If an estate has been closed, what happens toa debt that is still owed to it?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If an estate has been closed, what happens toa debt that is still owed to it?
My mother died 7 years ago. Part of her Will said that I needed to pay back an amount to the estate within 60 days. My sister who is the executor of the estate said I did not have to pay the amount. Now she is threatening legal action if I don’t pay it. If the estate has gone through probate, which it obviously has after almost 7 years, am I still liable for the money?
Asked on September 29, 2011 under Estate Planning, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
And the estate has been finalized? Closed? An accounting done? Then the funds had to have been accounted for by the executor. First off, you are claiming that she as the fiduciary of the estate waived repayment of the debt. Did she do so in writing to you specifically? How she accounted forthe debt may be enough for you here as proof. The other issue is if the statute of limitations to collect on the debt has run or the equitable doctrine of "latches" may apply. I think that you should speak with an attorney in your area to discuss the matter in detail. The particulars are important here. And what ever court documents you can get hold of would be helpful. The Probate file is a public record. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.