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?
If you think the estate may be insolvent, consider hiring a professional executor.
What’s an Insolvent Estate?
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.
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 unseen taxes. 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.
Who Must Probate the Estate?
Many family members and heirs ask: am I required 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.
If you think the decedent is close to having an insolvent estate, you have options.
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 public administrator) that can step in. But, the interest in the estate and the incentives might not be the same as a person who you hire to help.
Instead, Hire a Professional Executor for the Estate
A better option is hiring a professional executor. You won’t have to do the stressful work yourself and you don’t have to feel bad about abandoning your loved one’s estate to the public administrator.
Even if the estate is NOT insolvent, you now have a relationship with the hired executor. This helps to make sure you get your inheritance. If the estate IS insolvent, then you can relax knowing that a professional is there to wrap up the estate.
Free copy of “The Solo Ager Estate Plan”
Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”
https://anthonyspark.com/wp-content/uploads/2021/03/E207-Hire-a-Professional-Executor-for-your-Insolvent-Estate.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2021-03-10 07:00:102022-04-26 10:52:18E207 Hire a Professional Executor for Your Insolvent Estate
Cryptocurrency (such as Bitcoin) is a new and unique asset. It’s sort of like cash, personal property, and intellectual property all in one. You need to plan for this type of asset in a different way than you would for your bank or brokerage account.
If you want a revocable trust for your bitcoin, you’ll need both a legal plan and a technical plan.
https://anthonyspark.com/wp-content/uploads/2021/03/E206-How-to-Set-Up-a-Bitcoin-Revocable-Trust.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2021-03-03 07:00:312026-06-19 19:13:47E206 How to Set Up a Bitcoin Revocable Trust
Linda spent six months working with a general lawyer (meaning someone who practiced personal injury, litigation, and a dash of probate on the side). There was not much progress in those six months, so Linda became frustrated and transferred the case to us. Sadly, we had to basically start from scratch, because the general lawyer did essentially nothing.
What causes probate delays? Bad lawyers
In Linda’s situation, six months went by and it was as if nothing happened in her case. One of the reasons for the delayed probate was because the general lawyer did not know what preliminary Letters Testamentary were. An experienced probate lawyer would have noticed right away that Linda had a complicated probate and would have immediately filed for preliminary Letters Testamentary. If this had been filed immediately, Linda could’ve started “executor-ing” months ago.
Another reason probate can be delayed is drafting the Petition wrong. In Linda’s case, the general lawyer didn’t understand which family members must be notified, and therefore hadn’t even begun collecting their contact information.
Lastly, probate can be delayed because a general lawyer might not realize that the Will isn’t properly witnessed. (As a side note, this is a good reason to find an experienced attorney to draft your Will). Getting the correct witnessing on a decedent’s Will takes a lot of time, including tracking down the witnesses and having them sign affidavits. An experienced probate lawyer would notice the incorrect witnessing and get started on the correction process immediately.
As with any practice, if a lawyer does not have much experience in a certain area of law, he or she will probably miss important details and cause delays.
When a lawyer gives bad advice
In Linda’s situation, her deceased relative owned an income-producing property, and the general lawyer told Linda not to collect rent anymore from the tenants! This led to non-payment and problems with the tenants, which will cost the estate more money to work out. Instead of listing the house on the market during the summer, this lawyer’s bad advice means that Linda now must winterize the house. With proper legal advice, the house could have been sold and done with before the cold. In summary, bad legal advice causes more stress and aggravation for the client.
How can you avoid all this? Shop around: Compare lawyers, call their office, and visit their websites. Make sure you’re working with an experienced probate lawyer from the beginning.
Request your free consultation
New Client v3 Free Probate Chapter
"*" indicates required fields
Sign-up for your free consultation using the form above, and I’ll be happy to email you a free chapter from Anthony’s best-selling book “How Probate Works.”
https://anthonyspark.com/wp-content/uploads/2021/02/E203-Why-You-Need-an-Experienced-Probate-Lawyer.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2021-02-10 07:00:552022-04-26 10:50:26E203 Why You Need an Experienced Probate Lawyer
Bitcoin is currently a popular topic. Here, we are discussing the risk of theft verses risk of loss with these types of funds, specifically why that matters in the context of estate planning.
https://anthonyspark.com/wp-content/uploads/2021/02/E202-Bitcoin-Risk-of-Theft-vs.-Risk-Loss.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2021-02-03 07:00:442026-06-19 19:13:48E202 Bitcoin Risk of Theft vs. Risk Loss
Another question that we receive often is “should I name a trust as beneficiary of my estate?” In a recent case, Rhonda reached out to us, because she wanted the benefits of a trust (avoid probate, reduce chance of a “will contest,” etc.), but she was not quite ready for the headache of a full-blown trust setup. In her particular situation, naming her trust as beneficiary makes sense. If you are considering this doing this, here are a few things you should consider.
https://anthonyspark.com/wp-content/uploads/2021/01/E201-Should-I-Name-a-Trust-as-Beneficiary-of-My-Accounts.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2021-01-27 07:00:342026-06-19 19:13:49E201 Should I Name a Trust as Beneficiary of My Accounts?
Instead of appointing a family member to administer an estate, you can hire a professional executor. We often get asked if this is a safe and better route.
https://anthonyspark.com/wp-content/uploads/2021/01/E200-Why-You-Can-Feel-Safe-Hiring-an-Executor.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2021-01-20 07:00:522025-03-04 09:13:25E200 Why You Can Feel Safe Hiring an Executor
You may be surprised to learn that we receive requests quite often from people who wish to change their probate lawyer. This was the exact situation one of our clients was facing recently.
https://anthonyspark.com/wp-content/uploads/2021/01/E198-How-to-Change-Your-Probate-Lawyer.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2021-01-06 07:00:152025-02-18 12:04:36E198 How to Change Your Probate Lawyer
Believe it or not, we have clients to do not wish to accept their inheritance. Although extremely rare, there is actually no legal obligation to accept, and it’s completely okay to decline. There are often situations where it is best.
https://anthonyspark.com/wp-content/uploads/2020/11/E196-What-Happens-if-Someone-Doesnt-Want-Their-Inheritance.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2020-12-23 07:00:192025-03-06 09:12:57E196 What Happens If Someone Doesn’t Want Their Inheritance
Quite often we are asked by family members and heirs what the process is to sell a deceased person’s home. It can be a complex and typically you should have a lawyer, but this blog shares a general understanding of how it works and what you can do to get started.
https://anthonyspark.com/wp-content/uploads/2020/11/E195-How-to-Sell-a-Deceased-Persons-House.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2020-12-16 07:00:002025-03-07 10:21:22E195 How to Sell A Deceased Person’s House
We are thrilled to have spoken with Carol Marak, solo aging advisor and advocate. Carol is the founder of the Elder Orphan Facebook Group, which launched in 2016 has almost 10,000 members. She also has a very successful YouTube channel called Solo and Smart and her book Solo and Smart, is slated for publication in 2021.
https://anthonyspark.com/wp-content/uploads/2020/11/E194-Tips-from-Founder-of-The-Elder-Orphans-Support-Group.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2020-12-09 07:00:302025-03-03 09:16:03E194 Tips from Founder of The Elder Orphans Support Group
E207 Hire a Professional Executor for Your Insolvent Estate
/in New York Probate, New York Professional Executor, Non-NY Probate, Non-US Probate, Probate, Professional executor /by Anthony ParkGoing 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?
If you think the estate may be insolvent, consider hiring a professional executor.
What’s an Insolvent Estate?
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.
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 unseen taxes. 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.
Who Must Probate the Estate?
Many family members and heirs ask: am I required 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.
If you think the decedent is close to having an insolvent estate, you have options.
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 public administrator) that can step in. But, the interest in the estate and the incentives might not be the same as a person who you hire to help.
Instead, Hire a Professional Executor for the Estate
A better option is hiring a professional executor. You won’t have to do the stressful work yourself and you don’t have to feel bad about abandoning your loved one’s estate to the public administrator.
Even if the estate is NOT insolvent, you now have a relationship with the hired executor. This helps to make sure you get your inheritance. If the estate IS insolvent, then you can relax knowing that a professional is there to wrap up the estate.
Free copy of “The Solo Ager Estate Plan”
Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”
Solo Ager Book v1
"*" indicates required fields
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E206 How to Set Up a Bitcoin Revocable Trust
/in Bitcoin inheritance, Probate /by Anthony ParkCryptocurrency (such as Bitcoin) is a new and unique asset. It’s sort of like cash, personal property, and intellectual property all in one. You need to plan for this type of asset in a different way than you would for your bank or brokerage account.
If you want a revocable trust for your bitcoin, you’ll need both a legal plan and a technical plan.
E203 Why You Need an Experienced Probate Lawyer
/in New York Probate, New York Probate Attorney, New York Probate Real Estate, Non-NY Probate, Non-US Probate, Probate /by Anthony ParkLinda spent six months working with a general lawyer (meaning someone who practiced personal injury, litigation, and a dash of probate on the side). There was not much progress in those six months, so Linda became frustrated and transferred the case to us. Sadly, we had to basically start from scratch, because the general lawyer did essentially nothing.
What causes probate delays? Bad lawyers
In Linda’s situation, six months went by and it was as if nothing happened in her case. One of the reasons for the delayed probate was because the general lawyer did not know what preliminary Letters Testamentary were. An experienced probate lawyer would have noticed right away that Linda had a complicated probate and would have immediately filed for preliminary Letters Testamentary. If this had been filed immediately, Linda could’ve started “executor-ing” months ago.
Another reason probate can be delayed is drafting the Petition wrong. In Linda’s case, the general lawyer didn’t understand which family members must be notified, and therefore hadn’t even begun collecting their contact information.
Lastly, probate can be delayed because a general lawyer might not realize that the Will isn’t properly witnessed. (As a side note, this is a good reason to find an experienced attorney to draft your Will). Getting the correct witnessing on a decedent’s Will takes a lot of time, including tracking down the witnesses and having them sign affidavits. An experienced probate lawyer would notice the incorrect witnessing and get started on the correction process immediately.
As with any practice, if a lawyer does not have much experience in a certain area of law, he or she will probably miss important details and cause delays.
When a lawyer gives bad advice
In Linda’s situation, her deceased relative owned an income-producing property, and the general lawyer told Linda not to collect rent anymore from the tenants! This led to non-payment and problems with the tenants, which will cost the estate more money to work out. Instead of listing the house on the market during the summer, this lawyer’s bad advice means that Linda now must winterize the house. With proper legal advice, the house could have been sold and done with before the cold. In summary, bad legal advice causes more stress and aggravation for the client.
How can you avoid all this? Shop around: Compare lawyers, call their office, and visit their websites. Make sure you’re working with an experienced probate lawyer from the beginning.
Request your free consultation
New Client v3 Free Probate Chapter
"*" indicates required fields
Sign-up for your free consultation using the form above, and I’ll be happy to email you a free chapter from Anthony’s best-selling book “How Probate Works.”
Inheriting a House in New York With Siblings: What Are Your Options?
Can You Sell a House Before Probate Is Complete in New York?
NY Probate With No Will: What Happens to the House?
E202 Bitcoin Risk of Theft vs. Risk Loss
/in Bitcoin inheritance /by Anthony ParkBitcoin is currently a popular topic. Here, we are discussing the risk of theft verses risk of loss with these types of funds, specifically why that matters in the context of estate planning.
E201 Should I Name a Trust as Beneficiary of My Accounts?
/in New York Professional Executor, New York Wills and Trusts, Professional executor, Solo Agers, Wills /by Anthony ParkAnother question that we receive often is “should I name a trust as beneficiary of my estate?” In a recent case, Rhonda reached out to us, because she wanted the benefits of a trust (avoid probate, reduce chance of a “will contest,” etc.), but she was not quite ready for the headache of a full-blown trust setup. In her particular situation, naming her trust as beneficiary makes sense. If you are considering this doing this, here are a few things you should consider.
E200 Why You Can Feel Safe Hiring an Executor
/in Probate, Professional executor /by Anthony ParkInstead of appointing a family member to administer an estate, you can hire a professional executor. We often get asked if this is a safe and better route.
E198 How to Change Your Probate Lawyer
/in New York Probate, New York Probate Attorney, Non-NY Probate, Non-US Probate, Probate /by Anthony ParkYou may be surprised to learn that we receive requests quite often from people who wish to change their probate lawyer. This was the exact situation one of our clients was facing recently.
E196 What Happens If Someone Doesn’t Want Their Inheritance
/in New York Probate, Probate /by Anthony ParkBelieve it or not, we have clients to do not wish to accept their inheritance. Although extremely rare, there is actually no legal obligation to accept, and it’s completely okay to decline. There are often situations where it is best.
E195 How to Sell A Deceased Person’s House
/in New York Probate, Non-NY Probate, Non-US Probate, Probate, Probate Real Estate /by Anthony ParkQuite often we are asked by family members and heirs what the process is to sell a deceased person’s home. It can be a complex and typically you should have a lawyer, but this blog shares a general understanding of how it works and what you can do to get started.
E194 Tips from Founder of The Elder Orphans Support Group
/in Solo Agers /by Anthony ParkWe are thrilled to have spoken with Carol Marak, solo aging advisor and advocate. Carol is the founder of the Elder Orphan Facebook Group, which launched in 2016 has almost 10,000 members. She also has a very successful YouTube channel called Solo and Smart and her book Solo and Smart, is slated for publication in 2021.