The executor of an estate in British Columbia has many responsibilities, all of them important. One of the early steps of estate administration involves settling the debts of the estate. How this is done, and what obligations the executor has to creditors, may be unclear to some people taking on the role. It is important to know that a debt … Read More
How Do I Probate an Insolvent Estate?
Being in charge of probate for an insolvent estate is truly a thankless task, yet if you have accepted this assignment, you must carry out your duties. These types of estates are usually best administered by a lawyer, as now the executor will need to become familiar with not just British Columbian estate laws, but bankruptcy laws as well. There … Read More
Do I Really Have to Pay Off My Deceased Dad’s Debts?
When spouses, parents or others die, their heirs may have concerns about any responsibility they may have to pay the debts the deceased accrued over a lifetime. In short, the answer is that they have no responsibility. However, just as with many of the complex aspects of estate administration and probate, there are exceptions, and they include: Joint debts where … Read More
What Happens When There Is No Money in an Estate?
One of the problems that estate administrators can encounter during the probate process is dealing with an insolvent estate. This occurs when the decedent owes more to creditors than the estate is worth. An insolvent estate presents a unique set of challenges to estate administrators. By definition, an “insolvent estate” is one that doesn’t have sufficient funds to pay the … Read More