If you are a beneficiary or heir of an estate you should understand how those debts could impact your inheritance. If you are the Executor or Personal Representative of an estate, you will be responsible for all aspects of creditor claims during the probate process, making it important that you understand the often complex rules for notifying and paying creditors of the estate. Most Personal Representatives (PR) retain the services of an experienced Texas estate planning attorney during the probate process to ensure that the creditor notification, evaluation, and payment process is accomplished in full compliance with the probate laws of the State of Texas
Topics covered in this report include:
- Probate Basics – Types of Probate in Texas
- Who Must Be Notified of Probate?
- Who Is Responsible for Notification?
- When Must Notification Occur?
- How Must Notification Be Accomplished?
- How Are Claims Classified and Prioritized?
- How Are Claims Paid?
- What If Sufficient Liquid Assets Are Not Available?
- What Happens If a Claim Is Denied?