One of the tasks of the PRs is to pay any outstanding debts from any money or property left by the deceased. If the deceased’s debts are greater than the assets they leave the estate will be insolvent and the creditors will not be paid in full. The situation is similar to a bankruptcy. The outstanding debts will be paid in accordance with a strict set of rules governing their priority. A PR would be well advised to check if an estate will be solvent before agreeing to act.
Complete Guide to Probate
We have prepared a complete guide that is intended as an introduction to probate and estate administration, i.e. the steps that need to be taken to deal with a person’s assets and affairs after he or she has died. To download this guide please complete the webform below.