If an estate has been closed, what happens toa debt that is still owed to it?
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If an estate has been closed, what happens toa debt that is still owed to it?
My mother died 7 years ago. Part of her Will said that I needed to pay back an amount to the estate within 60 days. My sister who is the executor of the estate said I did not have to pay the amount. Now she is threatening legal action if I don’t pay it. If the estate has gone through probate, which it obviously has after almost 7 years, am I still liable for the money?
Asked on September 29, 2011 under Estate Planning, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
And the estate has been finalized? Closed? An accounting done? Then the funds had to have been accounted for by the executor. First off, you are claiming that she as the fiduciary of the estate waived repayment of the debt. Did she do so in writing to you specifically? How she accounted forthe debt may be enough for you here as proof. The other issue is if the statute of limitations to collect on the debt has run or the equitable doctrine of "latches" may apply. I think that you should speak with an attorney in your area to discuss the matter in detail. The particulars are important here. And what ever court documents you can get hold of would be helpful. The Probate file is a public record. Good luck.
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