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  1. #1

    Default Inventory of Assets in a Probate Case - Do You Use Gross or Net Values

    HI - I am helping my sister research because she is trying to be named as the executer of my mother's rather small estate and we are hitting road blocks. The court is requiring that she obtain a surety bond for over the amount of the assets. The surety companies will not bond her without a lawyer.

    We do not believe the assets are worthy of either cost.

    We filled out the probate paperwork showing the actual gross value of the house and her car, as well as any monies she left behind and investments.

    There was no place to fill in liabilities against them but she owed $100k on her house more then it was worth and she owed $1200 on a car that was worth maybe 1200-1500.

    So in reality her net worth was well below 0.

    So if we filled out the forms wrong, we will gladly fix them and avoid this, but figured we'd see what others knew about this before contacting the clerk in the morning. They told us when we asked last time that it's a statutory issue but if we filled out the papers wrong then obvioulsy they are speaking for what they don't know.

    So any idea if we did it wrong or not? Or are we stuck with having to get a lawyer and a bond for a negative estate?

    thanks!

  2. #2
    Join Date
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    Default Re: Assets in a Probate Case - Gross or Net (New Hampshire)

    The debts of the estate don't reduce the value of the property subject to administration. The bond protects everybody with an interest in the estate, not just the heirs. I can't find a statutory way around the court's order. Note, there may be one that isn't obvious from the statutes - that's something your sister can determine when she consults a lawyer about assisting with the estate.

  3. #3

    Default Re: Assets in a Probate Case - Gross or Net (New Hampshire)

    Thanks that's what I was thinking. We did find out that we can petition for a waiver of the surety bond, so we're going to try that before having her spend thousands on the bond and lawyer.

  4. #4
    Join Date
    Mar 2005
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    28,906

    Default Re: Assets in a Probate Case - Gross or Net (New Hampshire)

    In most states (perhaps all, but I haven't read the statutes of all states to be sure) the decedent can waive the requirement for a bond right in his or her will. This example highlights why such a waiver can be beneficial to the administrator and heirs.

  5. #5

    Default Re: Assets in a Probate Case - Gross or Net (New Hampshire)

    The interesting thing is the first time I spoke to the clerk and askd if there was any way around the bond, she said no it's statutory. she said even if the deceased put it in their will not to use noe, the judge would order it anyway. then the 2nd time i called she told me we could file to request a waiver of it. No sense, but hopefully it gets granted.

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