When a loved one passes away, there is a sense of responsibility that surfaces. It is a loyalty to the one who just passed – a way to show your departed loved-one, and the rest of the world, how much you loved them and cared for them. In the rush to show this affection, people sometimes take actions that can, and some that should , wait for the estate to pay.
Whether your loved one was wealthy or barely getting by, there will be bills to pay. There is a hierarchy of which bills must be paid from the estate. As one might expect, taxes and administrative costs are near the top of the list. But that’s not who will be calling for payment. Debt collectors, credit card companies and the like have one goal in mind: to get your money into their hands.
I am in no way suggesting that just debts should not be paid. I am merely suggesting that, on the death of a loved one, seek professional guidance before any bills are paid. Your attorney will be able to assist you in making proper choices of whom to pay and when.
Please contact us to assist you with your estate planning or the probate and administration of your loved one’s estate.