What to do in probate about debt and assets?
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What to do in probate about debt and assets?
My husband passed away over a year ago and through his Will and I am to handle his estate. He had medical bills and owed back taxes on the property that we live in. When I enter the probate process, will the court make me sell the house to satisfy these debts? I am working on paying off the back owed property taxes but he did not have credit cards or other loans outstanding.
Asked on November 25, 2012 under Estate Planning, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I suggest that you consult with a Wills and trust attorney to assist you in the probating of your husband's estate. In essence the creditors who make a timely creditor's claim will be paid out of your husband's estate's assets. If there is not enough assets to pay all creditors in full, then the creditors are paid on a pro-rata basis from the estate's assets.
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