Legal Question in Wills and Trusts in Massachusetts

Is there a time limit for an estate to be closed?
My father in law died in November of 1998. He left a lot of debt - personally and also in a corporation. If the debt exceeds the amount of money that is supposed to go to heirs, is there a chance the heirs will not see the money left to them? Also, is their a time limit for closing the estate?

Asked on 6/09/00, 7:17 am

2 Answers from Attorneys

0 users found helpful

0 attorneys agreed

Re: Is there a time limit for an estate to be closed?

Debts owed by the corporation, unless guaranteed by him personally (as a surety), are not debts of the estate, as a general rule. Some corporations are a bit different, though so it isn't always true.

Debts of the estate are generally cut off if the creditor doesn't "come forward" (make his claim known, possibly formally) within 1 year of date of death. However, aside from that, debts of the decedent generally can become debts of the estate, especially certain kinds of such debts, and if the debts exceed the assets, the estate is insolvent (like a bankruptcy) and the heirs SHOULD receive nothing. However, a lot of so-called estate assets are not "probate" assets and can pass legally to heirs without regard to the debts.

You need to tell all to a lawyer who knows probate law. If you don't already have one, give me a call at (617) 527-0050.

Answered on 7/30/00, 11:01 pm

Mark as helpful