We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Executor of an insolvent estate
LydiaJ
Posts: 8,083 Forumite
I've no idea if this is the best forum for this so BGs please move it if you think it would get a better response somewhere else. I think I'll post it in DFW as well.
A family member has died suddenly in his 30s, leaving me as sole beneficiary and sole executor of his estate (unless they find another will written later than the one we've got so far). I'm not sure yet, but I think his credit card debts (about £8k) are more than his financial assets (a couple of bank accounts and the insurance payout on his car, which was written off in the crash that killed him). He was in rented accommodation so there's no house to sell, and his pension and life assurance pay directly to the beneficiaries rather than into the estate.
Obviously I will take legal advice, but I just wondered if anyone on here had experience of being an executor for an insolvent estate, and if so, if you have anything helpful to tell me.
Thanks very much.
A family member has died suddenly in his 30s, leaving me as sole beneficiary and sole executor of his estate (unless they find another will written later than the one we've got so far). I'm not sure yet, but I think his credit card debts (about £8k) are more than his financial assets (a couple of bank accounts and the insurance payout on his car, which was written off in the crash that killed him). He was in rented accommodation so there's no house to sell, and his pension and life assurance pay directly to the beneficiaries rather than into the estate.
Obviously I will take legal advice, but I just wondered if anyone on here had experience of being an executor for an insolvent estate, and if so, if you have anything helpful to tell me.
Thanks very much.
Do you know anyone who's bereaved? Point them to https://www.AtaLoss.org which does for bereavement support what MSE does for financial services, providing links to support organisations relevant to the circumstances of the loss & the local area. (Link permitted by forum team)
Tyre performance in the wet deteriorates rapidly below about 3mm tread - change yours when they get dangerous, not just when they are nearly illegal (1.6mm).
Oh, and wear your seatbelt. My kids are only alive because they were wearing theirs when somebody else was driving in wet weather with worn tyres.
Tyre performance in the wet deteriorates rapidly below about 3mm tread - change yours when they get dangerous, not just when they are nearly illegal (1.6mm).
Oh, and wear your seatbelt. My kids are only alive because they were wearing theirs when somebody else was driving in wet weather with worn tyres.
0
Comments
-
The first thing to remember is that you won't be responsible for his debts. The funeral expenses are the first thing to be paid from his estate, although his bank account will be frozen the bank will pay the funeral director bill. Then whatever money is left will be used to pay off his debts. Sorry i can't help any more.0
-
Thanks hardpressed. Some of the people on DFW think I'll need to get his house contents valued to take into account when winding up the estate.Do you know anyone who's bereaved? Point them to https://www.AtaLoss.org which does for bereavement support what MSE does for financial services, providing links to support organisations relevant to the circumstances of the loss & the local area. (Link permitted by forum team)
Tyre performance in the wet deteriorates rapidly below about 3mm tread - change yours when they get dangerous, not just when they are nearly illegal (1.6mm).
Oh, and wear your seatbelt. My kids are only alive because they were wearing theirs when somebody else was driving in wet weather with worn tyres.0 -
I think they're right ...Signature removed for peace of mind0
-
Thanks hardpressed. Some of the people on DFW think I'll need to get his house contents valued to take into account when winding up the estate.
When I had to deal with my father's estate, the solicitor told me that unless he's got any antiques then household goods aren't really worth anything, if I remember rightly she said put down a couple of hundred pounds. In fact I got a charity shop to come and take what they wanted and we had to dump the rest, decent furniture but old fashioned.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards