When a client loses a loved one or a director/partner in their business, it may be the case that there is not enough money in the estate to pay off the deceased’s debts.
In quite a few cases, the family or remaining business partner has no idea of the financial problems the deceased faced. So, it comes as a shock that they have been left with a crippling debt rather than a nest egg, or something which can be used to commemorate the person they have lost.
This is an area where the complexities of probate and insolvency law collide. Clients will need help in order for them and their advisers to understand the implications of a deceased insolvent estate, and assistance with the practicalities.
Hayley Simmons, head of insolvency and advisory at Shaw Gibbs, explains more in this video.
