Probate is the legal procedure used to validate and authenticate a deceased person's will. The procedure is conducted via the courts. The process involves settling the deceased's outstanding taxes and debts, ascertaining the worth of their assets and transferring any...
Probate
The benefits and drawbacks of asset liquidation during probate
Some testators know what assets they wish to leave for specific family members. Their children may have already requested certain resources or heirlooms, or testators may make choices based on meaningful memories that they share with their beneficiaries. Others don't...
Who gets paid first if the estate has insufficient funds to pay all debts?
Just as no one can predict death, no deceased individual could have anticipated leaving debts that their estate’s assets would not be able to cover. As unfortunate as it is for creditors and heirs, it is only realistic for the law to have the estate pay what it can to...
It’s important to deal with a deceased loved one’s debt correctly
If you’ve been named the executor (sometimes known as administrator or personal representative) of a loved one’s or friend’s estate, one of the first things you need to do after they pass away is to determine what debts they left. Certainly, this needs to be done...