Acting as executor of an estate can be a complex task. With all the responsibilities to hold and duties to complete, individuals in this position can easily find themselves wondering how to properly address certain steps of the estate administration process. In particular, Texas residents may have questions when it comes to paying a deceased individual’s outstanding debts.
An executor may understand that the remaining estate funds should be used to cover the debts. However, some confusion may arise if the funds are not sufficient enough to pay off all the remaining balances. Fortunately, executors do not have to put up their own money in order to cover the decedent’s debts. They do have the responsibility of prioritizing those debts.
The order in which the debts are paid may vary depending on the types of debts. For instance, if an executor used personal funds to pay for the funeral or related costs, he or she should receive a reimbursement first. After that, the balances should be paid in accordance with the level of importance under federal and state laws.
Taking on the role of executor can feel thankless, and estate administration is often a drawn-out process. When Texas residents also feel uncertain as to whether they are doing the job right, it can be anxiety-inducing and stressful. Luckily, individuals in this position could enlist the assistance of legal professionals if they wish to receive information and guidance throughout the proceedings. Experienced attorneys could provide useful tips, facts and options for executors looking for reliable help.
Source: nj.com, “How to pay off dead spouse’s debt“, Karin Price Mueller, Jan. 24, 2018