Legal Question in Wills and Trusts in New York

Small Estate With Creditors

When you complete a small estate affidavit, what standing to creditors of the deceased have? My brother left massive debt, and very small assessts, no will. We plan to do nothing, because the debit is about 10 times the total assests in an on-line stock account.


Asked on 2/25/07, 10:15 pm

1 Answer from Attorneys
Jason Stern Law Offices of Jason Stern

Re: Small Estate With Creditors

Creditors have the same standing regardless of the size of the estate. What is affected by the size of the estate is their ability to collect. You should notify all creditors of your brother's death and inform them that the value of the debt exceeds the value of the estate. Most creditors will send you a claim letter indicating their claim to any estate assets and do nothing further.

Good luck!

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Answered on 2/26/07, 4:13 pm


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