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An outstanding mortgage balance owed by the Chambers wouldn't be "claims owed the estate." That would be a claim the estate owes. There are quite a few instances whereby a decendent may have been holding a mortgage for someone else. For example, my dad had sold some acreage to a neighbor farmer and held the mortgage for them and received the monthly payments for it- all drawn up by an attorney. When dad died, my sister and I continued to receive those monthly payments for the land until the mortgage was paid off, as that was a claim owed to the estate.
RBBM
Very important. Thank you for pointing this out!
So, if there were any claims against the estate (e.g., mortgage, credit cards), those would not show up on the inventory sheet, correct? It only shows assets, yes?