Full question:
My husband worked primarily in Tennessee. While there about 5 years ago he solely purchased a vehicle and financed it with a Bank. He let the collision insurance lapse stating later to me that he thought the bank would automatically insure it and add the expense to the loan amount. About 3 years ago he was in an accident where the vehicle was a total loss. He defaulted on the payments and ultimately the account was taken by a collection agency. About 2 years ago we were contacted by the collection agency and my husband started a payment arrangement with them. There are still about $6000 owed. When I spoke to the collection agency they said that they could not provide me with any records of previous payments - that all they can provide is the amount now owed. My husband recently passed away - within the last week. Will I be liable to finish paying this loan? Please advise.
- Category: Wills and Estates
- Date:
- State: South Carolina
Answer:
You need to open an estate and be appointed as the executor or administrator. Executors and administrators represent decedents' estates and are responsible for managing and settling those estates. An executor is chosen by the deceased person in their will, while an administrator is appointed by the court when there is no will.
Your responsibilities include gathering and protecting estate assets, obtaining information about beneficiaries, collecting and paying debts, approving or denying creditor claims, and ensuring estate taxes are calculated and paid. If your husband had debts, such as the car loan, these may need to be settled from the estate before distributing assets to heirs.
It’s advisable to consult with an attorney to guide you through this process and understand your obligations regarding the car loan.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.