Estate & Trust Administration For Dummies, 2nd Edition

Chapter 8

Paying the Debts, Expenses, Bequests, and Devises from the Estate

IN THIS CHAPTER

Identifying the decedent’s debts and administration expenses

Prioritizing and paying debts from estate assets

Letting beneficiaries know about their right to disclaim

Segregating and distributing named personal property

Dividing other personal property equitably and dealing with the rest of the assets

After you set up the estate and have some idea what all the assets are worth (refer to Chapter 7 if you’re not sure), you need to start identifying and paying the decedent’s debts, the estate’s administration expenses, and any claims against the estate. Only after you’re sure that you’ve discovered and paid them all, can you begin distributing the estate’s remaining assets to its heirs.

This chapter points out how to determine and pay the debts of the estate and administration expenses, help a beneficiary to make an effective disclaimer of a bequest or devise, effectively divide personal and ...