When an individual dies, there is a chance that money could still be owed to creditors. In many instances, parties who are owed money may file a claim with the probate court in order to determine whether they will receive the money they believe they are owed. Maryland residents may be interested in one such case currently underway in another state.
Reports indicated that the situation involves the estate of a businesswoman and a company for which she was president and CEO. Apparently, the company claims that it is owed $975,000 from the woman's estate for money it had lent to her, presumably for business-related ventures. A letter written on behalf of the company states that the amount due exceeds over $3 million, but it is only seeking the $975,000 from her estate.
The late woman's husband has reportedly been conducting estate sales in order to take care of financial obligations associated with the woman's bequests. He is apparently working to obtain $350,000 in order to pay amounts promised in the woman's will. He stated that the letter provided by the company is not proof of the loan, but the company plans to file a claim with the probate court to address the matter.
Litigation revolving around an individual's estate could significantly hinder its administration estate. However, legal proceedings may be necessary in order to ensure that all matters pertaining to the estate are properly addressed. If Maryland residents are facing complications in relation to the estates of their loved ones, they may wish to speak with experienced probate attorneys for information on their options.
Source: wtoc.com, "Company claims Diane McIver owed them nearly $1 million", La-Keya Stinchcomb, Jan. 17, 2017