Arizona | Elder Law
Legal Question
need sample letter to creditors of a insolvent trust
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Legal Answer
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Read More Answered By: Donald Scher |
You do not explain if the trust has more debts, than assets, and is therefore insolvent, or if the trust has debts and no assets. In either case, you can write a letter to each creditor stating the facts and then it is up to them how they wish to proceed. The trustee has a legal duty to the creditors to treat them honestly and fairly. If the trust has assets, then the money in the trust can be used to pay attorney fees for the trustee to get advice and counsel. |
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