Lisa Jamieson Spoke at Tarrant County Probate Bar Association on the Topic of "Creditors’ Claims and Allowance in Decedents’ Estates."
Ms. Jamieson's presentation took place March 1, 2012 at the association's regular monthly meeting.
A Decedent’s estate can be a trap for the unwary creditor who is seeking to enforce a lien or collect a debt against a deceased debtor. Recent changes now make it imperative that a creditor be aware of Texas law in both independent and dependent administrations and act appropriately in order to protect its claim against an estate. How a personal representative deals with creditors’ claims, allowances and exempt assets can materially affect the assets passing to the family members. Consequently, this article will discuss creditors’ claims in both independent and dependent administrations and uses of allowances and exempt assets.
II. INDEPENDENT ADMINISTRATION
A. Notice to Creditors.
Sections 146 and 294 of the Texas Probate Code (the “Code”) provide for the notices that a personal representative in an independent administration are required to give to creditors.
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