Deceased estates notice

jsatellite

I've at long last got letters of administration so I can deal with the outstanding bits of my mum's estate. I'm as certain as can be I've identified all her debts - I was very familiar with her finances having helped manage them with her for years. I've scoured through her extensive paperwork, traced every mortgage, loan, card, catalogue, subscription, etc, and am satisfied they were dealt with years ago. The only beneficiaries are myself and my sibling.

It's been 11 months since her death and once the house sale completes in the next couple of weeks I'll be ready to distribute the residuary estate. I know it's advised that administrators place a notice in the Gazette and/or local paper, but in my case I don't think it will be worth doing - as I'm a beneficiary too, creditors (if any exist) could still chase me anyway. Do others here agree?

Thrugelmir

Ultimately as executor you are personally liable. Hence why it's recommended. 

https://www.thegazette.co.uk/deceasedestates

Robin9

Also required to put notice in local newspaper.

Has anyone ever had a creditor come out of the woodwork following such notices. ?

PS Hands up how many MSE'rs read The Gazette ?

Mojisola

jsatellite said:

I've at long last got letters of administration so I can deal with the outstanding bits of my mum's estate. I'm as certain as can be I've identified all her debts

The only beneficiaries are myself and my sibling.

It's been 11 months since her death and once the house sale completes in the next couple of weeks I'll be ready to distribute the residuary estate. I know it's advised that administrators place a notice in the Gazette and/or local paper, but in my case I don't think it will be worth doing - as I'm a beneficiary too, creditors (if any exist) could still chase me anyway. Do others here agree?

Like you, I was sure that there were no hidden debts that would appear so I didn't put an advert in the Gazette.

If, in the unlikely event of a debtor appearing, it would have to be paid by me and my siblings so I saved the money and time.

Thrugelmir

Robin9 said:

PS Hands up how many MSE'rs read The Gazette ?

How many MSE'rs are looking to recover unpaid debts? 

kipsterno1

I am currently in the same position. Like you I am very confident that I have knowledge of all my late fathers finances having helped manage them under a LPA for several years. I am taking the same view as you that if anything was to turn up I will pay it. I won't be placing a notice.

JGB1955

I didn't place a notice.  I had (and used) POA for my father for the two years before his death.  I was confident that nobody would come out of the woodwork - his house had already been sold and he kept meticulous records ('Winding up orders' and 'State of the Nation' were the two icons on his laptop when I 'took over'.)  Probate was obtained in just under 3 months from his death in June 2020.  My brother and I were joint (and only) beneficiaries.  Large Interim payments of 95% of the estate were made at the end of September 2020.  'Final' (but not quite!) payments were made in April 2021.  A balancing payment was made in August 2021, once HMRC had got their act together - tax due for 2020/21 for the Estate in Administration (for all intents and purposes) matching my father's tax rebate for the same financial year.  If anyone HAD come out of the woodwork, my brother and I would have shared the cost.

SevenOfNine

Wrapped up estates 4 times, didn't advertise in the Gazette for any of them, was totally confident no debts/income or hidden beneficiaries that might surface.

Only adverts I placed for 3 of them were in the local paper to notify people of funeral date/time. Nothing more. 

Savvy_Sue

I've co-executed 2 wills and my fellow executor wanted it done, so we did. In fairness, some of our fellow beneficiaries had plans for their share and so if anything had crawled out of the woodwork it could have been tricky.

Response? Letters from people keen to organise a quick sale of the house ...

jsatellite

Is there a time limit after which creditors can no longer chase beneficiaries?

Thrugelmir

jsatellite said:

Is there a time limit after which creditors can no longer chase beneficiaries?

Creditors will chase the executor(s). In summary executorship is a legally defined responsibility.

An Executor has the legal authority to administer an estate and is ultimately responsible for any mistakes made. They can be held personally financially liable for any breaches of duty.

As a result it is imperative that the Executor does everything in their power to ensure that they include all assets in the inventory of the estate and that they settle all liabilities of the Estate in full.

Only you can make the judgemental call with your personal insight into the deceaseds financial affairs.