I am 67 and retired. My mother just passed away and myself and 4 siblings will inherit her property. Do we need to open secession now?
Will my personal assets be at risk of any liability that could be incurred by her estate?
2 Answers from Attorneys
You will need to open the succession to have her assets transferred to you and your siblings.
It happens sometimes that a decedent will have more debts than assets. You will nor have any personal liability for debts beyond the value of the assets.
You do need to open succession, but if her assets were not substantial you may qualify as a small succession, which is quicker and inexpensive. You do have to pay her debts from the estate but only up to the value of the estate and you can negotiate with creditors. Call an attorney who handles estates in your area.