probate assets and debt question

[wahooman]

What is the name of your state (only U.S. law)? Florida

My father died and there were 2 things in his name only. His business and his truck. They are in probate right now. I was left the business and the truck was left to stepmother. My stepmother is the exector of estate. She is telling me the business is $10,000 in debt. I cannot get shares signed to me until debt is paid. THe truck she was left is worth $10,000. Should she have to sell the truck to make the other part of his estate not in debt?? Thanks for any help.

 

[anteater]

I think that you would have to have an attorney look at the legal form of the business, the nature of the debt, and the will to get a definitive answer.

But, if it is a debt of the business and you are inheriting the business, I would say that the debt follows the business. Although, if it is a debt of the business, I don't know why it would have to be paid off by the estate.

(Besides, if it is an obligation of the estate, the personal representative could just as easily sell the business - or its assets - to raise the funds to pay off the debt.)

 

[wahooman]

The business is part of estate

The business and the truck are the estate. Other bill have come in that she is payng out of the business account becasue she says thats his estate. I am saying why not sell the truck which is not in debt. The truck is his estate also. Thanks

 

[anteater]

Are the bills you mention related to the business? The personal representative does have an obligation to continue operating the business.

But as I mentioned...

I think that you would have to have an attorney look at the legal form of the business, the nature of the debt, and the will to get a definitive answer.

Has stepmother retained an attorney to represent her during the estates proceedings?

 

[wahooman]

She has a lawyer

SHe has a attorny and we have not gotten one yet because everything was going fine up until now when things got real ugly. It is my understaning from her lawyer that even a medical bill that came in for him has to be paid out through the estate which is the business. Everything seems to be paid from the business yet the truck she was left has value too. Why only from one part of the estate are bills paid and not the other. Most of the bills are related to business but some arent. We have contacted a lawyer this morning I am just waiting to hear back.

 

[nextwife]

SHe has a attorny and we have not gotten one yet because everything was going fine up until now when things got real ugly. It is my understaning from her lawyer that even a medical bill that came in for him has to be paid out through the estate which is the business. Everything seems to be paid from the business yet the truck she was left has value too. Why only from one part of the estate are bills paid and not the other. Most of the bills are related to business but some arent. We have contacted a lawyer this morning I am just waiting to hear back.

The business is a seperete entity, in most cases. And the business is responsible for the businesses debts.