What do you do when an estate has no monies to pay bills with ?
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What do you do when an estate has no monies to pay bills with ?
The deceased left ALL monies to her church thru beneficiary benefits. How do I settle the estate with no access to any funds to pay bills ?
Asked on March 4, 2019 under Estate Planning, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You have to let the probate court know that the estate is insolvent: you'd provide an accounting to the court of the debts vs. the assets. The court can order that the estate be settled and probate closed out even without paying the debts, if there is no money to pay the creditors. Contact the clerk of the probate court for instructions. It is possible that the court will require a hearing on the subject and documentary evidence (e.g. of the deceased's bank account[s]) to satisfy itself as to the insolvency.
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