10th Jun 2021
We have been looking at Tony Hseish’s estate as an example of issues that can come up when someone dies without a will or other estate plan.
Usual and Unusual Consequences
In my last post on this topic, I listed some things those left behind would have to follow up on:
– Are there creditors or debts to be discovered and dealt with? Could some of these writings left behind be debt the decedent (now estate) owes others? Could they be debt owed by others to the decedent (now estate) – which would fall back in the first category of assets to be discovered and managed? This will affect the notice to creditor process as well as other aspects of the estate.
– Are there contracts to be discovered and worked through? The estate might have contractual duties to perform. Or contract benefits to receive. Or if there are truly writings on sticky notes and walls, might the parties have to seek judicial guidance about the validity or terms of any potential contracts?
– Do these writings create or effect partnerships or other business entities or concerns? Could the estate find itself in new ventures or partnerships by various writings? Or find previously existing ventures or partnerships altered? And again, if they are on sticky notes and walls, might the parties have to seek judicial guidance about the validity or terms?
Follow Up – New Specific Claim
It is now being reported that a $12.5 million dollar creditor claim has been filed in the estate. It relates to restaurant chain Nacho Daddy. The claim involves a purported contract in “Post-It note form” and a “transcript of conversations” between the decedent and the possible creditor.
It is interesting to see some of these potential concerns take shape. And it will be interesting to see how the issues play out.