An individual dies, debts they leave are paid of the ‘estate’ ( property and money they leave behind). You are just in charge of their debts in the event that you possessed a joint loan or agreement or provided that loan guarantee – you are not immediately accountable for a spouse’s, wife’s or civil partner’s debts.
An individual’s estate comprises of their money (including insurance that is from and opportunities, home and belongings.
After someone dies their property is managed by a number of ‘executors’ – or an ‘administrator’ if there clearly wasn’t any might. This is a family member or friend and/or a solicitor.
The executor or administrator will need special permission – called ‘probate’ or ‘letters of administration’ – to be able to deal with the person’s affairs if the estate’s worth above a certain amount. Continue reading →