thing. So it sounds like if we know ahead of time that debts will outweigh credits (i.e. inheritance after all debts are paid) it might be easier to just do nothing. Let the house go to foreclosure, let the creditors scramble, whatever.
So if I'm the executor of a will, and I'm also named in the will, and that person is in debt up to their ears, what's to stop me - after they die of course - from just selling their house, taking the profit, and thumbing my nose at the creditors and just take the money, and split it up amongst those named in the will? Why can't I do that? I've been told the children of the deceased are not responsible for the parent's debts.You're forgetting about probate. "Probate refers to the process whereby certain of decedent's debts may be settled and legal title to the decedent's property held in the decedent's name alone and not otherwise distributed by law is transferred to heirs and beneficiaries. If a decedent had a will, and the decedent had property subject to probate, the probate process begins when the executor, who is nominated by the decedent in the last will, presents the will for probate in a courthouse in the county where the decedent lived, or owned property." https://www.legalzoom.com/articles/the-probate-process-four-simple-stepsThis is our first go at this kind of thing. So it sounds like if we know ahead of time that debts will outweigh credits (i.e. inheritance after all debts are paid) it might be easier to just do nothing. Let the house go to foreclosure, let the creditors scramble, whatever. I don't know. You probably should consult with a probate attorney. There may be something you can do to not lose everything. One consultation should not cost much--it might even be free. You can probably refuse to be the executor, then the court will have to handle it. His creditors can't come to you for money, anyway. But letting the court handle it will take the problem off your hands. See an attorney, anyway. Lois
I didn’t realize when I answered that the person is still alive. Just tell him or her you don’t want to be the executor. You can’t be forced to take on that job. Maybe someone else would be willing to do it. Otherwise just wash your hands of it and refuse to be executor even if s/he leaves your name on the will as executor.
Nobody is responsible for the person’s debts. If they can’t be paid out of any assets that are left in the estate, they’ll be written off. They can get money out of a dead man.
Lois
Good advice! This person’s got one foot in the grave, and we’re finding out just how irresponsible she’s been with “our inheritance”. I think it’s going to be like Rodney…“in my aunt’s will I owed 500 bucks”. I tell ya he got no respect.