Disclaimer: This information is for educational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance.
Detailed Answer
When a creditor submits a settlement demand under Wisconsin law, an executor (personal representative) must gather key documentation to review, verify, and respond within statutory deadlines. Under Wis. Stat. § 859.05, the executor has 60 days after receiving a creditor’s statement to pay or reject the claim. To evaluate the demand, collect:
- Letters Testamentary or of Administration: A certified copy of the court order appointing you executor. (Wis. Stat. § 865.01)
- Death Certificate: An official copy confirming the decedent’s passing and triggering probate timelines.
- Creditor’s Claim Statement: The original demand or invoice detailing the amount owed, date of claim, and basis for the debt. (Wis. Stat. § 859.05)
- Estate Inventory: A complete list of estate assets, including bank accounts, investments, real property, and personal items. (Wis. Stat. § 860.01)
- Asset Records: Recent bank statements, investment reports, property deeds, and titles to verify available funds and secured interests.
- Known Debt Ledger: A record of all known obligations and previously filed creditor claims. (Wis. Stat. § 859.03)
- Supporting Contracts or Agreements: Promissory notes, security agreements, or service contracts that substantiate or dispute the creditor’s assertion.
- Payment History: Receipts or canceled checks showing any prior payments on the debt.
- Correspondence: Emails, letters, or notes exchanged with the creditor regarding the debt or settlement negotiations.
- Collateral Documentation: For secured claims, mortgage or lien documents establishing priority and value of security interests.
Once you assemble these documents, review each item to confirm the legitimacy and accuracy of the claim. If you agree with the amount, prepare payment. If you dispute the claim, draft a written rejection stating your reasons by the 60-day deadline to avoid default under Wis. Stat. § 859.05.
Helpful Hints
- Organize documents chronologically and by category for quick reference.
- Use clear file names and maintain digital backups to prevent loss.
- Track deadlines on a shared calendar to ensure timely responses.
- Communicate disputes in writing and request clarification from creditors as needed.
- Keep copies of all filings with the probate court and creditor correspondence.
- Consider consulting a probate attorney if the claim involves large sums or legal complexity.