My brother passed away in July 2014. He had more debt than assets. There are still some creditors that have not been paid. I was named the only beneficiary and Executor. There is about $1700 left in assets and over $4000 in bills. I have not heard from these creditors in about a year and a half.
There are a number of facts missing from your question which make it difficult to respond. It sounds like the Estate was/is insolvent. In order to properly close the Estate and terminate your duties as Executor, you are going to have to file an Inheritance Tax Return with the Commonwealth of Pennsylvania, Department of Revenue. In order to protect yourself from personal liability for the debts, you may wish to consult with your attorney to complete the process.
Mr. Geisenberger is a Pennsylvania-licensed attorney only. The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Answering this question does not in any way constitute legal representation. Contacting Jacques H. Geisenberger, Jr., P.C.,does not constitute legal representation, nor is any information you provide protected by attorney-client privilege.
Suggest you engage a probate attorney. In probate, creditors must file claims within a short deadline to get paid. It is not clear that you are operating as an executor under court supervision. In some instances, you can avoid probate and obligation to pay any debt. Hope this perspective helps!
In Missouri you are required to have an attorney for this specific reason I would encourage you to sit and discuss with him attorney before you close his estate.
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In Michigan, there is a 6 year statute of limitations for debts. But, after death of the obligor, one way to assure absolution from liability is to give notice. This can be either actual, via US Mail or by newspaper publication. Either of which, if no claims are filed by the respective creditors in the time allotted, will give assurance of no obligation of you, as fiduciary or sole beneficiary to pay the same. Good luck.
This commentary does not result in any attorney/client relationship nor constitute legal advice as to a particular fact situation or status of a reader. Consult and retain legal counsel in the State of Michigan for pursuit of such a relationship.
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