Sentences with phrase «executor liquidates any assets»
Once the executor liquidates any assets, the executor pays creditors first.
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If the debt is transferred to the estate, then it's the responsibility of the executor of the estate to liquidate any assets necessary to pay of the credit card debt.
If you can't agree then the executor will be required to liquidate the assets and split the cash and / or put the assets in joint names; which makes you «partners» in the asset which you may not want to be.
Without a life insurance policy, the executor of your estate may have to liquidate your assets in order to grant your wishes after you are gone.
Probate is the legal process that happens when a person dies and the executor must collect all assets, itemize all remaining debts and then liquidate all property to pay debts and distribute assets.