The Caveat is mandatory since this will require the Clerk of the Court to notifiy you when the probate process is begining. In fact the court will not admit the Will of the decdant to probate or appoint a personal represetnative to the esttae until you have been serve by formal Notice of the probate procedure begining. Once the personal represetnative has been appointed you must file your creditor claim wit the court normally within 3 months to insure the claim is valid. You shoud see a probate attroeny to insure your claim is paid to you.
You should consult with an attorney in your area to help you file a Caveat with the probate court. A Caveat is a legal document that informs the court that a creditor is owed money before probate can be closed. However, keep in mind there are several things you should review with the attorney, such as: the details of the arrangement regarding the loan, and the possibility of you not recouping your money if probate is never filed or, even if it is, other expenses will be paid before yours (i.e. attorney fees, funeral expenses, etc.). Should you have further questions or require assistance, please feel free to contact me.
Douglas R. Coenson, Esq.