If the applicable assets of the deceased settlor’s estate or trust estate are insufficient to pay all claims in full, the trustee shall make payment in the following order:
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Terms Used In Utah Code 75-7-511
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Trustee: A person or institution holding and administering property in trust.
(a)
reasonable funeral expenses;
(b)
costs and expenses of administration;
(c)
debts and taxes with preference under federal law;
(d)
reasonable and necessary medical and hospital expenses of the last illness of the deceased settlor, including compensation of persons attending the deceased settlor, and medical assistance if Section 26B-3-1013 applies;
(e)
debts and taxes with preference under other laws of this state; and
(f)
all other claims.
(2)
No preference shall be given in the payment of any claim over any other claim of the same class, and a claim due and payable shall not be entitled to a preference over claims not due.
