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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11146
Experience:  30 years as a practising solicitor.
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What happens when there is a shortfall in the estate to pay

Resolved Question:

what happens when there is a shortfall in the estate to pay legacies or indeed when there is nothing to pay them ?
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
If there is a shortfall in paying specific legacies then the legacies have to be proportionately reduced. If there are no funds to pay them then they can't be paid at all. If the debts of the estate exceed the assets then the estate is bankrupt and may have to be wound up as such. Happy to discuss further. I hope that helps. Please leave a positive rating so that I am credited for my time.
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