Legal Question in Wills and Trusts in Oklahoma

Dying with more debts than assets

A man is dying in Oklahoma. He has many, many more debts than assets. If instance, the only assets he has are $6,000 in the bank, a life insurance policy left to his mother, a house with an outstanding mortgage balance, and unpaid medical bills. Must he have a will? If so, will his executor be liable for any of his debts?

Asked on 1/08/05, 12:23 pm

1 Answer from Attorneys

Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Dying with more debts than assets

You are never required to have a will. You may allow your estate to follow the state's intestacy laws. The executor of a will is not personally liable for the debts of the deceased.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

Glenn M. Lyon, Esq

MacGregor Lyon, LLC

Promenade II

1230 Peachtree Street NE

Suite 1900

Atlanta Georgia 30309

Phone 404.942.3545

Fax 404.795.0993

[email protected]

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Answered on 1/08/05, 1:03 pm

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