What is the name of your state (only U.S. law)? MN
My father in law passed away recently without a leaving a will. As far as we know he has an outstanding debt of 40k from shortselling his house and possibly other debts. And very little assets (his new house barely has equity in it).
His legitimate children are now busy dividing up his possession that have sentimental values to them (clothes, knick knacks, books, etc).
I read that the creditors could after you for doing this. But the reasoning being is that those items are of sentimental values and that they don't worth much to begin with.
But I'm still concerned.
My questions (for now at least):
1. Should we consult a lawyer on this?
2. Can one of the children appoint him/herself as the admin or executor of the estate without the court having to do so?
3. Will we have to go through probate considering there's very little asset (that we know of)?
4. We found 3k of cash that was quickly being divided up between the children. Will they be liable of that if there's never a record of the cash?
5. Should they hold off on dividing up any items until we know for sure whether that's okay or not? (this might be too late, but I ask anyway)
6. What if there's not enough cash in his bank account to cover utility and other routine bills? What would happen next?
Thank you!
My father in law passed away recently without a leaving a will. As far as we know he has an outstanding debt of 40k from shortselling his house and possibly other debts. And very little assets (his new house barely has equity in it).
His legitimate children are now busy dividing up his possession that have sentimental values to them (clothes, knick knacks, books, etc).
I read that the creditors could after you for doing this. But the reasoning being is that those items are of sentimental values and that they don't worth much to begin with.
But I'm still concerned.
My questions (for now at least):
1. Should we consult a lawyer on this?
2. Can one of the children appoint him/herself as the admin or executor of the estate without the court having to do so?
3. Will we have to go through probate considering there's very little asset (that we know of)?
4. We found 3k of cash that was quickly being divided up between the children. Will they be liable of that if there's never a record of the cash?
5. Should they hold off on dividing up any items until we know for sure whether that's okay or not? (this might be too late, but I ask anyway)
6. What if there's not enough cash in his bank account to cover utility and other routine bills? What would happen next?
Thank you!