Legal Question in Wills and Trusts in Pennsylvania
Probate Process
How is the case of an insolvent estate administered by a executor? Would it be best just to petition for renunciation?
1 Answer from Attorneys
Re: Probate Process
Here is a typical lawyer's answer, it depends. If there are assets out there that were in the decedent's sole name, but the debts exceed the assets, then the creditors are entitled to a pro rata share of the assets. The good news about that senerio is that you as the executor could take and executors fee. Your fee would then come off the top before the creditors. If however, there are no assets, it may be better to just not open probate at all.
I would be more than happy to further discuss your options at no fee. I do give free consultations, so feel free to call me at 412.731.0865.
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