When you die, what happends to your debts?

[Postdog]

Are they supposed to be met from any estate left or just written off?

[ummmm]

From the estate if there is one. If there isn't one, then they get written off.

[craft1948]

Yes they are met from your estate, and if you've nothing your debts die with you.

[Barmaid]

They are met from your estate. They will be written off if you have no estate and it is classed as an "insolvent administration".

[Postdog]

But how would they know? I mean, if a will is written bequeathing certain monies to people and it is a wish that these bequests are met from the estate, do these take priority (last wishes and all that to ease their burden). People die all the time and those left don't know who is maybe owed what, so they couldn't foresee that money may be owed until after bequests have been met.

[Barmaid]

If a will has been left, the executors have a duty to pay the debts, taxes and funeral expenses FIRST before distributing the balance. They therefore have to enquire into the debts and a sensible step is to place advertisements in the London Gazette and a local paper asking for creditors to come forwards.

If the executors don't follow these fundamental steps, they could be personally liable.

[Barmaid]

It's actually relatively easy to discover what is owed by a) doing a paperwork search of the premises and b) looking at bank statements. I've administered estates of people I have never met or heard of previously and always been able to ascertain debts.

[Postdog]

Oh well that's naused up my pllans a bit.....

[ladybirder]

People chasing money aren't usually slow in coming forward so an executor would know very quickly.

[ladybirder]

Were you planning to take your debts to your grave then postdog?

[Postdog]

No, I don't have much, just a credit card of a few thousand, but I wanted to be sure I had enough to leave a few people something and it just occurred to me that someone like barclaycard would have some kind of policy or insurance to cover them for unrecoverable debt.

[bednobs]

you could get an insurance policy thogh to cover your debt to them

[londongirl7]

You are spot on about Barclaycard, I'm having hassle with them and I don't owe them a penny

[ummmm]

Postie - Are you this worried about your health?

[factor-fiction]

Sorry, londongirl7, but I don't see the connection

[ummmm]

Postie hinted he had a credit card balance with Barclaycard. Londongirl is getting hassle when she doesn't owe them any money so I'm guessing she's saying Barclaycard will be on the ball when it comes to debt recovery.

[factor-fiction]

Thanks ummmm, it's just that I thought Postdog was saying he thought "..barclaycard would have some kind of policy or insurance to cover them for unrecoverable debt" which isn't the same as chasing someone for a debt they say they don't owe

[ummmm]

He said he did owe on a CC...so I'm just guessing it was worded wrong.

[Barmaid]

I think they just write it off. There are surprisingly few insolvent estates though.

[Mamyalynne]

Sorry to interrupt here, all the proper stuff has been said.

I will say to Postdog that if your health is a serious issue at the moment as I think it is, try to stop worrying about money if at all possible and make sure you are getting the correct benefits if any that are due to you.

[factor-fiction]

Hi ummmm- I think Postdog's wording was okay- it was londongirl7 who went off track I thought. Anyway, it's not important so I'll drop it