In an ideal world, our loved one will have written a valid last will and testament, and when he or she dies, the family will know where that will is and also know who was selected to executor of the estate. The person chosen to be the executor (sometimes called an executrix if that person is a woman, or an estate administrator, or personal representative depending upon the state in which the will was drafted) will go the probate court and open an estate.
The executor of the estate will inventory the estate and make an accounting of all debts and assets and provide notice to anyone who is listed in the will as a beneficiary, and also issue notice to all creditors who may still be owed money by the decedent at the time of his or her death. In many cases, the debt will be written off when the person’s whose name it was died, but in some cases, a creditor will still have a right to file a claim with the estate and collect money from the estate. Continue reading