Dad passed away with no money but debts!

securityguy

"So you really need to sit and think about what he's got and what it's worth, before asking the question again ... about whether XYZ should be sold/used to pay the debts or not."

This can be bad advice, depending on whether the estate is clearly insolvent and depending on whether there are things of no monetary but sentimental value they want to keep. The alternative is to do nothing, not apply for letters of administration, renounce any executorship in any will, and leave it to the creditors to sort out if they wish. Relatives don't have to pay, and, provided they're OK with creditors taking the assets, don't have to lift a finger to help.

Yorkshireman99

PasturesNew wrote: »

Debts die with the person.

However, everything they own (from their car and hi-fi, to the saucepans and curtains) are "their estate" - so, should there be sufficient money available by selling their stuff to settle the debts then the debts should be paid from their estate.

People often confuse the terms "their estate" to mean "that's something for posh folks", but he might, say, have a collection of 2 Rolex watches and 4 gold sovereigns and an old caravan at Hemsby.

Estate = "everything they own".

Of course, flogging his plates for 50p/4 at the car boot sale to try to sell everything to settle such a large debt isn't what it means either, as that's just daft.

But, sitting back, ignoring all the "tat" he owns, is there anything that he owns that actually has "true value".... a car, a flash watch, etc etc - they'd be "his estate".

If he died with £5 in the bank and a £50 sofa, then then £16k would be written off.

It is further complcated by any pensions/lump sums that some people might be receiving upon their death.

So you really need to sit and think about what he's got and what it's worth, before asking the question again ... about whether XYZ should be sold/used to pay the debts or not.

Once there's nothing left in the pot, they CAN'T/WON'T come after you for the rest.

Debts do not die with the person! If there are assets once the funeral costs are met then other debts are payable from what is left. In the OP's case the estate is almost certainly insolvent. The OP needs to be careful not to intermedde in case they become liable.

Brit27

I should have read through some posts first as I am in a very similar situation as the op J, only the debt is a larger amount.


Please post your progress if you can J as it will be interesting to see how our situations compare, I certainly know how you are feeling after your loss.

mum2one

Brit27 wrote: »

I should have read through some posts first as I am in a very similar situation as the op J, only the debt is a larger amount.


Please post your progress if you can J as it will be interesting to see how our situations compare, I certainly know how you are feeling after your loss.

I'm going throu / fone throu pretty much the same with my dad, he had 1ok debts - 2 credit cards - basically he has no funds to pay them, as executor of his will, I sent the death cert in with a covering letter saying the estate is insolvent.

1st credit card - was with his bank - they wrote it off there and then when I registered the death (he had a joint bank account with my mum, that was overdrawn - my mum becomes liable for that)/

The 2nd card - sent the death cert, covering letter, awaiting for the company to get back to me.

You can always pm me - if I can help x