Should we probate a will when the creditors are going to eat up the value of the estate?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 12 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."


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption