will and tax affairs not in order
- Thread starter Bray
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Brendan Burgess
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As a general principle, the executor must collect in all the assets and pay off the liabilities and then distribute the surplus according to the will. If the deceased traded in his own name as distinct from through a company, then the executor will need to settle all outstanding amounts due the the Revenue and other creditors before distributing the assets.
If the business is set up as a limited company, they will be left the shares in the company. The company will have assets and liabilities. They will need to manage these like any ordinary business. They should probably be careful about taking responsibility for a company which might turn out to be insolvent. Perhaps the executor would investigate the company before handing it over.
The property is most likely held in the name of the deceased and not in the company's name. If there is no mortgage, then you would get the property fully, as long as the estate has enough other money to pay its debts.
Who is the executor? He will need to sit down with a solicitor for advice on how to proceed. He may also need to get an accountant to unravel the mess.
Brendan
If the business is set up as a limited company, they will be left the shares in the company. The company will have assets and liabilities. They will need to manage these like any ordinary business. They should probably be careful about taking responsibility for a company which might turn out to be insolvent. Perhaps the executor would investigate the company before handing it over.
The property is most likely held in the name of the deceased and not in the company's name. If there is no mortgage, then you would get the property fully, as long as the estate has enough other money to pay its debts.
Who is the executor? He will need to sit down with a solicitor for advice on how to proceed. He may also need to get an accountant to unravel the mess.
Brendan
If you are going to engage a solicitor and/or an accountant try and get a estimate of the costs involved
Fees can be excessive if not agreed (at least ball park figures) up front in csaes like these
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Fees can be excessive if not agreed (at least ball park figures) up front in csaes like these
[email protected]