Deceased estate - notice in gazette?

BasilTheRat

Hi

Can someone clarify our duties please as executors in relation to placing any notice in the unlikely event of any debts we were unaware of?

Fairly sure there won't be any so unsure if this is a legal requirement or if its just advisable, before funds can be distributed to beneficiaries when the time comes.

Thanks

Flugelhorn

BasilTheRat said:

Hi

Can someone clarify our duties please as executors in relation to placing any notice in the unlikely event of any debts we were unaware of?

Fairly sure there won't be any so unsure if this is a legal requirement or if its just advisable, before funds can be distributed to beneficiaries when the time comes.

Thanks

my understanding is that it is to protect the executors from later debts appearing - however if there are any then the beneficiaries would still be liable. 

I was sole exec and beneficiary so didn't bother with the gazette as it was all down to me anyway. 

Hoenir

Flugelhorn said:

BasilTheRat said:

Hi

Can someone clarify our duties please as executors in relation to placing any notice in the unlikely event of any debts we were unaware of?

Fairly sure there won't be any so unsure if this is a legal requirement or if its just advisable, before funds can be distributed to beneficiaries when the time comes.

Thanks

my understanding is that it is to protect the executors from later debts appearing - however if there are any then the beneficiaries would still be liable. 

The Executors carry the personal liability. How they repay the money is their problem not the beneficiaries. 

Rodders53

Question is who are the residuary beneficiaries? and are they also the Executor(s)? and how many of each?

Keep_pedalling

It’s not a legal requirement, if you know the testators finances well or if the main beneficiaries are also the executors then it is probable not worth doing. 

user1977

I would have thought it's very rarely going to be of any value. It would seem quite odd for a debt to go unnoticed all the way through to the distribution of funds. Creditors are almost always going to be predictable (mortgage / bank loans / utilities / rent etc), or at least have made themselves known via postal statements etc. If there are informal loans of some sort, the creditors would likely be aware of the death anyway and already have made themselves known.

Plus creditors are hardly likely to be scouring the Gazette ads looking for their debtor - it doesn't make the debt disappear, just means the executors have fulfilled their duty of at least making a token effort towards finding creditors.

badmemory

If the executor is a solicitor then they will go via the Gazette, that is one of the reasons why it can take so long.  If the executors are the beneficiaries then it makes little difference as they will be liable anyway.  But if when clearing things out absolutely no paperwork shows any signs of any debt then no I wouldn't.  Provided you have a few years bank statements to look at it becomes obvious.  Unaccounted money coming in, check it wasn't a loan.  Unaccounted money going out, check it wasn't to pay off a loan.  If there is a house check with land registry that nothing shows there.

An executor who is not a beneficiary then I would say watch your back & go via the Gazette unless you are very sure.

bunnygo

it's not a legal requirement. If the executors and beneficiaries are the same person/people, then you've got all the money anyway if any debtors turn up. The issue comes up if the executors distribute the estate to other people and then a debtor turns up - at which point the executors are liable. That's why solicitors will place the notice if they are executors.

Publishing in the gazette puts the address of the deceased permanently visible, so think about the implications of that if there is a spouse or family member still living there.

BasilTheRat

Thanks all

Executors are beneficiaries and have been involved with finances in recent years. House owned outright and no loans or credit cards etc

Appreciate the advice