administration of the estate

Question 1

true or false - after a person dies, any debts owed to them by another person are wiped clean and do.not have to be repaid

Answer 1

false - dbets outlive the creditor unless they expressly forgive them. they must be repaid to the estate.

Question 2

do the prs have to wind up the estate within a specific time and if so what is the time limit

Answer 2

no - but should bear in mind the ‘executor’s year’ and there should be no unreasonable delay.

Question 3

what powers do the prs have over any land that is in the estate

Answer 3

unless there is a will that restricts their powers in some way, the prs have all the powers of an absolute owner and can sell, mortgage, rent out any estate in land.

Question 4

what should the prs do if they cannot trace a beneficiary under a will or intestacy?

Answer 4

they should avdertise for the missing beneficiary, take out insurance and may also apply to the courts to apply for a benjamin order.