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:
As an executor or administrator, you must notify known creditors directly by mail after the death. Additionally, you need to publish a legal notice in the local newspaper to inform all creditors. This should be done shortly after your appointment by the court to manage the estate. Requirements for the notice, including its content and duration, vary by state.
The notice will specify the time frame in which creditors must file their claims or risk having them barred. Once published, the publisher will prepare an Affidavit of Publication, which you will file with the court. The cost of the notice is covered by the estate's funds.
Claims not presented within the specified period generally do not need to be paid, according to most state laws. Valid claims submitted in this timeframe, along with any other known debts and expenses, must be paid from the estate's available funds, usually following a court order. If you wish to dispute a claim, you can file an action in the estate proceeding to contest it.
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.