Mahaffey & Associates, LLC
Call For A Free Consultation 888-422-6894
Email Us

Estate planning: Serving as your parent's executor in Ohio

You knew your mom had written a will and named you as the executor. As sad as the idea of her passing made you, you agreed to serve in that capacity for her when she passed away.

You just didn't anticipate the mess she might leave you to figure out.

This generation of seniors has more debt than their predecessors. A 2012 study by the National Bureau of Economic Research (NBER) showed almost 50 percent of seniors had less than $10,000 in assets. The 2016 Survey of Consumer Finance (SCF) showed that 26 percent have credit card debt, which is 159 percent more than seniors did in 1989.

So there you sit, surrounded by a whole bunch of bills and limited resources to pay them.

As the executor and the offspring of the deceased, panic sets in. Am I supposed to pay all these debts out of my own funds?

Relax — you aren't responsible unless you co-own the account or were a cosigner, such as on an auto loan.

With that immediate panic aside, as executor, you'll need to list all of the debts and assets of the estate. You need to pay the debts using the resources available to you, but it's a reality that not all bills will be paid.

Assets earmarked for you, your siblings or others, such as life insurance policies, retirement accounts and other accounts where you are the beneficiary are yours to keep. Those funds cannot be taken from you to pay the bills.

The loss of a loved one is emotional enough on its own. Dealing with all of the ensuing financial paperwork only compounds tough times. After your parent dies, as executor you must follow the state law when it comes to allocating the assets for debts. An Ohio estate planning lawyer can help you do just that.

No Comments

Leave a comment
Comment Information
Tell Us About Your Legal Need

Tell Us About Your Problem

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

A Full Service Firm For Northwest Ohio with Three Convenient Locations 24/7 Phones And Appointments Taken at 888-422-6894

Sylvania Office
8527 Central Avenue
Sylvania, OH 43560

Toll Free: 888-422-6894
Phone: 419-829-2255
Sylvania Law Office Map

Northwood Office
3200 Woodville Road
Northwood, OH 43619

Toll Free: 888-422-6894
Phone: 419-693-5515
Northwood Law Office Map

Toledo Office
3131 Executive Parkway, Suite 100
Toledo, OH 43606

Toll Free: 888-422-6894
Phone: 419-472-5555
Toledo Law Office Map