Legal Question in Wills and Trusts in New York
no will , lots of debt, few assets
My father recently died with no will, few assets, and many debts. I was named as the representative. No one in my family expects to get anything and we are in agreement on all issues, but what are we legally obligated to do? Who do we have to notify? Do we really need an attorney? Can't we just split up his stuff? Can we access his accounts to pay debt without a legal process? What about the creditors- am I obligated to call them or do they just find out about it?
2 Answers from Attorneys
Re: no will , lots of debt, few assets
You can negotiate the debt with creditors by proving the value of the estate (so the heirs can inherit a bit more). You may contact me at anytime for a complimentary consultation.
Re: no will , lots of debt, few assets
You have to get "Letters of Administration" from the Surrogates Court in order to act on your father's behalf. To avoid paying a lawyer call the court or look at its website; there is info for non-lawyers. Contact the creditors and provide them with copy of the death certificate. Any potential heirs have to be given notice of his death and then have an opportunity to make a claim for assets from the estate.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
