Tuesday, January 15, 2013

Borrowing While Buried

As executor of his mom’s probate estate, Jack must send notices to his mom’s creditors asking whether she still owed money to them.  To investigate who else she might owe, Jack ordered his mom’s credit reports to make sure he knew about all her accounts, including the right names and addresses. 

Her credit reports could also reveal whether any new accounts were opened in her name since her death.  Sadly, a person may become an identity theft victim even after death. 

For example, one Illinois man received a message on his home answering machine from U-Haul in Ohio demanding he return the hitch they said he had rented from them three days after his death.  Soon after, a few new account opening confirmations arrived at his mailbox. 

When all was said and done, his identity thieves got away with about $7,000 spent with credit cards, plus the hitch they never returned.  Fortunately, his family heard the message and told creditors about the problems within a few weeks of his death, which ended the scam for the thieves, allowed the probate estate to close, and reduced the losses for other potential loan companies. 

For help taking care of financial and legal matters after a loved one’s death or to plan your own estate to minimize complications for your family after your death, call our office at (815) 436-1996 for an appointment.  © 2013 Gruber Law Office, Ltd.


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