The process of managing the affairs of a deceased loved one can be stressful enough as is. However, aspects such as going through the process of probate and dealing with creditor claims may only add to the stress of one’s situation. Knowing what to expect from this process and understanding one’s rights could prove integral to helping a person in Pennsylvania make informed decisions about the situation, but this process might not always be so easy to navigate, especially alone.
When a person passes on while carrying debts, creditors may seek to recover losses during the probate process. If debts against the estate exist, assets within the estate may be liquidated and used to satisfy creditor claims. These assets could include anything from art collections to real estate holdings and it may be necessary to satisfy these claims prior to distributing assets to beneficiaries.
However, experts indicate that there may be certain assets that are exempt from the process. Examples of such assets might include life insurance and retirement savings and if an asset is deemed exempt, it may be protected from liquidation throughout the process. Rules regarding exempt and non-exempt assets may vary by state and there may also be certain rules regarding how long creditors have to file a request for repayment for debts against an estate.
While there are rules that govern the probate process, these regulations might not always help prevent the parties involved from encountering conflict. Individuals in Pennsylvania who face disputes stemming from a similar process and wish to know more about their legal rights and available options might find it beneficial to speak with an attorney as soon as possible. An attorney can examine the situation a client is facing thoroughly and assist in preparing a strategy with which to safeguard his or her rights and interests through the proper channels.