What is the name of your state? Colorado
Both my parents died last year and after my father died I found that I was the executor of their will. My problem is, my parents left about 75,000 dollars worth of debt, which was mostly credit card debt and a loan on a 5th wheel trailer that they lived in. I had the trailer repossesed as it was worth less than what they owed on it. My father had a $5,000 life insurance policy, most of which I used to bury him. after that was all said an done there was around $5,000 dollars left not including their personal property (clothes, furniture etc). I have done nothing with the will as the money that they had left would not even pay a small fraction of their debt. The will did indicate that their debts should be paid first and then the remaining funds be divided between my sibblings. Most of the creditors have written off the debt, however I do get some bills every now and then and a couple have been turned over to collections. I have the money in a savings account, should I just spend it on what bills I can pay off or should I wait and see if anyone comes after it? Also, What are my responsibilites as far as the will goes? I cant see retaining an attorney and spending what little money they did have in that area. Any help or advice would be appreciated.
Both my parents died last year and after my father died I found that I was the executor of their will. My problem is, my parents left about 75,000 dollars worth of debt, which was mostly credit card debt and a loan on a 5th wheel trailer that they lived in. I had the trailer repossesed as it was worth less than what they owed on it. My father had a $5,000 life insurance policy, most of which I used to bury him. after that was all said an done there was around $5,000 dollars left not including their personal property (clothes, furniture etc). I have done nothing with the will as the money that they had left would not even pay a small fraction of their debt. The will did indicate that their debts should be paid first and then the remaining funds be divided between my sibblings. Most of the creditors have written off the debt, however I do get some bills every now and then and a couple have been turned over to collections. I have the money in a savings account, should I just spend it on what bills I can pay off or should I wait and see if anyone comes after it? Also, What are my responsibilites as far as the will goes? I cant see retaining an attorney and spending what little money they did have in that area. Any help or advice would be appreciated.