Jurisdiction(s):
United Kingdom

Key definition

Liabilities definition

What does Liabilities mean? In practice, a scheme’s liabilities are what it owes: the future benefit payments (for example, pensions and lump sums) and the scheme’s expenses. They are usually measured as the present value of expected cashflows, determined by an actuary using assumptions on discount rate, longevity, inflation and expenses. Comparing liabilities with the market value of assets gives the funding level: a deficit arises where liabilities exceed assets; a surplus where assets exceed liabilities. “Liabilities” is a descriptive term used across legal, actuarial and accounting contexts rather than a single statutory definition. However, valuation bases are prescribed for particular purposes. In...

Estate administration: initial enquiries and notifications to identify assets and liabilities, including financial services firm verification under the 2026 Estate Administration Banking Protocol, digital assets, tracing and creditor advertising

Published by a LexisNexis Private Client expert

Practice notes

The Personal representatives (PRs) of a deceased individual’s Estate must identify:

every asset forming part of the estate, and
all outstanding Liabilities within the estate

PRs should issue initial correspondence—by letter, email, or online forms—to anyone:

holding estate assets,
asserting a debt, or
with pertinent knowledge of the deceased’s financial affairs

That communication ought to:

advise of the death and set out:
- the deceased’s full name, plus any aliases or previous names,
- the deceased’s last known address, and
- where applicable, account number(s) and sort code(s) for any known account(s)
enclose an official copy of the death certificate (or, if this cannot be provided, the deceased’s date of birth and date of death), and
where contacting a financial services firm (FSF), also provide:
- the probate practitioner’s personal registration details, including a link to the relevant register, their registration number, and confirmation that the certificate is valid,
- the probate practitioner firm’s regulatory register details, including a link to the correct register, the firm identifier, and confirmation that the firm is authorised for probate activities, and
- a copy of the PRs’ letter of authorisation confirming the firm’s authority to

...

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Web page updated on 21/05/2026

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