A Guide to Probate - Debt left by the deceased

One of the tasks of the PRs is to pay any outstanding debts from any money or property left by the deceased. If the deceased’s debts are greater than the assets they leave the estate will be insolvent and the creditors will not be paid in full.  The situation is similar to a bankruptcy. The outstanding debts will be paid in accordance with a strict set of rules governing their priority. A PR would be well advised to check if an estate will be solvent before agreeing to act.

Complete Guide to Probate

We have prepared a complete guide that is intended as an introduction to probate and estate administration, i.e. the steps that need to be taken to deal with a person’s assets and affairs after he or she has died. To download this guide please complete the webform below.

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The law and practice referred to in this article or webinar has been paraphrased or summarised. It might not be up-to-date with changes in the law and we do not guarantee the accuracy of any information provided at the time of reading. It should not be construed or relied upon as legal advice in relation to a specific set of circumstances.

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