Executor of will
My husband is in the middle of a lawsuit through his business. They are claiming they will take his personal assets. He does have a lawyer and they are working on getting it resolved. My question is, he is listed in his fathers will to be co-executor. His father recently passed. If he becomes the co-executor will the creditors be able to go after the fathers estate account as part of his personal assets?
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The creditors will not be able to go after his father's estate (assuming the father had nothing to do with the business), but at some point, the estate will be divided up. At that point, any money or assets that your husband inherits will be fair game, as they are now your husband's money or assets. I want to be clear; it's nothing to do with your husband being executor (or co-executor) of the estate.
This does not contradict zeta-band's earlier answer; Zeta-band is talking about the estate before it is divided up, I'm just pointing out that there may be issues after it is divided up.
I strongly doubt that being executor will make the assets of the estate vulnerable to a suit against him personally. The estate is it's own separate legal entity with its own TIN. Only creditors against the estate itself can make claims against it and after all creditors are paid, then the balance is distributed in accordance with the terms of the will. Unless he has commingled assets and treated estate assets as his own, the legal separation should be quite strong.
Whether his personal assets are at risk, remember that the opposition will likely overstate their case to try to scare him into settling. If the business was organized as an LLP or LLC, his personal assets should be pretty safe. If it was a sole proprietorship, he has occasion to worry.
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