In Nevada, does a surviving sibling POA/Trustee assume the debt of the desceased sibling?
1 Answer | Asked in Estate Planning Law for Nevada on Feb 11, 2013.
Answered On Feb 16, 2013
As a general rule a sibling is not responsible for the debt of a deceased sibling. But, at least two exceptions comes to mind: 1) If you co-sign for a loan or other obligation, you can be liable for the debt of your deceased sibling. 2) If you are the trustee of a deceased sibling's assets you may be legally liable if you don't pay the debt out of the assets, depending on various facts. By the way, if you hold a Power of Attorney to act for someone and that person dies, then the Power of Attorney ends.