Who can I ask for advice - sole trader death

[rosina38]

My father passed away a few weeks ago. He was the sole trader of a business with several employees. We are in a total mess with trying to sort out all the probate issues and I wondered if anyone had experienced similar and could advise what sort of support we need. I think we need specialist advice but not sure if this should be a solicitor or accountant or someone else?

Thanks

Is it the kind of business that someone else might buy?

You probably need to speak to a solicitor and get some advice. Technically the assets of the business become part of his estate and will follow his will - if there is one. Any business accounts would be frozen.

If he had liability insurance it normally includes legal advice, they might at least be able to point you in the right direction.

As a sole trader the legal business entity is himself. In this case any busines assets, bank accounts etc will be distributed in accordance with the will or the rules of intestacy. Basically it belongs to the estate. From what I understand, the business has actually ceased at the date of his death and the employment contracts are frustrated.

The business is an estate agents and the idea was to keep it going in some way so that commission can be earned from the sales that are going through completion now. And also keep it going enough as there is someone who wants to take it on. It seems that the only way to carry on the business once the bank accounts are frozen is for our family to open up a ltd company or something and start paying the bills and staff from that.

But we feel we really need to know the exact debts and state of play with the accounts etc and if it is the right thing to do and whether we get ourselves in to more of a mess by doing that.

The accounts are not straightforward either as personal things are coming out of business accounts for instance....

I feel we need some specialist advice but struggling with who is best qualified to talk to us!

I would speak to his accountants. They will have dealt with this sort of thing before I'd have thought. Some accountants also do probate otherwise you'll need a solicitor for that side of things. This isn't a DIY one I'm afraid.

I'm sorry for your loss.