A sharp rise in the number of people ‘dying in debt’ has led Begbies Traynor to expand a specialist team. The company says that the number of cases involving the insolvent estates of deceased people is rising, largely due to more ‘hidden debts’ or unpaid care home fees being discovered.
When the liabilities of an estate exceed its assets, it is classed as insolvent. Relatives can be shocked to discover their expected inheritance and even their own finances can be under threat.
Begbies Traynor says that now pooling its resources between its Manchester, Liverpool and Preston offices to better serve clients and other private client professionals dealing with insolvent estates and court cases.
Paul Barber, partner at Begbies Traynor, said “Too many people simply assume that debts die in death. Nothing could be further from the truth. In fact, creditors can lay claim on assets including the family home.”
“We are seeing a steady rise in the number of cases we are handling on behalf of family members of the deceased and/or the personal representatives of the estate who are duty bound to pay these debts off.”
“We are also working with more creditors who are unsure where to turn in getting substantial debts repaid that have been racked up by someone who is now dead.”
“By integrating our expertise across all three of our North West offices to form one single specialist service in this way we are able to better serve the demand for advice required in these emotive and often complex cases.”