What are considered assets in an estate?
My dad has died and he has several medical bills. From what I understand, those he owes money to can go after assets in his estate.
My truck is in his name. I was making the payments and owe one more payment and it will be payed off. But since this truck was in his name can and debtors try to get the truck as an asset?
If it makes any difference, I am named the sole beneficiary in his will.
If anyone needs any more information to better answer my question please let me know.
- Artemis AgroteraLv 79 years agoFavorite Answer
If the truck is in his name, then the truck belongs to the estate.
If you can prove that you paid your father the fair market value for the truck, then you would have a claim to the truck.
It makes absolutely no difference that you were named the sole beneficiary. The beneficiary is only entitled to receive anything from the estate after all of the bills have been paid. If there are no assets left, there wouldn't be anything left to inherit.
I'm sorry for the loss of your father.
- 9 years ago
Yes, the truck can be used to pay the debt. It mainly depends on the creditor and the value of the truck. If the truck is worth more than typical transportation, then the excess value will not be exempt property. Exempt property would be 1 car for transportation. TV, clothes etc. If the truck is worth say $60,000, then it can be lien and you would have to sell it or it could be repossessed and sold. The value of the truck or amount that is exempt, depends on your State laws. Only 1 car/truck can be exempt. Most creditors don't want a truck. If their not in the auto business, they will want cash before a truck because it might not work, be in poor condition and they don't want to sell cars. They just want the money and may find it not worth the cost to lien it. That doesn't mean they will not sue you, they will just put you in a position where you might just sell the truck to pay.
- PaulaLv 69 years ago
Since the truck is in his name, it is part of his estate and the creditors can go after it.
You may be able to convince the court that since you were making the payments, it is not part of the estate OR that you are a creditor also for the amounts you had paid (although you may only get a percentage of the value of your payments).