Legal Question in Wills and Trusts in Massachusetts

Re: Probate -accounting

I'm sorry for the loss of your father.

More information is needed in order to answer this question. Is this a debt that was mistakenly believed to be owed to your dad? Or is it a debt that is due to be repaid at a time after your dad's passing, and presumably after the filing of the inventory? It sounds as if you do expect payment in later years.

You should consider reviewing the loan papers. If the debt is now due to your father's estate, you may have the option of calling the debt in at once.

Please let me know if I can help you with this, or with any other aspect of administering your dad's estate.

Re: Probate -accounting

Your question is a little confusing, since you say that it was not owed to him, and no payments had been made.

The implication is that the loan is either in default or otherwise worthless, I assume. Depending upon the situation, a worthless asset, if not expected to result in any receipt of principal or income to the estate, could be handled in several different ways. You may wish to contact the probate court's accounts department to see how they expect you to account.

If no creditors are involved, you might just report the circumstances in writing to the beneficiaries, and keep them informed as to how you are handling it, and whether any receipt of value is anticipated or actually occurs.

In general, after-discovered assets can be reported on the account, sch a, as "previously-undiscovered asset." The question is whether something which is worthless merits accounting.

Good luck.

Probate - accounting change?

I do not believe that you have to change the inventory. If it is an asset of the estate, this may be reflected in the final accounting.

If you have questions, contact me.