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The executor of your estate didn’t follow the state’s order of claims when paying off your creditors — in that case, they may be personally liable for some of your debts. If there isn’t ...
Can items be taken to pay debts? Creditors have access to most of your estate, with exceptions. Assets that may be used to pay off debt could include: Real estate. Vehicles. Securities. Jewelry ...
In general, a deceased person’s debts will be settled by their estate. That means the property and assets they owned at the time of their death will be used to pay off their debts.
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
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
Additionally, the executor must secure and manage all estate assets of the decedent during the period it takes to probate a will, which could be as little as a few months or as long as a year. 3 ...