Legal Question in Wills and Trusts in Pennsylvania

The estate checking account is running around $4000 low to get all the debts (and a few house repairs needed in order to sell). As executor, should I make a deposit into the estate account to cover costs? Is it better to pay costs directly from my own checking account. (Also, I am the sole heir). Thank you!


Asked on 12/15/16, 12:26 pm

2 Answers from Attorneys

Miriam Jacobson Retired from practice of law

You are not required to advance your own money to cover estate expenses and debts. If sale of the house does not clear enough, you will not be able to reimburse yourself. This may be an "insolvent" estate, where assets are less than debts. Consult a local estates lawyer to clarify your obligations.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

Read more
Answered on 12/15/16, 12:34 pm

If there is not enough funds to pay any debts then claims are paid in order of priority as specified by state law. You do NOT advance funds to the estate. You do not pay claims out of your pocket. If you have to, make a loan to the estate of whatever funds are needed. You better have documentation so that you can submit a claim and have have the funds repaid. Or just complete the estate administration and when all is done, then deed the house to yourself (as you are sole heir). Once the home is in your name, you can do what you want with it. At that point, if you want to fix up to sell, you can do so and you will have to pay capital gains tax if if the home sells for more than the value of what you inherited. I would agree with Attorney Jacobson that you need to consult a probate attorney who practices in the county/state where the estate is pending.

Read more
Answered on 12/16/16, 12:20 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Pennsylvania