Deadline for Creditors to Seek Payment From Estate Assets
Understanding the Rights of Creditors of an EstateIf a person dies with outstanding debts, those creditors have a right to seek payment from the assets of the estate. Some debts, like a mortgage, will be satisfied on the sale of the real property that secures them. Others, like credit card debts or personal loans, can only be satisfied by the assets of the estate.
The statute of limitations for a creditor to seek payment from the estate is one year after the date of death. They do, however, have a limited ability to file late if they can show good cause. They also have standing to open a probate matter if the heirs do not do so within a year of the date of death. If your loved one dies with more debts than assets, you can have the estate declared insolvent. In that case, the creditor will have no recovery, and cannot seek payment from the heirs outside of the estate process. Learn more here about how to initiate the probate process. |
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Meet Our Estate Planning and Probate Lawyers
Emily Smith-Lee is the owner and founder of slnlaw. She is a 1996 graduate of Boston College Law School. She was previously a partner at the Boston office of a large international firm, where she worked for thirteen years before starting the firm that became slnlaw in 2009. She has been recognized as Massachusetts Superlawyer each year since 2013, and in 2018 earned recognition as one of Massachusetts Lawyers Weekly's Lawyers of the Year.
Jenna Ordway: Jenna is a 2013 graduate of Quinnipiac Law School, and also earned an LLM in Taxation from Boston University in 2015. She has been affiliated with slnlaw since 2011, first as a law clerk and then as an attorney. Jenna has been recognized since 2019 as a "Rising Star" by Massachusetts Superlawyers. Jenna wrote a book on estate planning: The Road to Peace of Mind: What You Need to Know About Estate Planning. Jenna has helped many individuals and families with planning to protect their legacies and loved ones, and planning for the future and succession of their businesses.
Sharleen Tinnin: Sharleen is a 2010 graduate of Northeastern University School of Law, and earned her LLM in estate planning from Western New England Scool of Law in 2016. She has been with slnlaw since 2023. Prior to joining slnlaw, she worked with King, Tilden, McEttrick & Brink, P.C. on complex civil litigation matters. She previously worked for the United States Department of Justice, and received an "Excellence in Justice" award in 2017. Sharleen has helped many clients with planning for their legacies and their future, and navigating the probate process in Massachusetts after the death of a loved one.
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Our experienced estate planning and probate team can help you navigate the process of handling a loved one's estate. You can use the button below to schedule a free information call with a member of our team and learn how to get started, or simply give us a call at (781) 784-2322.
Jenna Ordway
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