Raised Bill No. 5493 - Summary

• Reduces the deadline for creditors to present claims against a decedent's estate from 150 days to 60 days from the date of the first fiduciary's appointment.

• Reduces the optional notice period for fiduciaries to notify potential claimants from 90 days to 60 days, after which claimants are permanently barred from asserting claims.

• Reduces the claim presentation deadline in insolvent estates from 150 days to 60 days from the determination of insolvency, with notice to creditors required within 30 days before expiration.

• Allows creditors who fail to present claims through no fault of their own to request a court extension of up to 30 days to file claims.

• Changes references from "Court of Probate" to "Probate Court" throughout the statute and becomes effective October 1, 2020.