Legal Question in Wills and Trusts in New York
Can the executor of an estate appeal to creditors to lower the amount of debt owed? Or is this illegal because the executor must treat the creditors and beneficiaries equally?
Asked on 8/02/10, 7:34 am
2 Answers from Attorneys
Norman Nadel
Norman Nadel, Esq.
The executor has the obligation to do what the decedent would have done to reduce debts. The executor can negotiate to reduce the amount of a debt.
Answered on 8/07/10, 7:42 am
Rudolf Karvay
Berkman, Henoch, Peterson, Peddy & Fenchel, P.C.
There is nothing wrong with an executor negotiating a debt. In fact, it is the prudent thing to do.
Answered on 8/08/10, 7:30 am
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