Insolvent estates - future planning

Silvertabby

Anticyclonic said:

Silvertabby said:

Anticyclonic said:

Silvertabby said:

Keep_pedalling said:

Anticyclonic said:

Keep_pedalling said:

In reality, unless the debt is very large they will write it off in as it would cost more to recover it. Where probate is not needed none of the creditors have any visibility of the actual estate value as it never becomes a public record. 

Thanks for the insight. I've been reading about something called an Insolvency Administration Order which apparently creditors can petition for if they want to. I wonder how large the debt would have to be for them to do that.

It would have to be pretty large and there would have to be a reasonable chance of success to recover what would be substantial legal costs. 

Usually only when there are assets - such as property - involved.  

Still not clear if the house is owned or rented.  If owned, then that could change things drastically.

They won't own their own home, that much is for definite.

You are probably right - but OP hasn't confirmed that.  Wouldn't be the first time that someone has assumed that if a house has been Willed to a named beneficiary, then it immediately becomes the property of the beneficiary and can't be sold to settle any estate debts 

I am the OP :x

Sorry!  It was just the mention of you or a sibling living with mum and dad that gave me cause to question.