I have an executor of a will question?

Question

I am or was the executor of a will and I followed all the laws. I filed with the county seat Register of Wills and they placed the notices in a business paper for creditors to make a claim against the estate. I waited the 9 months waiting period (as mandated by law) and then went to final accounting where the will was settled. Then I distributed the property in accordance with the will. 

That was 3 months ago. Now a creditor appears and sent me notice he had a very large signature loan for over 100K. And they demand payment. I saw the loan papers and I am certain it is his (the deceased) signature on the loan.

However  the assets have already been distributed so there is nothing left. This creditor failed to file a claim against the estate. They are saying I am responsible and I have to pay the loan. 
My question is  "If they failed to file in a timely manor, does this loan have to be repaid or is the creditor out .?

 I don't have $100K to give them and the house was already sold and divided up. 

Any help would be appreciated.

Go with the flow · Accepted Answer

You followed the rules.
I'm sure you even looked at the credit reports also to look for this loan.
My suspicion:  You might be dealing with a scam artist if this was never on his credit reports.  A 100K signature loan?  That's not with a bank?

DON W · Answer

I agree with the previous responses: it sounds like you did everything correctly.  There is a limited amount of time to file claims against the estate.  After a year, a claim would not be considered timely and it is doubtful that any court would uphold it.

I also agree that it is VERY doubtful that there was a $100K signature loan--such large loans are almost always backed up by something, such as a house or other valuables.  As for the signature--they can be copied and forged.  The scam artist would just need to find a mortgage that the deceased had signed, which should be on public file.

It also doesn't sound right that you, as executor, would be liable.

I'd speak to a lawyer and obtain advice.

M W · Answer

You are not liable.  They failed to file a claim within the acceptable period of time.  I would want to see the ORIGINAL document, not a copy.

Tell them to take you to court.  They have no claim and the documents could be fake.  Who does a 100k loan on a signature only, no collateral.  Sounds fishy to me.

Put the onus on them to prove that the document is legitimate, let them do that in front of a judge.

wizjp · Answer

He missed the window to file in. At this point he can try going after the heirs of the estate; but I'd tell him to pound salt and send all future correspondence to my estate lawyer. 

Might have a talk with the local probate office to put your mind at ease.

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I have an executor of a will question?

4 Answers