Creditors usually six months to file claims with an estate. While this time frame is intended to provide ample opportunity for all potential creditors to come forward, it also offers personal representatives time to:
Inventory the estate: Depending on the size of the estate, this could include business assets, multiple homes, assets in other countries, and more.
Appraise the assets of the estate: Typically, all non-cash assets that are subject to probate will have to be appraised. Depending on what these assets are, this could require personal representatives to take the extra step of finding and hiring special experts, like art collectors, jewelry appraisers, and others.
Negotiate with creditors: Some creditors may be open to accepting less than the full face value of their debt claim. This can be especially true if creditors would rather collect a reduced payment, close the claim, and move on, rather than spend more money fighting for every last dollar (and possibly not getting it). So, personal representatives may want to try negotiating down valid debt claims, when possible.