Estate and Property Debt Solut

A collection of questions and answers on estate and property debt problems

Knowledge of Property & Debts of the Estate is very important. You need to learn estate and property debt law in order for your business to do well. Through this application you can find solutions to questions and answers about property debt, estate debt, property law and other estate debt problems.

The executor is in charge of safeguarding estate assets and paying estate debts--and as always when other people's money is involved, you're held to the highest legal standards. You must be extremely conscientious when it comes to managing money and property in the estate, because you'll be required to account for all of it when it's time to close the estate. If you can't show where certain items or money went, you could be personally liable for the loss suffered by the estate and the beneficiaries.

How to Start Paying Off Debts

Who pays the bills before the court has officially appointed an executor, or if there won’t be a formal probate proceeding? When the bills start rolling in, some of them will need to be paid quickly, without waiting for the executor to open an estate bank account and start writing checks. In most situations, the people who will inherit the property in the estate should go ahead and pay these ongoing bills, such as:

1. utility bills

2. mortgage

3. house or car insurance

4. car payments

5. real estate taxes

If these expenses aren’t paid, valuable property could be lost or damaged. If, however, the beneficiaries have already decided that they don’t want to keep certain property—for example, a house that’s worth less than the outstanding balance on the mortgage—then they would want to stop making mortgage payments. Paying the utility bills, however, would still be crucial; it would be difficult to sell a house that didn’t have lights or heat, and it might be damaged from break-ins or frozen pipes.

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