What needs to be done legally about a will where there are no longer any assets to consider?

M

Monbretia

Registered User
Messages
2,802
Ok this is the scenario I have a query on, man makes a will 30 odd yrs ago leaving everything (business/property) equally between children.

Roll on to recently and following the death of the man the family are wondering what if anything they need to do about the will as the business/property are long gone and there is actually nothing of value other than personal items to deal with.

Is there a need to do anything at all on the legal side considering there are no assets left to do anything with?

Obviously they were intending getting proper legal advice but just with all the hassle re Covid etc nothing has been done and there is not a specific solicitor anyone of the family has an existing relationship with where they can just make a phone call to ask the question, all are not in the country either, in fact they are not even sure where the will is but could possibly hazard a guess as to what solicitor it was made with.
 
I think you'd need a copy of the will first & find out who the executor is.

I'm pretty sure there's a small estates procedure which is likely to be simpler. But some form of 'winding up' has to be done.
 
Are the companies still registered with the C.R.O. and if so would there be any value attached to their title?
If you had a company name that was popular or maybe relevant in more modern times there may be a value
 
It's not that unusual to have a minimal/nominal estate .

Probate primarily arises where assets need to be administered. No assets? No need for administration/Probate.

Banks will release funds to the executor/next of kin if there is just a very small amount in those accounts.

Social welfare payments should be stopped by contacting the Department.

In order to tidy things up, consider checking with Revenue if the deceased's tax affairs are in order. If there are no assets though- there is nothing to pay any outstanding tax.

mf
 
Thank you for that, that's what I thought, there is no issue with Revenue, everything was up to date when business ceased, person was then paye for years before retirement then state pension which was stopped on death.

No money in bank accounts other than a small amount that was in a joint account and was used towards funeral costs.

Logic seemed to indicate there wasn't anything that could actually be done but you never know with officialdom! :)
 
You must log in or register to reply here.
Back
Top