Should we probate a will when the creditors are going to eat up the value of the estate?
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Should we probate a will when the creditors are going to eat up the value of the estate?
When my mother in law passed she left large debts and a house with more owed than it is worth. So we are not going to try to sell the house, but let it go into foreclosure. She left an annuity that will cover the debts and leave a little money, but we are concerned about the debts from the house. If we do not probate, the annuity cannot be touched as it is only in her name and would have to go through the will. Can the creditors come after my wife (executress) for anything probate or not? Should we probate? Thanks!
Asked on May 17, 2009 under Estate Planning, Georgia
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
This isn't a simple situation, and the answer might depend in part on what those debts are for, and other things. I would very strongly recommend that your wife have at the very least a consultation with a lawyer experienced in wills and estates, before she makes any decisions about any of this. One place to find qualified attorneys, who can help you with this, would be our website, http://attorneypages.com
There certainly are situations in which an executor or personal representative of an estate can be held personally liable, if their actions are not permitted by law. It can be a very expensive mistake, and a lawyer's advice is relatively cheap "insurance."
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