Buffalo, NY asked in Estate Planning for Michigan

Q: My name is on my dads trailer. He recently passed away and I sold the trailer. Do those funds have to pay his debt

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1 Lawyer Answer
Trent Harris
Trent Harris
Answered
  • Estate Planning Lawyer
  • Jackson, MI
  • Licensed in Michigan

A: It depends on what form of ownership you owned the trailer in with your dad. Joint tenants with right of survivorship? Tenants in common? If the former, the trailer passed to you alone upon your father's death. If the latter, you own only 50% of the funds from the sale, and your father's estate owns the other 50%. Depending on the amount of assets in your father's estate, a probate proceeding and notice to creditors may or may not be necessary. For further information, consult with a Michigan-licensed probate attorney in your area.

Kenneth V Zichi agrees with this answer

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