An organization or individual who is owed money. Executors should be aware of the statute of limitations in their jurisdiction for creditor claims against the estate. Once the statute of limitations has passed, a creditor will have difficulty making a financial claim against the estate. As an executor, it is important to make a reasonable attempt to notify creditors that the estate is in administration, more recently these notifications have been posted to online publications.
Some examples of creditors include: banks, credit unions, financial institutions and suppliers. An executor should verify the creditor by reviewing any legal contracts in place as well as reviewing any related financial transactions from the estate.
What you need to know
What to do when a loved one dies
When people die, they leave behind a life that must be closed out. Don't tackle it all alone. From planning the funeral to tackling the legal & financial estate, here's an ultimate checklist of all the things an executor needs to do following the loss of a loved one.
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