Liability of legal heir
My father ages 82 has acquired a lot of debts. He is involved in some legal court cases which I dont think will get completed in his lifetime. He has a property which will not cover his debts. My query is both myself and my wife are working. We have acquired some assets in our name. Can these assets be attached for recovery of my father's loans.
My father has prepared a will in which he has left his property favouring his two children , me and my sister. Will our liability for his loans extent only to the value of assets which he has left us in his will or will it also extend to assets which we hold in our name. My wife is also worried if she can get dragged into this issue...being his daughter in law..She has not received anything from him in his will.
His case in court which he is fighting dates back from 1998. Both me and my sister want to know if he can change his will giving his property to charity or some third party, will we be rid of any future claims from his creditors..