If I’m the executor of an estate, in what order am I required to pay debts/creditors?
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If I’m the executor of an estate, in what order am I required to pay debts/creditors?
The deceased owes medical bills, state fines and credit cards. The funeral has been paid but there will not be enough monies in the estate to settle all the debt.
Asked on May 29, 2014 under Estate Planning, Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
You need to file a petition with the court advising it that there is not enough money to pay all of the creditor claims seeking an order that the debts be paid "pro rata" as to those creditors whose debts that you have approved. If the court approves the petition and issues an order after all creditors have been served with the petition, you simply follow the court's instructions. I suggest consulting with a Wills and trust attorney in your locality. One can be found on attorneypages.com.
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