Tuesday, September 17, 2013

Waiting and Watching

Jill has been appointed independent executor of her father’s estate.  So she now has authority to sign to list his home with a realtor to sell.  She also has authority to accept or challenge any bills that her father’s creditors submit.

Now that she has listed his home, and has sold the smaller items for immediate cash to preserve the home’s value, she must primarily wait for the home to sell and the bills to be submitted.

She will be watching for bills that are or are not correct, and will agree to “allow” the ones that are correct.  She may choose to challenge the ones she thinks are incorrect in whole or in part.

Allowing a bill or claim submitted is not the same as agreeing to pay it.  It merely says that when the estate is ready to be closed, that bill or claim will be considered for payment at the allowed amount according to its priority. 

The statute sets out the priority of payment.  Most credit card bills are seventh class claims, which means they’ll be paid only after all sixth class or higher priority claims are paid. 

If some money is left to pay seventh class claims, the seventh class creditors will receive an equal proportionate share of their claims as every other seventh class creditors.

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.


Archived Posts

2016
2015
2014


Our law office assists families in Plainfield, IL and the surrounding areas, including Joliet, Naperville, Aurora, Bolingbrook, Channahon, Crest Hill, Lockport, Minooka, Oswego, Romeoville, Shorewood, and Yorkville, in Will County, DuPage County, Kendall County, and Kane County.



© 2024 Gruber Law Office, Ltd. | Disclaimer
8380 Old Ridge Road, Plainfield, IL 60544
| Phone: 815-436-1996

Estate Planning | Probate & Estate Administration | Elder Law / Medicaid Pre-Planning | Special Needs Planning | Planning for Children | Pet Trusts | About Our Firm | Resources | Health Policies | Pay Online

-
-