My stepdaughter is Bankrupt & my husband has left in his will the house jointly between our children & myself,but for me to stay in the property for life,if my husband passed away, would the house have to be sold,with my stepdaughter owning a 6th share. Thankyou
Folks often forget to sort the will out so well spotted.
I suspect that you would do better speaking to a specialist who might be able to set up a trust and avoid passing the benefit of the house to your daughter for the forseable future.
There seems little benefit to leave your step daughter a share in a house which would actually become a burden to the other recipients who would need to find money to buy the Beneficial Interest from the Receiver.
Better to spend a few hundred pounds now rather that £X thousand later
But surely it is only for a year that there could be a problem? How far into bankruptcy is she? Of course there is always the risk that your other children could follow suit I suppose!
The problem with your 'home and your step daughters bankruptcy' would only materialise if (a) your husband passed away and(b)the estate/will was finailised during the period of her bankruptcy (usually a maximum period of 12 month, but more often than not 6 months) If anything happend following this period (ie death of your husband) after she had obtained her discharge the fact that she had previously been bankrupt would not in any way affect the will or its contents - any potential interest in the property.
Hope this answers your concerns and try not to worry and enjoy your husband whom I hope is alive and kicking!!
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
My stepdaughter is Bankrupt
Posted - 16 February 2009 : 20:10:31
