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Protecting Your Legacy

Order of priority important when dealing with debt during probate

by | Nov 5, 2018 | Probate & Estate Administration |

Acting as executor often means that an individual will have to delve deeply into the personal affairs of another person, typically a family member or other close loved one. While many people may willingly take on such a role, probate can come with many complexities, and some estate details can make the process more difficult than others. For instance, if a Texas executor is dealing with an insolvent estate, he or she may have extra work.

With an insolvent estate, the amount of debt left behind by an individual exceeds the assets of the estate. Even individuals with a considerable amount of wealth can leave behind this type of scenario. For instance, if a person bought an expensive home, an unpaid mortgage could present debt issues.

When a considerable amount of debt exists, it typically also means that a considerable number of creditors also exist. Though the executor has the duty of addressing creditor claims, he or she must also determine who should be paid first. If creditors are not paid in order of priority, the executor could end up in a difficult financial spot.

In some cases the executor could have to pay certain expenses out of pocket if he or she makes a mistake during the probate process. Fortunately, Texas residents working through these proceedings can enlist professional help to safeguard against making serious errors. Experienced attorneys can guide executors through the legal process of settling estates, and they can explain what obligations and debts need addressing first when individuals are working with insolvent estates.