10 Things You Need to Know About Debts After Death, Part 2: 10 Things You Need to Know About Debts After Death, Part 2 of 2
October 18, 2013 By Kathryn Flanigan
piggy bank on cash When a loved one dies, do their debts die with them? The answer is, it depends. Following are the second 5 of 10 things you need to know about debts after the death of a loved one:
Wait to distribute assets. No assets from the estate should be distributed until all debts are settled. If assets are distributed and there is not enough left in the estate to handle outstanding debts, the heirs could become responsible for the debts.
Work with a probate attorney. When it comes to questions
about debts after death, the law can be complicated in community
property states like California. It is best to contact a probate
attorney for help.
The Flanigan Law Group
provides Southern California residents with personal attention for
estate planning, administration and litigation legal services. When
disputes between families, arise, they are very successful in resolving
legal estate issues quickly and efficiently while preserving financial
and emotional resources.