Creditors of the Estate Flashcards
1
Q
What is abatement?
A
When the assets of the estate cannot cover debts of the decedent and the bequests
2
Q
What is the order of abated property in the estate?
A
Personal property passing by intestacy
Personal property passing in residuary estate
General legacies (pro rata)
Specific bequests of personal property
Real property (abates in same way)
3
Q
Are liens on the specific bequests paid off by the estate?
A
No unless the will says to do so
4
Q
Is a lien placed on estate of T paid off by estate if it was placed after T became incapacitated?
A
Yes
5
Q
What is a small estate in VA?
A
50,000 or less (no real property)
6
Q
How are small estates administered?
A
Through informal affidavit instead of formalities
