What if the Florida will gives the entire estate to a son, but there is a creditor of the estate? Who inherits? Family or creditor? Creditor rights is an interesting and important area of Florida probate law; just ask any estate litigator Boca Raton. If you are a creditor of a deceased person, or you areinheriting money from a Palm Beach probate and wonder whether you get paid before some big creditor, consider watching a new, free Florida probate video on Florida estate creditors.
What’s the order of payment in a Palm Beach probate?
- Let’s say that your mother from Boynton Beach, Florida died and her estate lawyer Lake Worth opens up the probate
- A creditor files a statement of claim and makes a claim that mother owed them $1 Million
- Mom’s estate is about $3 Million and she gives it all to you under her will
- Do you lose 1/3 of your inheritance to the creditor? Maybe, maybe not
- It’s true that under Florida estate law that creditors and expenses of estate administration get paid before inheritances are paid
- In other words, before estate beneficiaries see a dime of family wealth, the executor of the Florida will has to pay off mom’s debts and also pay the expenses of the Florida probate administration
What heirs, estate beneficiaries and next of kin need to know about dealing with probate creditors
- If you are the executor of the will, or a beneficiary of the probate, you need to know how to deal with estate creditors and those that make a claim in the estate
- Does someone make a claim in the probate court in Delray Beach?
- How do you handle the creditor?
- Knowing about the short “statute of limitations” for creditors, and the probate procedure for dealing with people who make a claim in the probate is essential. Ask your probate lawyer Lake Worth about the probate process for those creditors who make a claim to the estate. It’s vital that you understand that
- Also, if there are more creditors, or even if there is just one who is making a claim to the probate, you need to understand that there is an order of payment of expenses, legal fees, final US income tax (final income tax), funeral expenses and also creditor claims . There is a priority under the Florida probate code which tells the executor or Florida personal representate who gets paid first, and who gets paid ahead of the others.
- Finally, if you are an heir or an estate beneficiary, you want to watch the probate and keep an eye on things since you have the ability to get your own probate litigation law firm and fight the person making a claim. If it’s not a valid claim, you can try to have it dismissed and maybe seek probate attorneys fees
- Here’s the link to a free Florida video on estate creditors:http://www.youtube.com/watch?v=YjYczjMKybU&feature=youtu.be
Can I make a claim to the Palm Beach probate? A creditor’s perspective of making a claim to the estate
- What if I’m owed money?
- Well, then you are a creditor
- You MUST file a statement of claim in the probate to enforce your rights
- There are very short statutes of limitations: so don’t delay
- If there is no estate opened, then you need to open the probate
- In Palm Beach County, Florida you can open a probate estate in Delray Beach, West Palm Beach or Palm Beach Gardens
- You can even run the estate or do the probate administration if no one else wants to
- Remember: valid creditors get paid before inheritances are paid