Probate granted - Gazette advert question

Sea_Shell

konark wrote: »

The Gazette advert protects only the executor but not the beneficiaries from unforeseen debts. In your case it is useless as any creditor would sue you as beneficiary.

So does this mean as an beneficiary, you can, out of the blue, be pursued for debt of an estate if the executor hasn't done a thorough job on finalising the estate!!! That's a crackers situation. How long should you "ring fence" any Inheritance "just in case"?. Also is the liability limited to just your inheritance or to your share of the debt, in proportion to inheritance payout??

Keep_pedalling

Sea_Shell wrote: »

So does this mean as an beneficiary, you can, out of the blue, be pursued for debt of an estate if the executor hasn't done a thorough job on finalising the estate!!! That's a crackers situation. How long should you "ring fence" any Inheritance "just in case"?. Also is the liability limited to just your inheritance or to your share of the debt, in proportion to inheritance payout??

Part of doing a thorough job is to place the advert. I'm not sure what more an executor can do to try and flush out unknown debts, if the deceased has not left any record of them.

If any debt turns up and there was not sufficient in the estate to pay it then the beneficiaries can be chased for their share of the estate but no more than that.

Yorkshireman99

Do you know if the liability is pro-rata or are all beneficiaries jointly and sevrably liable? A cite would be helpful. TIA

PasturesNew

The advert is unnecessary for the majority of people, especially these days. So long as you're opening the mail you'll know what they owe and where.

The Gazette was a simple way for "the wealthier" to let people know that somebody had died so that accounts at far-flung shirtmakers and business associates who had lent them money could be drawn up when they scanned down and saw their associate's name and they could get in touch.

Years ago a wealthier person will have had "accounts" at various places in different towns. These days even the wealthier will have more of a digital and paper trail.

For "the average person" just leading a regular life, there's no need.

Is a private members club likely to write in a year and say "The annual subscription to the private members club has not been paid and your bar bill from 2017 still needs to be settled"? No.

Will a bespoke shirt maker in Nottingham write and say "The 3 camel's silk shirts you commissioned ... are an outstanding account now". No.

If you know their life, with the modern age and post and bills ... it's very very very very unlikely you'd ever be "taken by surprise".

Keep_pedalling

Yorkshireman99 wrote: »

Do you know if the liability is pro-rata or are all beneficiaries jointly and sevrably liable? A cite would be helpful. TIA

A good question, but I suppose in the very rare occasions this has happened I would imagine the first call would be on the residuary beneficiaries as it would be their share it should have come out of in the first place.

Yorkshireman99

A good answer!