QUESTION
Mother died. Mother left many debts. What is the obligation of Trustee of Mother's Trust to inform creditors?
Asked on Jan 16th, 2018 on Trusts and Estates - California
More details to this question:
What kind of letter is required to be delivered to Creditors of deceased Mother? Can you give me example of wording to use in the letter. Once letter is sent to each Creditor - does Creditor ONLY have 120 days to request payment of debt in full ?
1 ANSWER
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There isn't a letter to send out to creditors. There is a trust claims procedure that is filed with the probate court. Then notice is given to creditors and published in the newspaper. Creditors have 120 days to file a creditor claim with the trustee and the probate court. The trustee would accept or reject any creditor claims. Additionally, the trustee can negotiate the balance to pay off of any creditor claims. Contact an attorney for a full consultation.
Answered on Jan 18th, 2018 at 10:45 AM