What is the Washington statutory Creditors Claim law? What benefits does it provide?
In the Washington statutory Creditor’s Claim law, the legislature is balancing two interests: • Creditors’ desires to be paid the debt due them, and • Beneficiaries’ and Heirs’ desires to receive estate assets having clear title. The compromise reached is that: • The legislature has instituted a straightforward, although relatively rigid, statutory procedure for either probate or nonprobate estates (as debtors) and creditors to follow, and provided that for those who successfully follow and complete it, four months later: • Any creditor will have had sufficient time and opportunity to perfect his/her/its claim, and • As for the assets that remain, the Beneficiaries and Heirs will receive clear title, assured that no creditor should be able thereafter to successfully pursue a claim against an asset to satisfy any of Decedent’s remaining unpaid debts. • The procedure for identifying creditors involves: • Publishing a Probate Notice to Creditors in Decedent’s resident county at death; • R
