QUESTION
Decedent died 1/6/16 owning his real property in his sole name rather than jointly with his surviving wife. He had a bank account in his sole name
Asked on Aug 31st, 2016 on Debtor and Creditor - New York
More details to this question:
and a $35,000 pension, with no named beneficiary. He left a $10,000 unsecured loan in his sole name. Can the surviving wife refuse to pay the loan, or does it attach to the real property since it is in decedent's sole name? If we transfer the property to the wife, does she automatically "inherit" the debt if she was not liable for it otherwise?
1 ANSWER
1 Award
I am not sure who you are relative to the estate, or who "we" is. If there is no will the wife has the first shot at being administrator. By law, debts must be paid before distribution, so any of the money can pay the debt. If you are the creditor, you can form the estate, if no one else will do it, for the purpose of collecting the claim. The wife does not inherit the debt personally, but is obligated to pay it before taking estate property that could cover the debt.
Answered on Sep 01st, 2016 at 8:08 AM