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Administrative Issues

caution

In addition to the probate procedures that so many find overwhelming, many people find themselves in unchartered territory when dealing with administrative issues, apart from probate, that complicate the administration of an estate.  In any estate, no matter how big or small, it is difficult to keep track of all of the balls in the air and the consequences of dropping one of those balls.  This is why many people involved, as Executor, Administrator, or Trustee of an estate or trust, find it necessary to have legal representation throughout the process.

Especially in these economic times, you may find yourself administering an estate where there is more debt than there are assets to pay that debt.  When there are insufficient assets in an estate to pay the creditors of an estate, the law deems that

estate "insolvent."  Virginia law regarding insolvent estates is very specific as to which creditors you pay, and how much you pay them.  If an unwary Executor or Administrator of an estate begins paying creditors in an order or in amounts that do not align with Virginia law, that Executor or Administrator may expose him- or herself to personal liability to the creditors wrongly shorted.  If you find yourself holding the reigns of an insolvent estate, you should seek legal advice immediately in order to make sure that you stay within the limits of the law. 

You may have no idea what you are supposed to be doing as you administer an estate, or you may just want to take the next steps with confidence.  Either way, if you want us to take the reigns and handle all of the issues associated with an estate, or if you just want assurance that the path on which you're moving forward is the right one, we can help you move forward safely and confidently, and ask that you contact us so that we can provide that assurance.

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