1. The estate is broke.
Consider this: if you are an executor with any of these headaches, you need expert estate advice.
The estate is broke.
If there are more liabilities than assets, think twice about getting involved. There may not be money to pay your fees or even lawyers’ fees to protect you.
Don’t start acting and dealing with assets in such circumstances before you have your math double-checked by a lawyer. It may be the best investment you can make.
You can’t pick and choose who you pay money to out of the estate. You do not have the right to prefer one creditor over another. For example, you can’t give it to the widow who is short of cash. This would be improper. Creditors must be paid first and not on a pick-and-choose basis.Executors On: May 6th, 2020