Houston Estate Planning and Elder Law Attorney Blog
If you are the executor in charge of overseeing the probate process for a loved one’s estate, there are certain duties you must keep in mind. One of these duties is sorting through the decedent’s debts. While these debts can certainly elongate the probate process, there are nonetheless important to navigate with care and attention. If you fail to pay an executor’s debts during probate, there could be serious consequences down the line, and it could also prolong the probate process even more than is already necessary. On today’s blog, we cover how to handle undisclosed debts during probate.
The Executor’s Responsibility
As executor, it is your responsibility to sort through the decedent’s assets and take account of what that person left behind. You should conduct a thorough review of bank account statements, properties, life insurance policies, investments, and anything else that the decedent owned. Importantly, too, you must review the decedent’s debts in order to understand what that person owed and how many creditors might be seeking payment from the estate.
Known v. Unknown Debts
Some of these debts will be obvious, in that the decedent will have left notice of the debts and the creditor will be a known entity. You have a responsibility to inform these creditors of your loved one’s death and settle up what the decedent still owes. Other times, however, you might not be aware that a debt or judgment exists. After conducting a thorough review of the decedent’s estate, you have a duty to publish a notification in a local newspaper to let unknown creditors know about the death of your loved one. This way, if a creditor finds out that the person owing them money passed, they can take the necessary steps to identify themselves and then receive the payments they need.
Creditors will normally have four months to file a claim from the day they receive notice about the decedent’s passing. If they do not meet this deadline, a probate court very well might deny their claim for reimbursement.
Do You Need a Houston Estate Planning Attorney in Your Corner?
Going through the probate process can be tricky, especially when a loved one’s assets are complicated or unknown. If you need help navigating the murky waters of probate court, give our firm a call at McCulloch & Miller. We are a group of experienced Houston estate planning attorneys with the knowledge and skills to get you the results you need, when you need them the most. No matter what stage of the estate planning process you are dealing with, know that we are here and are ready to help.
If you would like to set up a consultation with one of our Houston probate attorneys at McCulloch & Miller, give us a call as soon as possible at 713-936-9073. You can also fill out our online form to tell us about yourself and have a member of our team contact you about your legal needs. We handle matters related to estate planning, probate, trust administration, elder law, special needs planning, public benefits planning, and more.