Legal Question in Wills and Trusts in New York

Re: resolution of estate executorship

If there are not enough assets, you need to contact all creditors and advise them of the situation, and obtain their consent to an allocation of payments. If we presume no creditor has a priority over the others (liens and judgments are priorities), all they can receive is a pro rata share of the assets. I usually provide a schedule of debts and assets and propose a pro rata allocation. You have an exposure, personally, if you prefer one creditor over another. If you need assistance, contact me directly.