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monies from estate

cheqmate06
Posts: 211 Forumite
Hello
I was looking for some guidance on my late aunts estate. She lived in rented property so that is not a problem. A funeral policy was left which pay £6,000 and there was other monies totalling a further £1,500. After checking her flat i have found debts totalling £9,000. After funeral costs of £3,500 (England to Northern Ireland) this will leave £4,000. As sole executor of her will i wish to know a couple of things.
With regards to the debt of £9,000 and estate of £4,000 is there any priority to repaying her debts?
Can i be chased for the remaining £5,000 of debt?
Thanks
I was looking for some guidance on my late aunts estate. She lived in rented property so that is not a problem. A funeral policy was left which pay £6,000 and there was other monies totalling a further £1,500. After checking her flat i have found debts totalling £9,000. After funeral costs of £3,500 (England to Northern Ireland) this will leave £4,000. As sole executor of her will i wish to know a couple of things.
With regards to the debt of £9,000 and estate of £4,000 is there any priority to repaying her debts?
Can i be chased for the remaining £5,000 of debt?
Thanks
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Comments
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cheqmate06 wrote: »Can i be chased for the remaining £5,000 of debt?0
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probably too late if you were named executor and intermeddled allready.
Usual advice is to not get involved if the estate is insolvent, a lot of work for nothing.
If you now have no choice you have to make sure you do it right, get it wrong you could be liable.
don't pay any debt till you know what you are doing.0 -
If there is any debt that i am not aware of, is there a procedure to notify everyone that there is some money in the estate and they need to contact me for dividend? is there a timescale for them to do this?0
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cheqmate06 wrote: »If there is any debt that i am not aware of, is there a procedure to notify everyone that there is some money in the estate and they need to contact me for dividend? is there a timescale for them to do this?
Yes, you need to place Notices to Creditors in the London Gazette and a local paper under s27 Trustee Act 1925. Unknown creditors then have two months to come forward and you mustn't make any distributions or settle any debts until after this.0 -
I have had a look at the London Gazette and see what i should do. My question is as i have no knowledge of what my aunt owes exactly(some old paperwork was in property) should i not contact anybody and place the advert and wait for everyone to contact me. After the 2 month period am i wrong in assuming that if they haven't contacted me its then too late for them to claim from the estate?0
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Also be aware that unsecured debts on which nothing has been paid for the last 6 years and which she did not acknowledge in writing for that time are status barred unless the creditor has a CCJ. So they do not need paying even if legally they exist.If you've have not made a mistake, you've made nothing0
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cheqmate06 wrote: »I have had a look at the London Gazette and see what i should do. My question is as i have no knowledge of what my aunt owes exactly(some old paperwork was in property) should i not contact anybody and place the advert and wait for everyone to contact me. After the 2 month period am i wrong in assuming that if they haven't contacted me its then too late for them to claim from the estate?
NO, the debts still exist against the estate
it does is remove liability of the administrator.
remember most debt including utilities HMRC and Council are all at the same priority level
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I asume since you are going through with this you have allready done more than just pay the funeral so intermeddled in the estate.
Rememeber you can just leave it alone in you have not intermeddled.
just because you are a named executor does not mena you have to admin an estate.0 -
Hello
Just looking for some more great advice.
I have found that there is a loan formerly with blackhorse finance which has now been sold to a collection company. I think she was in the process of applying but did not complete a claim to recover ppi. This would mean i assume that protection was taken out when she took out the loan. If this is the case does that mean the insurance should pay on her death and clear the debt even though the debt has been sold to a collection company?
Thanks0
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