What are the options when the only asset in an insolvent estate is not receiving any viable offers?

Get Legal Help Today

 Secured with SHA-256 Encryption

What are the options when the only asset in an insolvent estate is not receiving any viable offers?

My husband’s estate is insolvent. The only asset in probate is a small piece of

wetland assessed at $17,000. An offer of $10,000 was received and rejected.

No other offers have been received. The person who gave the only offer is no

longer interested in buying. What are the options in handling this situation as far

as settling the estate is concerned?

Asked on July 20, 2018 under Estate Planning, Massachusetts

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

If the estate is insolvent, you (assuming you are the only person inheriting) could disclaim, or give up, your right to inherit this wetland, then step down as executor or personal representative--you cannot be forced to serve against your will--and not worry about what happens to the wetland or the estate. You should not be personally liable for any estate debts. Simply walking away from the situation, when there is no benefit to you, is an option to discuss with your lawyer.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption