[WSBAPT] Estate Became Insolvent-RP Only Asset-Just above Water

[Steve Nicol]

Jayne,
 
There are a number of traps here, but one thing that jumps out is the PR living in the house.  Under well established Washington law, the house is an asset of the Estate and the PR should pay the Estate fair rent (if not already).  If the PR wasn't paying rent and a creditor became aware of this situation I could see a motion to enforce.
 
Steve
 
Date: Wed, 27 May 2015 11:20:58 -0700
From: jgilbertatty at gmail.com
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Estate Became Insolvent-RP Only Asset-Just above Water

I posted something similar to this last week and only got one response. Dearlistserv people if you have any thoughts, please respond:
QP: There is not enough equity to pay General Creditors. PR will be filing a Notice of Apparent Insolvency. After the mortgage has been paid and the cost of a sale hasbeen paid, there will be between $2,500-$4,000.00 left for Creditors at best
When the Creditors have all received Notice of Insolvency and Notice is Filed withthe Court can the PR resign, quit or otherwise walk away from the Probate? If sowhat kind of Motion does the PR bring?
Or does the PR simply inform the Creditors of her intent to "walk away" or does it require a Court Order?
Would your answer change if the PR lives in the house at present with theBeneficiary's consent? And the mortgage Company is initiating Foreclosure?
The PR is not a Beneficiary or an heir
Would a Deed in Lieu for the Benefit of the Estate be a possible answer ordoes that conflict with my duties as attorney to the PR and attorney to theperson who happens to be the PR?



The PR is not a beneficiary or heir.
This is my first and hopefully, last Insolvent Estate.
Thank you very much for reading this request for guidance. I do appreciate it-- 
*************************************************
Jayne Marsh Gilbert
Gilbert and Gilbert Lawyers, PS
(360) 336-9515
*************************************************


_______________________________________________
WSBAPT mailing list
WSBAPT at lists.wsbarppt.com
http://mailman.fsr.com/mailman/listinfo/wsbapt 		 	   		  
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20150527/f5ef860b/attachment.html>