Estate administration and estate insolvency are ways to avoid the liability of the heirs for the legacy with their personal assets. It is unclear whether the assets exceed the liabilities or whether even outweigh the debt, the inheritance can first be adopted in order to get things straight what the financial situation looks. If it remains unclear whether the estate is sufficient to satisfy the creditors of the estate, the heir may make an application to order the administration of estates.
If the heir becomes aware of the insolvency or over-indebtedness of the estate, he must immediately request the opening of insolvency proceedings of the inheritance.
An over-indebted estate represents a significant risk for the heirs. If a measure is not timely introduced to limit the liability, the heirs are liable with their personal assets. We provide comprehensive advice, what to do if the deceased was in debt and provide for all the necessary applications to the court.