Q: Trust or Will be paid by the executer of the Will, as debt being paid off do the benificary, money... During the death
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- California
- (916) 704-3009
- View Profile
- Answered
A:
When a person passes away and leaves a will, the executor of the estate is responsible for managing and distributing the assets according to the terms of the will. The executor also ensures that any debts or obligations, such as funeral costs or outstanding bills, are paid from the estate before any money or property is given to the beneficiaries. This process happens as part of probate, which is the legal process for handling the estate.
If the deceased has debts, those debts must be paid off first from the estate's funds. Only after the debts and any administrative costs have been taken care of can the remaining assets be distributed to the beneficiaries. It's important to note that beneficiaries typically aren't responsible for paying the debts directly, but the estate's value may be reduced if significant debts exist.
In cases where a trust is involved instead of a will, the trustee manages the assets, and the process can be more streamlined. However, the same principle applies—debts must be settled before any distribution to beneficiaries.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
