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Hi.
I have been named as a joint executor of an estate. Myself would be taking the lead in this and the other going along with whatever I do.
The estate is very small. In short a couple of hundred pounds in a bank account and a life insurance policy of £5000 originally thought to be not part of the estate to to a named beneficiary. But there is no beneficiary. So total assets of just over £5000.
Im predicting liabilities to be just short of this.
Utilities from the date of the person dying to the date keys are handed back to housing Association. £300 maximum.
DWP payments also from the date of person dying.
Housing benefit payments for 4 weeks notice to quit order on housing association rented accommodation.
No other known debts, but the flat has too much junk to clear so I'm happy to leave most things junk in there so assuming the housing association will charge the estate to clear it and bill for any damage/missing items. Family members have took an oven witch is part of rental of flat. I'm estimating this charge to be around 2k.
I have paid for the funeral myself. Circa £3000 as I was informed by the spouse, they were named benificiary but are not. (They was going to pay me back). I don't mind footing the bill for funeral if no other money available, but if there is, obviously I would like to claim it back.
So, as executor:
1. If I claim the life insurance and take funeral expenses of 3k. The remaining 2k should nearly cover the rest of the liabilities.
2. If I don't claim and walk away (both executors) without the hassle and stress I will be 3k down.. Again I'm happy for this if this is the best way.
How straight forward will the first option be dealing with creditors? Settle what I can within correct priority , and then inform them there is nothing left.
Or walk away
Any advice appreciated
I have been named as a joint executor of an estate. Myself would be taking the lead in this and the other going along with whatever I do.
The estate is very small. In short a couple of hundred pounds in a bank account and a life insurance policy of £5000 originally thought to be not part of the estate to to a named beneficiary. But there is no beneficiary. So total assets of just over £5000.
Im predicting liabilities to be just short of this.
Utilities from the date of the person dying to the date keys are handed back to housing Association. £300 maximum.
DWP payments also from the date of person dying.
Housing benefit payments for 4 weeks notice to quit order on housing association rented accommodation.
No other known debts, but the flat has too much junk to clear so I'm happy to leave most things junk in there so assuming the housing association will charge the estate to clear it and bill for any damage/missing items. Family members have took an oven witch is part of rental of flat. I'm estimating this charge to be around 2k.
I have paid for the funeral myself. Circa £3000 as I was informed by the spouse, they were named benificiary but are not. (They was going to pay me back). I don't mind footing the bill for funeral if no other money available, but if there is, obviously I would like to claim it back.
So, as executor:
1. If I claim the life insurance and take funeral expenses of 3k. The remaining 2k should nearly cover the rest of the liabilities.
2. If I don't claim and walk away (both executors) without the hassle and stress I will be 3k down.. Again I'm happy for this if this is the best way.
How straight forward will the first option be dealing with creditors? Settle what I can within correct priority , and then inform them there is nothing left.
Or walk away
Any advice appreciated
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