Legal Question in Wills and Trusts in Mississippi
Estate assets
When a will is probated is the gross estate used to pay creditors, probate, and attorney fees before the estate is distributed among heirs? There is no real property involved and no Totten trust. Or does the executor/rix use all of his/her own money to pay everything?
2 Answers from Attorneys
Re: Estate assets
The executor/trix uses the estate money to pay the costs before distribution. The payments are made after approval by the court unless the will gives the executor discretion to pay them.
Re: Estate assets
Yes, the payment of those expenses/debts is made by the estate. The executor can pay those things from their own monies, but they then have a priority claim to get reimbursed from the estate. It works out the same either way. Thus, if you're an heir to an estate and the estate is underfunded (more debts than assets), you stand to receive little to nothing.
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