Recovery Matters – Summer 2017
There are only two things guaranteed in life ……..but what happens when an estate is insolvent?
Ian Robert, partner at Kingston Smith & Partners LLP welcomes you to the Summer edition of Recovery Matters.
It is a common misconception that, when a person dies, his/her debts are automatically discharged. This is not the case and, unless they have been provided for, they will need to be paid from the assets of the deceased individual in priority to the beneficiaries of the estate.
But what happens when the estate is insolvent or, in other words, the debts are more than the known assets?