What are the options when the only asset in an insolvent estate is not receiving any viable offers?
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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 5 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.
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