Legal Question in Wills and Trusts in Kentucky
can you finalize an estate with a debt still owed?
Asked on 10/26/10, 6:22 pm
1 Answer from Attorneys
Kelli Brown
English, Lucas, Priest & Owsley, LLP
Yes, but there are many complex steps which must be
complied with such as notice to creditors in a certain manner required under law.
Also, if there is real estate involved, that real estate could present certain other issues relative to payment of creditors. It is complicated to administer an insolvent estate (an estate without assets to pay creditors) and generally requires the assistance of an attorney.
Answered on 11/01/10, 7:52 am