QUESTION
Is a deceased parent's vehicle loan our responsibility?
Asked on Jan 02nd, 2014 on Estate Planning - Idaho
More details to this question:
My father passed away, truck only in his name. We called the finance company to tell them he passed away. They sold his truck and sent a bill for the remaining balance. Are we required to pay that balance?
13 ANSWERS
Estate Planning Attorney serving Nashville, TN
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Strickland Law, PLLC
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The only person responsible for the loan is a signatory or guarantor. If a probate estate is opened, the creditor can file a claim.
Answered on Mar 19th, 2017 at 5:52 AM
2 Awards
You are not personally liable but if he has an estate, the estate would be liable. If there is an open probate, give them notice to make a claim against the estate. If no open estate, I would contact the company, tell them there is no estate, and the balance will not be paid.
Answered on Jan 07th, 2014 at 6:05 AM
Civil Litigation Attorney serving Ventura, CA
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The Law Office of Robert I. Long
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Only the person or persons that signed the contract can be held to account for the obligation. However, if he left an estate, the finance company may have a claim against it. It would have to follow procedures to perfect its claim, and there are small estate set-asides in some states that would frustrate the claim.
Answered on Jan 07th, 2014 at 6:04 AM
Edwin K. Niles
Not your responsibility, but if he had a probate estate they may file a claim against the estate.
Answered on Jan 07th, 2014 at 6:04 AM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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Your father's estate would owe the charge. The loan company would have a claim against the estate of your father. If any assets are subject to probate (owned only by your father at his death) the claim must be paid from those assets before they are distributed. Joint tenancy property is not subject to probate or this claim.
Answered on Jan 07th, 2014 at 6:03 AM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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They can only claim payment from your father's estate. You are not personally responsible for this debt.
Answered on Jan 06th, 2014 at 1:26 PM
Only your father's estate is responsible for the remaining balance.
Answered on Jan 06th, 2014 at 1:25 PM
Debts are the responsibility of the estate and not the heirs. Of course, as a practical matter it means less money to distribute to the heirs. The truck company has to file a claim with the estate.
Answered on Jan 06th, 2014 at 1:22 PM
Your father's estate should only be responsible. You personally are not if you are not on the loan.
Answered on Jan 06th, 2014 at 1:19 PM
No, not unless you are a co-signer or guaranteed the loan.
Answered on Jan 06th, 2014 at 1:19 PM
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Did you father have any assets at his death? His estate is responsible for the bill. If he had a bank account, stocks etc. then the bill needs to be paid as part of the Estate. If his estate has nothing and so long as you received nothing from him, you are not responsible for the bill. I urge you to speak with an attorney if you are unsure. Best of luck to you.
Answered on Jan 06th, 2014 at 1:17 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You are not, but his estate is. If there are assets over and above what may be given as a priority to family, they should be used to pay his bills.
Answered on Jan 06th, 2014 at 1:17 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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NO, but if there are estate assets, the finance company can make a claim against the estate. If there is no probate estate, then they are out of luck.
Answered on Jan 06th, 2014 at 1:17 PM