Thursday, January 21, 2010

If parents died can the heirs file a collection of sum of money in behalf of the parents to recover debts?

Borgy, there are few loopholes in the law, but you have a chance to clean up here, buddy. File a form 37 in the probate court and you will become the agent to collect all of the debts. You can keep 80% as your personal fee, and the other 20% goes to the estate.





This is not a joke.If parents died can the heirs file a collection of sum of money in behalf of the parents to recover debts?
It depends upon how long ago the parents died, how much the debt is, and a lot of other factors.





The simple answer is that if the parents died without a will, one of the legal heirs (on any other party with a financial interest) can file a petition to open a probate estate and request to be appointed the administrator of that estate. If the parents had a will, that will alter who can file the petition and may designate a person to serve as executor.





However, there are time limits for opening a probate estate as well as different rules based on the size of the estate.





To find an exact answer for your circumstance, you need to talk with a lawyer who specializes in probate work in the area where your parents lived.If parents died can the heirs file a collection of sum of money in behalf of the parents to recover debts?
If the parents were owed money, that debt belongs to the estate, and the executors can take legal measures to collect it.

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