Full question:
I am an executor and need to know how and what my obligations are in reference to creditors of the estate.
- Category: Wills and Estates
- Date:
- State: National
Answer:
It is the duty of the executor or administrator to notify directly by mail any creditors who are known at the time of the death. The executor/administrator must also place a legal notice in the local newspaper informing creditors of the death. This is done shortly after your executor/administratorhas been appointed by the court to handle your estate. Each state has different requirements of what the notice must contain, as well as the length of the notice. The notice will also provide how long the creditors will have to file a claim or risk that the claim be barred. Once this is done, the publisher prepares an Affidavit of Publication and this is put in the court file. The executor or administrator pays for this notice with the funds of the estate. Any claims not presented to the executor or administrator within this period need not be paid under most state laws. Those claims which are held valid and which are presented within this period, including any other debts and expenses known to the executor or Administrator, must be paid out of the available funds in the estate usually based on Court order to pay the claims. If the executor wants to dispute a claim, an action in the estate proceeding is filed to contest the claim.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
