Shielding Your Assets: How to Safeguard Property from Creditors During Probate
The vast majority of individuals do not concern themselves with the idea that creditors will come knocking for their debts after they pass away, assuming their estate does not require probate. Typically, the deceased’s surviving family members handle legitimate debts such as utility bills, funeral costs, taxes, and medical expenses. However, one cannot evade legal obligations to creditors, such as credit card companies, even in death. What happens if there is not enough money left behind to settle all debts and taxes? In such a scenario, creditors can lay claim to assets that are not part of the probate process. In cases where probate proceedings are involved, the executor (the individual responsible for managing affairs after someone’s passing) may request
