Once the fiduciary of an estate files an inventory of probate assets and establishes an estate checking account, the valid debts of the decedent should be paid. This, of course, assumes that the estate is solvent. In the case of insolvency, the fiduciary needs to wait for the claim period to run to determine the extent of the insolvency and the priority of payments.Creditors have six (6) months from the date of the decedent’s death to present a claim in writing to the fiduciary. If the claim is not timely presented, it is barred by statute.
Estate Planning Lessons from John B.
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