You have many duties as the administrator of an estate in Bridgewater. One of these duties is to inventory the deceased’s assets. But did you know you also have to inventory the deceased’s debts? It is an important part of the probate process, and it is one of your many duties.
Why inventory debts?
You may wonder why you have to inventory the deceased’s debts. Simply put, you need to calculate the full amount of the debts the deceased owed at the time of their passing so you can pay them out of estate assets. You may have to liquidate some of the assets you inventoried to cover all debts owed.
What kind of debts should you look for?
You may want to look for the following debts when performing your inventory.
You will want to look for credit cards with an outstanding balance. You will want to look for personal loans or business loans that have yet to be paid.
You will want to look for a mortgage on any real estate. You will want to look for money owed on private student loans or on auto loans.
You will want to look for medical bills and outstanding taxes that have not been paid. Finally, you will want to look for unpaid court judgements.
Fulfilling your duty as administrator
In the end, all debts big and small must be inventoried. It is one of your duties as an administrator. It is understandable if you feel overwhelmed by this. Many administrators find that they need professional legal assistance to perform the duties bestowed upon them.