When someone passes away, the executor of their estate plays a pivotal role in managing and distributing assets as outlined in the will. Ideally, the executor maintains open lines of communication with beneficiaries to confirm that the estate is handled fairly and efficiently.
What happens if someone passes away before their debt is paid off? Or, what if someone loans a friend money and that friend dies before the loan is paid off? Can someone else collect on these debts? If your loved one dies and you believe they were owed money at the time of their death, keep the following in mind...
If the duty of handling outstanding accounts falls on you, we're here to help. This article lists steps you can take to identify accounts and figure out what to do with them.
The executor of your estate is legally and financially liable for all decisions made during the probate process.
Before you rush to select your executor, it is important to gain a basic understanding of the general duties of an executor.
