Legal Question in Wills and Trusts in Illinois

Can a house be put on the market during the 6 month creditor period? What is it is sold within that 6 month period - funds can not be distributed until after that 6 months - correct?


Asked on 3/10/11, 12:03 pm

1 Answer from Attorneys

A house can certainly be put on the market during the 6 month creditor period. If the house sells, there should not be funds distributed to the beneficiaries unless the executor/administrator is certain either that 1) there are no known or unknown creditors that will need to be paid out of such funds, or 2) that if unknown creditors should arise, the beneficiaries will return the money, if necessary.

If the funds are distributed too soon, it is the responsibility and liability of the executor to retrieve the funds and pay them over to creditors.

Good luck to you.

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Answered on 3/14/11, 8:38 pm


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