What is an executor’s personal responsibility regarding a deceased’s loans?
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What is an executor’s personal responsibility regarding a deceased’s loans?
My brother passed away and left his daughter as executor of his estate. She wanted to return his vehicle to the car lender. They told her that after they auctioned it off she would be responsible with what was left owing on the vehicle or else it would ruin her personnel credit. Is this right?
Asked on January 19, 2011 under Estate Planning, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am so sorry for your loss. No, the lender is just playing games with her. The debts of the decedent (your Brother) are the obligation of the Estate of the Decedent. Your niece has no personal liability EXCEPT if she does something to breach her fiduciary duty. Does she have an attorney helping her with all of this? Then she should speak with him or her regarding the matter and the probate of the estate. If the lender did not give the proper notice as to the repossession (is that what happened here as it is a bit confusing since you state that she wanted to turn in the car; one would then assume that she had possession), then she may have a valid claim against THEM or at least a valid defense to the claim of a deficiency in the sale versus the loan. Estates can also be insolvent and file for bankruptcy. Seek some help. Good luck.
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