No funds in the estate how do i inform creditors?

Sirlaughalot

I`m helping me Sil who is the executor of my brother's estate. There are no funds left to pay off debts so how do we inform creditors? Is there a template we can use to send out to companies/ organizations to let them know of the situation?

Thanks in advance

Keep_pedalling

What did the solicitor say when you took the legal advice everyone was telling you to do on your previous thread?

Sirlaughalot

Keep_pedalling wrote: »

What did the solicitor say when you took the legal advice everyone was telling you to do on your previous thread?

Said that the legal side of the family asset trust was sound and to go ahead with the finalisation of the estate

Keep_pedalling

Sirlaughalot wrote: »

Said that the legal side of the family asset trust was sound and to go ahead with the finalisation of the estate

Was the solisitor actually told the loans were spent on enhancing the property placed in the trust. Sorry but this still sounds as dodgy as hell, and I would not touch. It with a very long barge poll.

Sirlaughalot

Keep_pedalling wrote: »

Was the solisitor actually told the loans were spent on enhancing the property placed in the trust. Sorry but this still sounds as dodgy as hell, and I would not touch. It with a very long barge poll.

That`s fine you are entitled to your opinion. We have been to the citizen's advice bureau and a local solicitor now and neither has been over alarmed so we will just have to finalize the estate and see what happens on the legal side.

But thanks for your advice

Keep_pedalling

Just remember administering an insolvent estate can make you responsible for the debts unless you do everything by the book. If I was a creditor in this case I would be concerned that a fraud had taken place.

Yorkshireman99

Sirlaughalot wrote: »

That`s fine you are entitled to your opinion. We have been to the citizen's advice bureau and a local solicitor now and neither has been over alarmed so we will just have to finalize the estate and see what happens on the legal side.

But thanks for your advice

It is difficult to understand if you have been to the CAB and a solicitor why you are now asking for advice here. Either we have not been told the full facts or the CAB and solicitor have not been told either. Neither the CAB or a competent solicitor would suggest administering an insolvent estate. If you are determined to do so all you need is to tell each creditor the estate is insolvent and they will not be paid. No need for any template.

Sirlaughalot

Yorkshireman99 wrote: »

It is difficult to understand if you have been to the CAB and a solicitor why you are now asking for advice here. Either we have not been told the full facts or the CAB and solicitor have not been told either. Neither the CAB or a competent solicitor would suggest administering an insolvent estate. If you are determined to do so all you need is to tell each creditor the estate is insolvent and they will not be paid. No need for any template.

Thanks, i now know nothing else is expected to be paid into the estate so i can communicate with the creditors and explain there is no funds in the estate. Just looking for a template that i could use to look a bit more professional. But i think i have one now from Macmillan support.

Thanks again for your help

Sirlaughalot

I have almost finalized the work required to settle the estate just waiting for a reply from the lost accounts advice given in the main help forum on deaths. It`s been about 4 weeks so far, is there a suggested time limit on when to expect a reply? Will they reply if no accounts have been found?

Thanks in advance

Sirlaughalot

Do recent widows/widowers have any special tax consideration from the HMRC when it comes to income tax allowances or can i assume they are now classed as single people.

Thanks in advance

Linton

Sirlaughalot wrote: »

Do recent widows/widowers have any special tax consideration from the HMRC when it comes to income tax allowances or can i assume they are now classed as single people.

Thanks in advance

Recent widows/widowers have no special income tax allowance considerations. But I cant see why that information should be of any relevence to an executor. Why do you need to assume anything?