19th Feb 2021
In Tony Hseih’s estate, it appears there is the issue of no will. I wrote about that in more detail in my last post.
However, there is also the issue of a “mess” left behind – including possible deals written on Post-It notes or on walls.
In an environment like this, those left behind will have to look at these issues:
– Are there assets to be discovered and managed? I have worked on estates where the records of decedents were disorganized and private, and things such as unknown investment accounts can surface. This also brings up the related duties to manage those going forward. This will affect the inventory and distribution aspects of the estate as well.
– 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?
– Are there emergency items that might need a Special Administrator or other immediate attention – even before the estate is fully up and running and all the other details worked through?