Small assets delaying closure to an estate (Bolt Burdon)

Join this webinar on small assets causing delays in estate closure, led by Abby Hammond, Associate at Bolt Burdon.

A frequent situation that charities and executors find themselves in is that the difficulty of disposing of a single asset delays completion of the administration and distribution. These assets are sometimes abroad, often low value and the time spent dealing with them outweighs the value of the asset.

Executors have legitimate concerns about liability if they don’t deal with the assets and charities need to understand what tools are available to them so that they can get their entitlement and move on.  The issue is often that executors retain funds to deal with the asset – this prevents charities closing their files and means lots of time is wasted or these gifts stay open unreviewed for years with funds outstanding.

Abby will help members to understand what their options are in this circumstance:

• Can an interim distribution be made?
• Can the asset be ignored?
• Can the charities disclaim the asset?
• Can charities just close their file and not worry about the issue