The executor is responsible for handling estate debts and the debts of the decedent. many estate cases are those with debts exceeding the estate assets. Handling these cases requires following the Pennsylvania estate procedures, which are designed to protect families from inheriting estate debts.
First, the executor should review and understand all debts of the estate. Working with an experienced Bucks County estate lawyer will clarify this and ensure all are handled properly. If the executor does not pay all of the debts or claims against the estate, a lawsuit can be brought against the estate. Retaining an estate lawyer is the best way to defend an estate from possible claims.
Methods to pay the debts start with understanding the value of probate assets. Many worry they do not have enough to cover the costs, when they may have more than they realize. For example, real property like a home or car can be used to pay debts. Bank accounts without a joint owner, valuables or contents of a safety deposit box can also be utilized.
If there are not enough assets, the Pennsylvania estate laws are meant to protect the family members from inheriting estate debts. The proper procedure and combination of the steps outlined here will keep an estate on track.
Having an experienced Bucks County estate lawyer will ensure the proper and efficient management of estate debts. Call our office if you are the executor of administrator of an estate, (215) 486-8171. Our estate lawyers can help you complete the process begin moving forward.