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In each instance, however, the creditor is required to engage in a "public act", such as the recording of a lien on the title to the debtor's real estate to be seized, or using other public notice to place a lien on debtor's personal property. Thus, the required public act fixes a lien on the debtor's property.
When probate is required, the executor of the estate must file papers with the local probate court, prove the will is valid and present the court with a list of assets and debts and a description ...
Also, in the case of legacies when the funds or assets out of which they are payable are not sufficient to pay them in full, the legacies abate in proportion, unless there is a priority given specially to any particular legacy. Annuities are also subject to the same rule as general legacies. [1] The order of abatement is usually: Intestate property
If you die with debt, your estate may first be purged to pay it off. This could affect the beneficiaries of your estate, as they may lose out on some money or assets because of the debts that have ...
Even in the absence of sufficient assets in the estate to pay off debt, the life insurance benefit cannot be used for the purpose by creditors. Your beneficiaries, however, can choose to use the ...
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
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