Generally speaking, any creditors of a decedent at the time of his death can file a claim against the decedent’s estate. The executor of the estate has a duty to pay any creditors that make a legitimate claim against the estate before distributing assets to the decedent’s heirs. The process the estate goes through probate and how creditors are allowed to file claims is governed by state law.
This form is a release of claims against the estate by a creditor.
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Legally, the executor cannot change the will or refuse payment, but executors can breach their fiduciary duty, as explained below, leaving beneficiaries vulnerable to creditors.
BC Form Form P17, which may also referred to as Notice Of Renunciation, is a probate form in British Columbia. It is used by executors, personal representatives, trustees, guardians & other related parties during the probate & estate settlement process.
This inventory must include all of the decedent's (i) personal estate under your supervision and control, (ii) interest in any multiple party account (which is defined in Part 2) in any financial institution, (iii) real estate over which you have a power of sale, and (iv) other real estate that is an asset of the ...
In BC, an estate trustee has one year to gather the estate assets and settle the affairs of the estate. This is known as the ?executor's year.? It begins to run from the date of death, or from the date the probate application is granted (if it is necessary to apply to probate court).
This time period is commonly referred to as the Executor's Year. During these twelve months, the Executor has no obligation to distribute to the beneficiary (ies) any assets of or income earned by the estate during that period ? unless it is specifically provided for in the will.
