Our team members know the best practices to protect an executor or executrix from personal financial liabilities.
When a loved one passes away, it can leave many remaining friends and family members left with questions about how to handle the estate. Even if you have been chosen to be the executor or executrix of an estate, you may find yourself looking at financial details that are difficult to decipher. If you have discovered that your friend or family member’s estate in Barrie, Ontario is insolvent, you may also be left with questions about how to proceed so that the best outcomes can be reached.
An insolvent estate is one in which a deceased estate owes more in debt than it has in financial assets. Due to the nature of this situation, it can sometimes leave the executor or executrix in personal financial liability when the debt collectors ask for what they are owed.
When this happens, the best thing to do is reach out to us at Morgan & Partners Inc. for assistance with financial solutions for the insolvent estate. As licensed insolvency trustees, our team members are equipped with the knowledge of best practices to protect an executor or executrix from personal financial liabilities while providing insight into the best way to pay deceased estate debtors. In many cases, choosing bankruptcy is the best possible solution for this situation.
It’s important to us to provide sound legal counsel as well as financial solutions that work for everyone when an insolvent estate has been discovered. If you have questions about how to proceed with an insolvent estate that you must manage, or if you are interested in speaking with a licensed insolvency trustee, contact us today to schedule an appointment. We are available to assist you.
At Morgan & Partners Inc., we can help you learn your rights and options regarding an insolvent estate in Barrie, Brampton, Guelph, Innisfil, Newmarket, Orillia, Milton, and Muskoka, Ontario.