If my mother just passed away and I am the executor of her Will, if she co-signed a car loan with someone, do I have to pay the loan back?
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If my mother just passed away and I am the executor of her Will, if she co-signed a car loan with someone, do I have to pay the loan back?
Asked on January 7, 2012 under Estate Planning, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. Being named as the executor of a Last Will and Testatment is a great responsibility and not one that you should consider taking on with out some help. AS the executor you are responsible for gathering all the assets and debt and for making sure that the debt is paid from the assets. Now, she is co-signor on the loan for sme one else. What is the status of the loan? You need to give notice to the loan company of her death. Being a co-signor does mean that in the event that the person defaults you will be responsible. I would get all the documents that she signed and give them to your attorney to review. Once notice has been given generally creditors have a fixed amount of time to make a claim or they can not collect from the estate. Good luck.
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