Collecting Debts On Behalf Of The Estate Of A Deceased Person
It is frustrating when creditors keep pursuing you about debts you cannot pay. At least, when you are the personal representative of an estate and creditors contact you to collect money that the decedent owed them, you can respond, “The person to whom you lent money is dead. Kindly accept this paltry settlement and get lost.” The only thing worse than owing someone money and not being able to pay them is when someone owes you money but they don’t pay. If the creditors that used to bug you about your debts are individuals, as opposed to corporations, it is enough to make you regret being so unpleasant to them when they called you for the umpteenth time, asking you for money that you didn’t have. Maybe they were so desperate to collect money from you because they owed someone else. When you are the personal representative on an estate, you have to contend with creditors who want their money, plus beneficiaries who want their inheritance, but if someone owed money to the decedent, it is also your responsibility to collect those outstanding debts. Acting as the personal representative of the estate of a deceased person is a tough job, and the easiest way to get through it is to contact a Tampa probate attorney.
Yet Another Reason Why Being the Personal Representative of a Deceased Person’s Estate Is a Thankless Job
If the decedent owed outstanding debts at the time of his or her death, it is the personal representative’s duty to settle these debts. When this entails selling property belonging to the estate or otherwise substantially diminishing the estate’s value, the heirs are none too pleased, and the personal representative gets the blame.
Collecting debts on behalf of an estate is even harder. If the amounts owed are relatively small or you are sure that the debtors cannot pay, it might be a better idea to cut your losses and settle the estate with the assets it currently has. Waiting for debtors to pay their debts delays the settling of the estate, which means that the heirs have to wait longer with their inheritance. Naturally, the heirs are unhappy about this, too, and the personal representative has to hear about it. The costs in terms of time and money are especially high if the personal representative must file a lawsuit to collect the debt or is filing a wrongful death lawsuit on behalf of the decedent. These arduous tasks are much easier if you seek the guidance of a probate lawyer, who can help you pursue several apparently mutually exclusive goals in order to fulfill your duties as personal representative and settle the estate.
Contact David Toback With Questions About Probate Cases That Require You to Collect Debts
A Central Florida probate lawyer can help you collect debts owed to the estate for which you are acting as the personal representative. Contact David Toback in Tampa, Florida to set up a consultation.
Source:
consumerfinance.gov/ask-cfpb/does-a-persons-debt-go-away-when-they-die-en-1463/
