Estate Law Questions? Ask an Estate Lawyer.
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Ok so, if there is a will that has not been altered and that will names you as the executor, then you must go to probate court and open probate for his estate. You must make funeral arrangements for him, notify all of his creditors, pay any outstanding debts, and then divide any remaining funds/distribute any property pursuant to his wishes as detailed in the will.
His estate would still be responsible. If he owned any property, they will attempt to place a lien on it to repay the debt.
The following link provides the information you will need regarding the release of assets: http://www.legalanswers.sl.nsw.gov.au/guides/wills_estates/release_assets.html