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 get appointed as executor or administrator. Executors and administrators are the representatives of decedents' estates and have the responsibility of administering and settling those estates. An executor is nominated by the testator for the purpose of executing the will. Responsibilities include gathering up and protecting the assets of the estate, obtaining information in regard to all beneficiaries named in the will and any other potential heirs, collecting and arranging for payment of debts of the estate, approving or disapproving creditor's claims, making sure estate taxes are calculated, forms filed and tax payments made, and in all ways assisting the attorney for the estate.
An administrator is the court-appointed representative of an intestate estate and is responsible for administering and settling the estate pursuant to the state statutory rules of descent and distribution. Responsibilities include gathering up and protecting the assets of the estate, obtaining information in regard to all beneficiaries named in the will and any other potential heirs, collecting and arranging for payment of debts of the estate, approving or disapproving creditor's claims, making sure estate taxes are calculated, forms filed and tax payments made, and in all ways assisting the attorney for the estate.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.
