Legal Question in Credit and Debt Law in Illinois

Hello,
My father recently passed away and was owed money from a settlement that is pending but he died before the settlement has been closed. Now would the settlement then go to his wife or next of kin or is that money now no longer owed? The money was earned by him while he was alive, but it wont be paid till after death so then what would happen?

Asked on 12/30/11, 11:04 am

Sanford M. Martin Sanford M. Martin, P.A.

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The debt is an asset of his estate which would be distributed according to the

provisions of his will or trust which governs his estate. The personal representative

or executor of his estate has a responsibility to make the claim, obtain the funds,

include it in his estate, then pay any estate debts and expenses, and distribute

the residue according to his wishes expressed in his will. Depending on the

nature of the settlement, the proceeds could be paid to his spouse or other

person designated by him in the contract or settlement documents. If there

was no such designated beneficiary (such as a beneficiary in an insurance

policy or bank account), it will be handled as described above, as an estate

property.

Answered on 12/30/11, 4:37 pm

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