Legal Question in Wills and Trusts in Illinois
order of payment of estate debts
Where is contractual law placed in the payment order of estate debt? Particular contract is within a divorce agreement about the life insurance for the minor children.
1 Answer from Attorneys
Re: order of payment of estate debts
the Illinois Probate Act provision on claims can be found at http://www.legis.state.il.us/ilcs/ch755/ch755act5articles/ch755act5Sub18.htm
there are various types of priority claims (funeral, debts to US, IL etc). After that all claims are generally 7th class claims. Although this is probably based on the divorce judgment in which the agreement was incorporated, it would still be a 7th class claim. Don't let that discourage you. 1-6 are probably small, but it will rate with most other debts (credit cards, etc -- realize most of those are probably based on contract too.
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