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
Expert: Alexander J. Hay Date: 5/19/2008 Subject: Executor's Liabilities
Question As an executor of a will, if there are no estate assets and the deceased has debt, does that debt go away or is the executor and/or those listed in the will responsible to pay off the debt?
Answer Only the assets of the estate are liable for debts, not executor or heirs. The only exception for this is if the heirs took valuable property from the estate without first paying all debts. If so, then the heirs may be liable for the value of the property which they took from the estate.
