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indy2005
Junior Member
458 Posts |
 Posted - 26 July 2008 : 20:08:33
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Hi,
The house is in my wifes name and we have two children. As an undischarged bankcrupt we are wondering what to do with the house in the absence of any will. If something were to happen to my wife while I am undischarged - I am guessing the house will come to me by default and then this will be claimed by the trustee and we will be homeless.
She has considered willing it to her sister, who owns 8 properties, so that I could rent it off them. She has even considered willing it to the kids..but am not sure how that would work.
Also, I have just purchased back my life insurance policy for £50. Does this mean if I die the money goes to my wife now...and also if something should happen to my wife...does it come to me, or straight to the OR..I dont exactly know what I have achieved by "buying it back".
Thanks
i
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John
New Member
United Kingdom
73 Posts |
Posted - 26 July 2008 : 20:20:58
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If the house became part of your estate whilst undischarged then the OR would have authority to realise what he can from the asset to benefit your creditors.
Willing it to a third party until you are discharged is a way around this but clearly total trust in the beneficiary is required.
Is the policy you have purchased back from the OR tied in with your wife's mortgage?
Assisting where I can. |
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indy2005
Junior Member
458 Posts |
Posted - 26 July 2008 : 20:38:38
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Hi,
Thanks. The policy is linked to the mortgage but not directly. It runs until the term of the mortgage but isnt directly tied to the mortgage product.
As for trusting the benficiary, no problem there. Just wondering if this action is seen to be trying to put money away from the creditors. I of course can't control who people leave their assets to though can I? 
The last thing you want to deal with if the worst happens is losing the house too. Not so much a problem if the life insurance policy comes back to me and I can have my BR annulled....if thats what buying the policy back means.
Regards
i
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Edited by - indy2005 on 26 July 2008 20:44:58 |
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John
New Member
United Kingdom
73 Posts |
Posted - 26 July 2008 : 20:50:56
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Hi again
I confess I'm not familiar with the insurance policy thing so someone else will hopefully answer that one for you.
But as far as your wife making a will in favour of a 3rd party, the asset is hers to do as she will, you're the BR so the OR can do nothing nor should they mention it.
Just one thought, I take it the house has always been in your wife's name only?
Assisting where I can. |
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indy2005
Junior Member
458 Posts |
Posted - 27 July 2008 : 10:52:21
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No,
It used to be in joint names, but I withdrew my half to clear some gambling debts 2 years ago.
Regards
i |
Edited by - indy2005 on 28 July 2008 16:18:40 |
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Wills in BR
