Insolvent Estates

An insolvent estate is an estate with insufficient assets to cover the decedent’s debts, claims against the decedent, and expenses associated with administering the estate. Virginia law provides detailed requirements for handling insolvent estates, and failure to comply can result not only in the disapproval of the accountings, but also extend personal liability to the personal representative.

Due to the complexity and potential for liability, a personal representative should seek legal guidance to protect himself or herself. The Probate Law Firm has experience with insolvent estates and can assist you from start to finish.