Before you can do
anything with your duties as executor of the will of your loved one,
you will have to deal with prospective creditors as the first thing
you will most likely need to do is to inform all the concerned people
of the decedent’s passing. Whether or not you will be going through
probate proceedings, you should still keep these tips in mind:
Make a List
List down all of the
decedent’s known creditors and write their addresses and contact
information as well. Whether it be a credit card company, a mortgage
lender, or any other creditor that has vested interest in the assets
that you’ll be distributing, you will have to inform them of the
death of their debtor.
Contact the
Creditors
Now you have to start
calling them up or going over to their home or work address for an
appointment. You might be asked to provide some documentation for
proof, like a copy of the decedent’s death certificate. Unless you
want to get personally involved in the debt, give the creditors the
contact number of the decedent and not your own.
Estate Condition
Tell the creditors
about the current state of the estate, which either could be in
probate, for probate, or doesn’t require the same. If probate is
necessary, the court will determine ways in which the creditors can
be paid, but in some cases, there might be little choice than to
write off the debt.
