What happens to an asset of an estate if money was owed by the deceased to creditors?
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What happens to an asset of an estate if money was owed by the deceased to creditors?
About 8 years ago when my grandmother stopped driving, so she gave me her car (it was paid off) but my mother put it in her name. Now my mom quite suddenly passed away recently, however the car was never put into my name. My mother had no Will and she had debt. Is there anyway that I can get to keep this car or will I definitely be losing it to companies she owed money to?
Asked on September 20, 2014 under Estate Planning, Pennsylvania
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
I am so sorry for your loss. It depends on a lot of things like if the estate has sufficient assets to pay off creditors or if you can negotiate the debt. But the person appointed to deal with it may have to sell assets in order to pay off creditors. I would gather everything and sit down with an attorney to take a look at the big picture. Good luck.
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