‘He who dies pays all debts.”1 While scholars have debated what Stephano intended when he uttered this line in The Tempest, our interpretation is straightforward: debts survive death, a subject we explore in this column.
The Fiduciary’s Duties
Back in 1892, the Court of Appeals, in Blood v Kane,2 established the principle that an executor takes legal title of decedent’s personalty for the benefit of the decedent’s creditors and those entitled to distribution under a will or in intestacy. Because a personal representative stands in the decedent’s shoes, she takes title to the estate assets and coincidently becomes liable for decedent’s debts. Thus, following the issuance of letters, it is incumbent upon the personal representative to marshal the estate assets and to act vigilantly to uncover all debts.3
