Dealing with the passing of a parent can be a very difficult time for you emotionally. The business of handling their estate can be stressful and can appear to be complicated at first. If your parent passed away with any debts to his or her name, the process will depend on what types of debt remain due and whether the estate will be responsible for them.
Am I Liable for Their Debts?
Creditors will receive notice of the death of their borrowers, which means that they can file a claim for payment of any debt against the estate of the deceased person. The estate will be responsible for paying for the funeral expenses and any taxes or fees owed to the government for administering the estate. After that, creditors may receive payments from the estate starting with the amounts owed on a mortgage or loan. Credit card debts may also be paid off by the estate. The good news for you is that you are not obligated as a surviving relative to pay for the debts of your deceased parent out of your own pocket. You may find yourself in a more difficult position if you were the co-signer on the loan with your deceased parent and would be responsible for the remaining debt.
In Nevada, you could potentially be liable for the debt of your spouse upon his or her death because this is a community property law state. This does not, however, apply to any debts owed by your parents. Even if you are selected as the executor of the estate, you do not assume personal responsibility for the debts still owed by the estate in Nevada.
Contact a Reliable Probate Attorney in Las Vegas
If you have questions about handling the estate of a loved one or need the assistance of a seasoned probate attorney in Las Vegas to handle any other estate matters, contact the trusted team at the law office of Sean M. Tanko at 702-463-8700. We will be glad to answer any of your questions about estate law in Nevada.