If my late mom leased a car and thee’s 2 years left on lease but her assets were in Trust, can the lessor come after the successor trustees for payment?
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If my late mom leased a car and thee’s 2 years left on lease but her assets were in Trust, can the lessor come after the successor trustees for payment?
Her children were all named as successor trustees. Since she had no assets outside of the trust, except the auto lease, there was no probate; the successor trustees distributed the assets.
Asked on September 9, 2012 under Estate Planning, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under the laws of all states in this country, the lender cannot go after the trust assets of your late mother for money owed on the car. The lender can repossess the car, sell it at auction and essentially have no recourse for any deficiency judgment since there essentially are no assets of her estate based upon what you have written.
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