Renouncing insolvent estate

jonnyb1978

Savvy_Sue said:

jonnyb1978 said:

Thanks. What should I do with the will once handed to me?
Surely I can not just ignore it 

Yes, you can. If anyone expresses interest in executing, repeat 'there's no money but there is a will, would you like it?'

Thanks.. This is what's confusing me. 
If I keep the will. What if someone gets hold of a copy from wherever (will registry maybe) and I'm the executor but ignored everything stating nobody is administrating estate.. Could I be held liable? 

artyboy

jonnyb1978 said:

Savvy_Sue said:

jonnyb1978 said:

Thanks. What should I do with the will once handed to me?
Surely I can not just ignore it 

Yes, you can. If anyone expresses interest in executing, repeat 'there's no money but there is a will, would you like it?'

Thanks.. This is what's confusing me. 
If I keep the will. What if someone gets hold of a copy from wherever (will registry maybe) and I'm the executor but ignored everything stating nobody is administrating estate.. Could I be held liable? 

NO!!

I'm not sure how many other ways we can tell you this!

RAS

You won't be applying for probate, so the only way anyone can get hold of the will is if you send it to them.

Are you the only executor?

poppystar

jonnyb1978 said:

Thanks. What should I do with the will once handed to me?
Surely I can not just ignore it 

If you don’t have the Will yet then who does? If it is with a solicitor just tell them the estate is insolvent and you are not going to act as executor (in writing if you want to be formal) and don’t let them hand the Will to you. That way you don’t need to worry about it. 

jonnyb1978

Thanks all.. It's just so confusing, everything I've read says if you don't want to act as executor you have to renounce. Hence my original question.

I know I can't be liable for debts etc but if I just sit and do nothing I was wondering if I could be liable for not doing the job as executor.

So basically inform everyone of their passing, with a copy of death certificate and letter saying no assets and their estate is insolvent.

Out of curiosity what woukd happen to bank account after being frozen and nobody claims to deal with t? 

Malthusian

jonnyb1978 said:

I know I can't be liable for debts etc but if I just sit and do nothing I was wondering if I could be liable for not doing the job as executor.

You do need to send in the Deed of Renunciation to formally renounce your role. The early posts in this thread saying that you don't need to do anything other than inform the creditors are incorrect, and are probably confusing your situation with estates which are intestate as well as insolvent (which come up a lot on this forum).

When someone applies for letters of administration where there was a valid Will, they will need to list any executors who are not applying and say why they are not applying. If the reason is that the executor has renounced, they need to enclose the PA15 renunciation form signed by you.

(*edit* If you inform the creditors and nobody ever bothers to pick up the job and apply for letters of administration, then there is no real reason to send in a renunciation form. However, if someone did apply for letters of administration you would need to formally renounce, so it's not wholly correct to say that all you have to do is inform the creditors and that's the end of it.)

If you state that an executor has given up their right to apply.ˢᶦᶜ We will need to send another form to you to give to the executor, for them to sign. Please visit GOV.UK (gov.uk/willsprobate-inheritance/ifyoure-an-executor) to print of the PA15 renunciation form or call 0117 9302430 and quote ‘Renunciation’ and we will send the renunciation form. You will need to send the renunciation form to us with this application.

However, there is no obligation on you to find another person to pass the job on to. The onus is on whoever wants to administer the estate to come forward.

Therefore, if you did not send in a Deed of Renunciation and did nothing, and nobody came forward to take on the job, and some sort of loss to the estate occurred while you were still technically executor, it is unlikely you would be held liable. The loss would have happened anyway if you'd sent in the Deed of Renunciation at the first opportunity. The estate would still have had nobody looking after it and the loss would still have occurred.

You could be held liable if you refused to renounce, or possibly if you let the creditors believe that you were administering the estate, but informing them that you will not be administering it avoids the risk of that.

Flugelhorn

jonnyb1978 said:

Savvy_Sue said:

jonnyb1978 said:

Thanks. What should I do with the will once handed to me?
Surely I can not just ignore it 

Yes, you can. If anyone expresses interest in executing, repeat 'there's no money but there is a will, would you like it?'

Thanks.. This is what's confusing me. 
If I keep the will. What if someone gets hold of a copy from wherever (will registry maybe) and I'm the executor but ignored everything stating nobody is administrating estate.. Could I be held liable? 

no-one can get the will unless probate is granted.
you are not going to need probate as there is no money
therefore no-one will ever see the will

jonnyb1978

Thanks everyone.. I can't see anyone applying for letters of admistration as there literally is nothing in estate so hopefully I can just tell creditors it's insolvent.. 

One final question. 

Am I in my right to inform the bank and take possession of what's in his account. Again will either be nothing or couple of hundred at most due to dwp payments..could this money go towards funeral as I or family will be footing the bill.  Or should I just inform back of their passing and walk away.

Thanks again everyone

Flugelhorn

jonnyb1978 said:

Thanks everyone.. I can't see anyone applying for letters of admistration as there literally is nothing in estate so hopefully I can just tell creditors it's insolvent.. 

One final question. 

Am I in my right to inform the bank and take possession of what's in his account. Again will either be nothing or couple of hundred at most due to dwp payments..could this money go towards funeral as I or family will be footing the bill.  Or should I just inform back of their passing and walk away.

Thanks again everyone

one problem is that if YOU take the money then that may be questioned by creditors. The way to do it is for the funeral director to send the invoice to the bank and they will then pay the FD directly. 

poppystar

Do nothing at all. Don’t attempt to get money from the bank. If you are not wanting to be executor - a very sensible decision - then stop doing anything immediately, now! I can see that you are conscientious but honestly this could act against you if you accidentally do something that constitutes inter meddling. Leave it, don’t think about any aspect of it again. If approached by anyone then explain you are not acting but don’t approach anyone if not. Leave ….well ….alone! 

Sorry to be blunt but this is the best summary of the information contained in all these replies. Please for your own sake walk completely away.