Official publication of a local advertisement in a relevant newspaper to advertise for potential creditors, protecting Executors from potential liability to unknown creditors.
As an Executor or Administrator your legal responsibilities include identifying and discharging any potential debts or liabilities, however not all potential creditors will immediately be identified. It is therefore recommended that upon receipt of the Grant, you place advertisements for potential creditors. Section 27 of the Trustee Act 1925 affords the Personal Representatives placing a statutory advertisement in The Gazette protection from personal liability to unknown creditors after distributing the estate. In addition, to a notice in The Gazette the legislation requires Personal Representatives to publish a notice in a newspaper circulating in the district in which the land (or property) is situated
Where the deceased owned property or land, failure to place a deceased notice in a relevant newspaper could result in the Personal Representatives becoming personally liable for any potential liabilities to creditors of the estate. As an alternative to placing notices “No S.27” insurance offers a way of indemnifying both Executors and Beneficiaries from potential liability to unknown creditors, which is often a helpful where the Executor and Beneficiary are the same, or there are time constraints
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