Tuesday, September 3, 2013

Insurance Coverage Important

Jill has been appointed independent executor of her father’s estate after her petition was considered by the probate court.  We know that not every creditor will be paid in full at the closing of the estate, as we earlier discovered that his total amount of money and property will clearly not be enough to pay all of the bills we already know about. 

Therefore, it is generally safest to leave most bills unpaid entirely until the six month probate time limit for all creditors to send in their claims has passed. 

We’ve written about some exceptions to this rule – payments necessary to “preserve an asset” of the probate estate.  Jill’s dad’s house is vacant for the time being.  However, insurance is protection against fire, tornado or other unpredictable damage to the property.  Thus, keeping insurance in effect should also be considered to preserve the value of the estate.

Similarly, secure storage of Dad’s car should be arranged until it can be sold, or insurance maintained for authorized use of the car.  Loan payments connected with it may need to be paid, if the value of the car is more than the amount due and owing on the loan.

For advice about proper after-death legal procedures, either with or without probate, please call our office at (815) 436-1996 for an appointment.  ©2013 Gruber Law Office, Ltd.


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