Making a claim on an estate

[G.A.S.]

My father left a will, and my sister and I are the executors of his estate. All financial obligations he had, that we know of ,have now been paid, so we are now ready to pay out any remaining money to those concerned. However, what if someone comes after this has been done and says our father owed them money and can prove it?? Is there a time span from when and up to, that someone can make a financial claim on my fathers estate?? My concern is that monies will be paid out to his family, spent and then a claim comes in and no money left to pay it. Please help? Many thanks.

[ursula62]

Best bet is to get a solicitor to look into the Will - it will cost you but it may be worth it in the long run.

[dzug]

If this happens you the executors will have to pay. You then try to persuade the family members to repay you. I suspect the time scale is 7 years from the date the debt should originally have been repaid.

What often happens is that you put an ad in a local paper and the London Gazette asking for creditors to come forward within x weeks. If they don't you can go ahead and pay out and avoid your personal liability. (The debt still stands, but the creditor has no easy way of getting it repaid - he has to persuade the family members who had the money to pay up)

If you think you know your father's affairs pretty well, then this is being over-cautious, but if his affairs were complex or muddled then it could be a good idea.