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Wednesday, March 23, 2016

Who gets paid in an insolvent estate?

It's really not all that unusual that an estate ends up not having enough assets to cover all of the debts of the deceased. Even when there are plenty of assets, their value can quickly be eaten up by debts and taxes. When this happens, what is an executor to do? Do some creditors have priority? Should he pay out those who make the most fuss just to get rid of them? What are the ramifications of paying some but not others?

Lawyer David Waites recently tackled this topic in a blog post that I think executors will find useful. As with all decisions that executors must make, there are risks and benefits to all available options, so most executors will end up getting help with insolvent estates if the debts are large. Click here to read Mr. Waites' article in www.advocatedaily.com.

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