E207 Hire a Professional Executor for Your Insolvent Estate

<p>Going through probate is a grueling 1-to-2-year process. Would you want to go through all that if you don’t even get anything out of it?</p> <p>If you think the estate may be insolvent, consider hiring a professional executor.</p> <h2>What’s an Insolvent Estate?</h2> <p><img class="aligncenter size-medium wp-image-9671" src= "https://anthonyspark.com/wp-content/uploads/2021/03/Whats-an-insolvent-estate-300x169.jpg" alt="What’s an insolvent estate?" width="300" height="169" /></p> <p>An insolvent estate is when the decedent’s debts are greater than the assets. For example, the mortgage, credit card debt, and medical bills are greater than the value of the house and bank accounts.</p> <p>There are also situations where the estate is close to being insolvent and you don't realize it. Examples of this are Medicare clawback and <a href= "https://anthonyspark.com/e155-why-does-probate-take-so-long-tax-clearance/"> unseen taxes</a>. If you received medical care paid for by the government, the government will want the money back when you die. This could leave your estate with a large bill. Additionally, the IRS will look over your taxes carefully to be sure they didn't miss anything.</p> <h2>Who Must Probate the Estate?</h2> <p><img class="aligncenter size-medium wp-image-9672" src= "https://anthonyspark.com/wp-content/uploads/2021/03/Who-must-probate-the-estate-300x199.png" alt="Who must probate the estate?" width="300" height="199" /></p> <p>Many family members and heirs ask: am I <em>required</em> to be executor? The answer is no! You can decline or not act at all. Although, some may feel like they are dishonoring their deceased loved one by leaving the estate as a mess.</p> <p>If you think the decedent is close to having an insolvent estate, you have options.</p> <p>One not-so-great option is to let the state take over. There’s a state office (sort of like the public defender, but called a <a href= "https://nypost.com/2012/07/29/how-insiders-snatch-millions-from-estates-in-the-scandal-scarred-surrogate-courts/" ta