| Houston Lawyers DirectQualified Attorneys - Case Reviews - Educational Resources - & More | | Bookmark | FAQ | Contact | Site Map | | |
 HOUSTON LAWYERS DIRECTShare In Our Expertise |
||
 |
||
         ARTICLE TOOLSFeatured Attorney
Phone: (713)526-9927 Email: Contact this attorney Focus: Elder Care, Estate Planning, Wills and more Website: Houston Lawyer 
Areas of Law |
Do I still owe debt if the person I owe it to dies?
in Articles, estate planning, family law
To answer your question briefly, if you owe someone money and they die you still owe the debt. An obligation that is a matter of record, public or private, is enforceable by the courts. If you and the deceased had an agreement on paper and signed, this is an enforceable debt. In the event, you only had a handshake or verbal agreement, upon the death of one party; the debt may not be enforceable. If you are not sure whether you are required to pay the debt, consulting with a Houston attorney about the specifics is your best opportunity to ensure you are legally meeting your obligation.
The American legal system is clear that when a person dies, their ability to collect debts, pay creditors and otherwise engage in any transaction or legal process also expires. However, a legal process known as Probate, will allow a person to continue to do those things as though they were still alive.
A person’s death does not necessary end their ability to collect debts owed to them or pay debts they owe. When a person dies, their survivors or heirs will open an estate on behalf of the deceased. The legal system defines this process as Probate. In probate, the assets of the deceased and the debts owed to the deceased become public records. As such, if you owed a debt to the deceased, the court will require you to pay it in a timely manner.
In cases where the decedent does not have a will, the heirs will ask the court to grant them letters testamentary to become executors of the estate. The executors will then seek out all creditors and debtors to the deceased. A notice in the legal section of the local newspaper will accomplish this, or in cases where the executors know the debtors; they (or the estate’s attorney) will send a letter asking the debt to be paid.
However, there are situations where you may not have an obligation to pay the debt. If the heirs do not open an estate, or probate the estate, a demand, made upon you, for payment is not legally enforceable. The probate serves as if the person were still alive and making the demand on you to pay them. Should you receive a letter demanding payment from someone acting on behalf of a deceased person to whom you owed the debt, you should contact a local Houston attorney for advice.
Nevertheless, if you still feel obligated to pay the debt even in the absence of probate, you can offer to pay the heirs a fair agreeable amount if they are willing to accept and release you from all future obligations. This would be a letter or agreement signed and notarized to protect you from future demands. It is always a wise choice to first consult with a local Houston attorney before signing any agreement. Related posts:
Bookmark: Tags: debt, estate, family law, probate, wills You can leave a response, or trackback from your own site.
|
|
 Our Contact Page |
Copyright © Houston Lawyers Direct, 2006-2010, All rights reserved. All pages are subject to our Terms of Use & Disclaimer | FAQ | Site Map | Login |
Lawyers Proudly |
Add New Comment
Viewing 13 Comments
Thanks. Your comment is awaiting approval by a moderator.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Add New Comment
Trackbacks
(Trackback URL)