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How to manage an estate’s debts

On Behalf of | May 16, 2024 | Estate Planning |

Being an estate administrator can be a source of pride – and a source of stress, depending on the amount of experience you have in serving as one. Dealing with matters pertaining to estate administration can be challenging and requires careful study. It can take time before you are fully and confidently able to navigate through the different issues involving it. There are many things to learn, but one that you need to prioritize is how to manage estate debts.

How to prioritize debts in estate administration

Usually, when someone passes away, you pay the debts of the deceased first before you distribute their remaining assets to the heirs and beneficiaries. There may be exceptions, like when assets are in a trust that creditors do not have access to, but there might be debts that still need payment.

You need to settle debts in a specific order in accordance to state law, which makes the process complicated. Typically, fees related to estate administration take priority over funeral expenses. Having an idea of how debt are priorities can save you a great deal of trouble down the road.

Navigate estate administration issues confidently

Learning how to deal with an estate’s debts is just a part of estate administration. There are many other issues you may face as an estate administrator, and it is vital that you oversee them accurately and carefully.

Mishandling these issues may cause financial harm to the beneficiaries and heirs – and lead to allegations of wrongdoing for you. It may benefit all parties involve if you seek the advice of an experienced attorney regarding this often-complicated matter.

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