How to Handle Insolvent Estates
Whether to probate the estate, and how to advise your clients on which claims to pay, how much, and when
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- Product Number: 2200138WBA
- Publication Date: 2/27/2020
- Length: 1 Hour CLE Credit Note
- Copyright: © 2020 MCLE, Inc.
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Product Description
Product Description
Not all insolvent estates should be probated by the named personal representative in the will or the default personal representatives under the Massachusetts Probate Code. Probating an insolvent estate starts with an analysis of whether your client should undertake the endeavor at all. Knowing where your clients’ rights rank among the priority of claims is a critical first step to deciding whether your clients should bother with this undertaking. With the right analysis at the outset, you can ensure that only the cases that benefit your clients are undertaken by your clients.
Having determined that your client would benefit by seeking to be appointed the personal representative of the estate, or having discovered the estate is insolvent after your client has been appointed, the faculty next discuss the pitfalls and perils to avoid when satisfying the claims of creditors. The stakes are high for the would-be personal representative. Adding insult onto injury, failure to pay only the creditors entitled to payment could result in your client being personally liable for any erroneous payments made.
Hear the faculty explain how the priority of claims statute in the Massachusetts Probate Code works in the Probate Courts. Learn about the importance of the one-year statute of limitations on claims so you can properly advise your clients on which claims to pay, how much, and when.
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Agenda
Agenda & Materials
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12:00 - 12:20 pm
Overview of How Sections 3-802 Through 3-814 Work Together to Determine Whether a Claim Must Be Paid, Can Be Paid, or Should Not Be Paid
on demand video Add to Cart -
Difference Between a Claim Against the Decedent and a Claim Against the Estate—and Why That Matters
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How “Family Allowance” and “Exempt Property” Rights Fit into the Administration of an Insolvent Estate
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12:20 - 12:55 pm
Importance of the One-Year Statute of Limitations on Claims Against the Decedent—and How Often What Appears to Be an Insolvent Estate Is Rendered Not Insolvent by This Statute
on demand video Add to Cart -
Case Study
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Procedural Steps That Must Be Taken When It Is Clear the Estate Is Insolvent
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Forms Utilized by the Probate Courts When an Estate Is Legally Insolvent
T. Michael Sullivan, Esq., Robinson, Boesch, Sennott & Daly P.A. , Portsmouth
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12:55 - 1:00 pm
"Ask the Experts" Q&A Session
on demand video Add to CartKaren B. Johnson, Esq., Madge & Johnson, PC , Westford
T. Michael Sullivan, Esq., Robinson, Boesch, Sennott & Daly P.A. , Portsmouth
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Please Note
MCLE webcasts are delivered completely online, underscoring their convenience and appeal. There are no published print materials. All written materials are available electronically only. They are posted 24 hours prior to the program and can be accessed, downloaded, or printed from your computer.
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