Legal News | 28.01.21
When the going gets tough, the tough … come to Wansbroughs!
Times are tough and many of us will be facing the loss of a loved one. Dealing with the estate of a deceased is never an easy task.
Personal representatives of an estate have certain responsibilities; they need to collect in the assets of that estate, discharge the estate’s debts, and administer the estate in accordance with the testator’s wishes (or with the law if there is no Will).
Complying with these responsibilities is not always straightforward. If the testator has not left a full and up to date list of their assets and liabilities, how do you know where to start? As many banks and investments have moved online, the ability to find a ‘paper trail’ of assets may no longer exist and finding the testator’s assets is becoming increasingly more difficult.
As a personal representatives you must accurately, and honestly, report and disclose assets of the deceased. Failure to locate or overlook assets can result in complications, including potential investigation from HM Revenue and Customs.
Missing a debt attached to the estate may result in the personal representative having to settle that debt personally. Beneficiaries could also be targeted by creditors to settle outstanding debts which may have inadvertently been overlooked when the estate was distributed. Legislation offers some protection to personal representatives against this risk by means of advertisements for creditors to help reduce the risk of liability.
Our team at Wansbroughs is aware of these risks and we are available to assist you with the administration of the estate, to advise on how to locate assets and to ensure you deal with the estate in a proper manner and avoid personal liability.
Please give us a call on 01380 733300 or email us at wealth@wansbroughs.com, and we will be happy to help you.
