AboutAlexander J. Hay Expertise I can answer questions on trusts, wills, and specifically the use of Offshore Trusts and Companies in combination with Domestic entities to help with estate planning, tax minimization and asset protection.
Experience I am a U.S. attorney with offices in the United States and Belize. I have experience helping to protect assets, reduce taxes, and improve investment performance by utilizing global investment techniques.
Education/Credentials Harvard University, A.B. degree; University of Houston Law Center, J.D. Degree; Fulbright Scholar
Question My farther passed away in December 2007 in the will he left me everything he owned and named me executrix of the estate. There was only about 1500.00 cash in the estate which I used to pay his monthly bills that came in and there was only about 8500.00 in life insurance money that he had me a beneficiary. I used it to pay the funeral expense. He had 2 vehicles that he had loans on and the banks have filed claim against the estate and also a credit card that has filed claim. There is no money in the estate just the property in which I live in the house. What can I do I do not have the money to pay these debts as I have debts of my own. I voluntarily turned in one vehicle and they sold it for 1/3 of what it was worth and they filed a claim for the rest. I live in Kentucky what can I do
Answer Well first of all it would probably help if you spoke to your attorney. The first thing you need to understand is your liability. You do not owe the money. They estate owes the money. After all funds of the estate have been exhausted, that is all there is. Frankly, I don't really know why you probated a will for an estate that has a negative balance. I suspect you did not have an attorney, and that you did it on your own.
The long and the short of it is that if did not take any of the valuable assets of the estate, you have no liability for the debts. But since you are in the middle of the process, you need to rely upon your lawyers advise. I suspect the first advise would have been do not file the will for probate, but that is too late now.
