-- card: 86668 from stack: in
-- bmap block id: 0
-- flags: 0000
-- background id: 5566
-- name: 


-- part contents for background part 6
----- text -----
Excerpt

-- part contents for background part 4
----- text -----
•
Assets Insufficient to Satisfy a Bequest

Suppose decedent’s will left “$5,000 to my daughter, AMY.”  What happens if assets, after paying administration costs and debts, are insufficient to pay Amy $5,000 and for other gifts and bequests? How can the executor properly apportion decedent’s assets if there is not enough to satisfy all of the estate’s obligations as well as to distribute all of the bequests in the will?

If there are no assets to satisfy the bequests, or if the assets available are insufficient to satisfy all of the gifts in full, then the gifts or bequests are said to “abate,” either entirely or proportionately, according to state law. The executor, therefore, must look to the law of his or her state to determine the order of abatement. This applies when assets are insufficient to pay all claims against the estate as well as to make distribution of the property to the beneficiaries. Each state has its own schedule of

-- part contents for background part 12
----- text -----
The Executor’s Manual

-- part contents for background part 27
----- text -----
04035432

-- part contents for background part 15
----- text -----
Menu

-- part contents for background part 26
----- text -----
• WHOLE EARTH
 • HEALTH
  • THE LAST OF LIFE
   • Survivors

-- part contents for background part 5
----- text -----
3 of 4

-- part contents for background part 40
----- text -----
card id 44169

-- part contents for background part 41
----- text -----
card id 87408

-- part contents for background part 42
----- text -----
stack "WHOLE EARTH"
stack "HEALTH"
card id 34345
card id 112638

-- part contents for background part 37
----- text -----
card id 112638

-- part contents for background part 38
----- text -----
card id 153821

-- part contents for background part 39
----- text -----
card id 156358