When the deceased person has some debts, presumably these need to be paid out of the estate. But how do the creditors know about the deceased's assets - bank accounts etc.. Thank you
2006-11-08 22:38:55 · 10 answers · asked by parachilna 1 in Politics & Government ➔ Law & Ethics
They don't necessarily know, they just put forth a lean or just a bill to the estate and hope the money is there. I had one instance where a bank was paid on a personal loan and still the president of the bank who happened to know that the deceased had a very large collection of antique guns, tried to get the inheritor to turn the guns over to him on false charges on the loan. This was in a small town and a small bank in northern California. It was my wife and when I called and accused the guy of falsifying charges in order to try and get the guns, he quickly changed his story on the whole thing.
2006-11-08 22:47:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That's what a solicitor is for. Remember that unsecured debts will terminate on the death of the debtor.
The executor will pay out on the debts and distribute the assets in line with the deceased's wishes. The executor / trix should therefore ensure that all debts on the estate have been paid before the distribution is made.
2006-11-08 22:57:38 · answer #2 · answered by Matt 4 · 0⤊ 0⤋
Since you are the Executor I assume the deceased left a will that states you are to pay all debts, expenses.
You need to go to probate court and see if you need to probate the estate. They will give you forms to fill out. You should account for all assets, starting with assets at death, then pay debts and if money left pay to the ones that are to inherit. It is a duty to be honest.
2006-11-08 23:01:40 · answer #3 · answered by kate 1 · 1⤊ 0⤋
Further to Kate's excellent answer.
You will need to publish the death in the local newspaper inviting creditors to make their claim on the estate for money owed or if they have a vested interest in the estate. It is normally placed as an ad in the legal notices section of the paper. Have a look to see the correct wording for this notice. It usually starts....
Re: John Smith (deceased).
Give a closing date for applications and notice of interest in the estate.
Hope this helps.
2006-11-09 23:33:33 · answer #4 · answered by LYN W 5 · 0⤊ 0⤋
The executor has some legal responsibilities, I assume they are different from state to state. You need to find these out, if that means buying an hours time from a lawyer do it, that time should be an expense that can come out of the estate. If you screw up I expect you might be responsible for whatever.
2006-11-08 22:56:45 · answer #5 · answered by madjer21755 5 · 0⤊ 0⤋
They expect the executor to be honest. You also have to file the will in probate court, and generally, put an ad in the paper for creditors to contact you about any outstanding debts. There's a time limit for them to file the debts with probate.
2006-11-08 23:37:25 · answer #6 · answered by grandm 6 · 0⤊ 0⤋
Well dunno if this helps but here you go:
I used to work for the Deceased Accounts department of British Gas. We used to get notified if someone had died and would write to the estate asking for the debt to be paid. We would get a lot of answers saying "sod off", basically it was up to the executor or solicitor to pay them if they wished. BG couldn't enforce that a payment be made. We would therefore write it off. Another one of my friends did a similar job for a credit card company and they had no option to write it off either if it wasn't paid out of probate etc.
2006-11-08 22:44:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
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2016-10-03 11:01:02 · answer #8 · answered by ? 4 · 0⤊ 0⤋
Exactly what it says , execute the wishes of the person who chose you to see that is carried out correctly, do not deviate in anyway as if it is disputed , even going to court , it must be seen that you have carried it out to the letter of his or her choice, to do other than this could be a criminal offence as you may do it to the benefit of yourself or a person you prefer to that which the person leaving the will has dictated
2006-11-08 22:51:41 · answer #9 · answered by john r 4 · 0⤊ 0⤋
I live in CA and my lawyer told me that creditors only have one year to collect and then the statue of limitations expire. But I also found this:
http://answers.yahoo.com/question/index?qid=20061025213615AAZml5L
2006-11-08 22:44:24 · answer #10 · answered by LetMeBe 5 · 0⤊ 0⤋