Handling an Insolvent Estate

My wife's brother recently died. As nearest kin, she's handling his affairs and hopes to keep it as simple as possible. Mostly, his affairs are very simple: no spouse, no real estate, and no bank accounts. We have already cleaned out his apartment and directed that his mail be forwarded to us. He owned a new truck, on which more is still owing than we could sell it for. Also, it appears he had a few credit cards with balances owing. Are we responsible for these things? How should we proceed?

Kent
Read MoreInfo
Written by Len Tillem On Tagged , , ,

Community Property and Separate Property

Dear Len & Rosie,

I have been married to my husband for ten years, but we lived together for at thirteen years before marrying. My husband has children and grandchildren from a previous marriage. He has all of his financial accounts in his name only, and our home is in a trust in his name only. He refuses to add my name to the deed. The trust is revocable, but I will get to "use" the home until I die, and then his heirs inherit. Under the circumstances, is any of his property community property? Or will I be left with nothing when he's no longer living? I wonder if I would be more secure divorced than married financially, since I worry that his children will contest any thing that my husband leaves me in a trust or will.

Susan
Read MoreInfo
Written by Len Tillem On Tagged , ,