A common misconception amongst people is that when a person dies their debts disappear, but this is not the case unless otherwise stated. When a person dies their debts are paid for from their assets at the time of death.
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If their debt exceeds their available assets, then the estate will be insolvent. Sometimes it is not known if an estate is insolvent until the grant of probate has been received. When the estate of the deceased is insolvent, gifts and legacies cannot be distributed to the beneficiaries under the Will. This part of the law is governed by Administration of Insolvent Estates of Deceased Persons Order 1986 (DPO 1986).
A personal representative is the individual or organisation appointed to administer the affairs of a deceased person's estate. Personal Representatives are commonly referred to as Executors or Administrators, depending on whether the deceased left a valid Will.
Insolvent Estate The process of settling an insolvent estate can be complicated and time-consuming. Premier Solicitors offers professional advice to ensure that everything is handled correctly. Call Premier Solicitors
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Connect With MohsinThe duties and responsibilities of a personal representative can vary depending on the specific instructions laid out within any Will. Some common personal representative duties include:
Personal representatives have a legal duty to act in the best interests of the estate, and its beneficiaries. They are expected to act honestly, impartially and in accordance with the law to efficiently administer the estate.
A personal representative or a creditor can apply for the IOA by way of a petition at court.
A personal representative or a creditor can apply for the IOA by way of a petition at court.
Getting an Insolvency Administration Order makes it easier and safer for a personal representative to deal with the debt to the creditors.
Our specialist team will help you deal with the insolvency and court process as well as the administration of the estate. Our team will handle your matter with great sensitivity and understanding. The administration of an insolvent estate can be a difficult process, and we are here to help and advise you through this process.
Call us today to for a no obligation telephone consultation on 01234 358080 (option 2) or email us at info@premiersolicitors.co.uk and one of our team will get back to you.
