Tuesday, April 15, 2014

Protection From Late Creditors

Sue has learned that the court probate process is designed to be sure that her father Luke’s rightful creditors get paid from his estate.  However, the process is not a one-way street.  It also protects Sue from creditors who do not notify her that Luke owed them money in a shorter amount of time.

To do this, probate requires that Sue publish notice in a local Will County newspaper three times that Luke’s estate has been opened, that she wants to know about any creditor claims, and where any such claims should be sent. 

Sue also must send a copy of that notice directly to the creditors she already knows about soon after that.  But then the creditors have to file within six months of the first newspaper publication of the notice or forever hold their peace. 

That protects Sue from a creditor coming back in a year or more, finding out about Luke’s death, and then saying Luke owed them money after Sue thinks all is settled.  If there were no probate and its required notice, any creditors would have two years to let Sue know about Luke’s bills.

For advice on protecting your family from potential claims against your estate, call our office at (815) 436-1996 for an estate planning appointment.  © 2014 Gruber Law Office, Ltd.

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