I have been named the executor of my cousin’s will. I think he has more debts than property. Do I have to take care of his estate?
Insolvent estates are those estates where the debts are greater than the assets. These estates pose many traps for the unwary. The Executor has a responsibility to protect the creditors as well as the beneficiaries under the will. Under certain circumstances the Executor can be held responsible if the rights of a creditor are not protected in accordance with Virginia law. Given the complexity involved in administering an insolvent estate, you need to determine if you want to qualify as executor. You should seek legal advice before probating the will and qualifying as executor. An insolvent estate must be administered in accordance with the provisions of the Virginia Code regarding the priority of payment of creditors.