On our website we cover 6 topics relating to Insolvent Probate that might be of interest.

Today we're going to briefly cover 'Paying Off Debts after Death':

When someone dies, their debts will need to be dealt with. In England and Wales this will be the responsibility of the Personal Representative. The process of administering a deceased person’s debt depends on the way it was held. For example, if the debt was held in joint names with someone who is still alive, the likelihood is that the other person remains liable for that debt, and it may be that the estate has to pay a proportion of the debt. If the debt was held in the deceased’s sole name, it will need to be repaid directly from the estate funds.

If there are not enough funds in the estate to pay the deceased’s debts, it is very rare for any family members to become liable for the debts. This would usually only occur if the debts were joint debts or if the debts were guaranteed by the family member.
Once the Personal Representative has a Grant of Probate from the Probate Registry, they will be able to access the deceased person’s bank accounts, sell their property and realise any other investments and other assets to enable them to repay the deceased person’s debts.

At Leading UK we have professionals who can help you with dealing with this.

Get in touch today on 01603 552028 or find out more on our website >> https://www.leading.uk.com/insolvent-probate/ #leading_item2