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1 Debts that by law have a special lien on property to an amount not exceeding the value of the property 2 Funeral expenses 3 Taxes 4 Debts due to the United States and to the state 5 Judgments of any court of competent jurisdiction, within the state, docketed and in force, to the extent to which they are a lien on the property of the deceased person at death 6 Wages due to any domestic servant or mechanical or agricultural laborer for a period of not more than one year immediately preceding the death 7 Claim for medical services within 12 months preceding death 8 All other debts and demands1 (xv) Source of Funds for Debt Payment Unless the will directs otherwise, six assets of the estate are used in the following order in the payment of debts: 1 2 3 4 5 6 Personal property not bequeathed Personal property bequeathed generally Personal property bequeathed speci cally Realty not devised Realty devised generally Realty devised speci cally
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The sale, lease, or mortgaging of real estate to provide funds for the payment of debts must, in the absence of a provision to the contrary in the will, follow a petition to the court for permission to so use the realty, and the court must approve of the disposition made by the representative Property descended to heirs is usually used before that distributed by will Land sold by an heir or devisee before the estate is settled is subject to a possible claim for unpaid debts of the estate All dower or curtsy rights (statutory rights for surviving wife or husband) and estates for life or years are adjusted, and heirs or devisees must be reimbursed if any assets are subsequently discovered from which the debts could have been paid In many instances, if the decedent was an owner of a closely held business, he may have entered into some form of a buy sell agreement with his co-owners The agreement usually provides that the executor shall sell the decedent s interest in the business to one or more co-owners, or to the business entity itself, at the price set forth therein in exchange for cash Depending on the arrangement, the buy-sell agreement will be referred to as either a cross purchase or entity redemption (or corporate stock redemption) agreement The decedent s agreement to be bound by the terms of the agreement contractually binds the executor to sell the decedent s interest in the business pursuant to the terms of the agreement This sales price also works to establish the estate tax value of the business interest in the gross estate The decedent, anticipating his need to provide liquidity for the estate, may have established and funded an irrevocable life insurance trust In this arrangement, the trust applies for a life insurance policy on the decedent s life The trustee is both the owner and bene ciary of the policy Upon the decedent s death, the trustee collects the insurance proceeds While neither the trustee nor the executor is contractually bound to do so, the trustee usually purchases assets from the estate, hence providing the needed liquidity This technique also eliminates the need for the executor to sell assets in a rush at liquidation, or estate sale, prices The executor should be sure to review the decedent s personal papers thoroughly, and interview the surviving spouse and business associates or partners, to determine the existence of a buy-sell agreement or irrevocable life insurance trust
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G T Stephenson and Norman Wiggins, Estates and Trusts, Fifth Edition (Appleton-Century-Crofts, New York, 1973)
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