Are you currently serving as the personal representative of a West Palm Beach estate? Do you know what to do? An experienced Palm Beach probate litigator may be able to help you figure outwhat priority to pay creditors. The answer is also in the Florida Statutes, check out this quick reference guide.
Generally
- In general each type of debt has to be classified into one of eight classes.
- Class 1 is the expenses of administration.
- This includes the fees of the court and the personal representative themselves.
- Class 2 covers the West Palm Beach funeral expenses, up to six thousand dollars.
- Class 3 includes the debts, taxes and other things that are covered by federal priority.
- Class 4 covers the expenses of the last illness of the decedent but only up to the last sixty days.
- Class 5 covers an eighteen thousand dollar family allowance.
- Watch out though if you are the West Palm Beach personal representative and the estate does not have a surviving spouse or children – there is no allowance in that case.
- Class 6 is arrearages from court ordered child support.
- Class 7 is reserved for the decedent’s business debts acquired after his death to the extent of the business assets.
- Class 8 is a catch all that applies to all the other debts.
- Are you sure you know what class a particular creditor falls into?
- A West Palm Beach probate litigator can be there to help.
- Don’t get stuck being personally liable for the debts of an estate because you paid someone else out to early.
- Can you get the funds recouped if you accidentally paid?
- Of course if the beneficiary hands them over.
- What if you have to go to court and get an order will the court force the beneficiary to convey the property back to the estate?