Legal Question in Wills and Trusts in Illinois

estate - debt greater than assets

my ex died and left to my minor children his ''assets'' a house with a mortgage alot greater than the value and a bank account with $17,000 but small debt greater than that amount. I'm named the executor. Should accept as executor and clean-up the mess - i would give the house back to the bank and pay off creditors - or can i walk away and let the court administer the estate?


Asked on 2/14/08, 1:49 pm

1 Answer from Attorneys
John Steele Steele Law Firm

Re: estate - debt greater than assets

If you are sure there is no net worth in the estate, you may want to refuse the assignment as personal rep. (an administrator is someone appointed by the court if the decedent either did not have a will or his will listed someone who did not want to be the personal rep.)

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Answered on 2/14/08, 3:45 pm


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