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daveg
Starting Member
United Kingdom
19 Posts |
 Posted - 21 March 2009 : 09:50:02
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hi,
thankfully we are now told by the hospital that my grandmother is making a good recovery and is not now critical. so that's great news for us, especially me cos we've always been close and i'd hate to lose her - would really miss all those wonderful stories from her past, my mother's past and my own plus stuff like that.
but i'm now thinking about my inheritance. when she's well enough i'm gonna have a proper chat with her about this.
q - in respect of my bankruptcy would she or me be doing anything illegal if she changed her will, excluded me and gave it all to my sisters instead?
q - also, for how long does this kind of situation last - i mean, okay, i understand the o/r takes the inheritance before i'm discharged, but can the o/r still claim it in the 2 remaining years of my ipa? and if so, what happens and what are my legal obligations?
q - also, what about inheritance after my ipa has finished, say i come into some money in 5 years time or something like that?
thanks for everybody's help in this already. |
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RHB
Senior Member
1159 Posts |
Posted - 21 March 2009 : 11:58:53
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| Once you are discharged then the money would be yours to keep in any case. Do you not think it might worry her for you to be talking about her changing her will just after she has been critically ill? |
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daveg
Starting Member
United Kingdom
19 Posts |
Posted - 21 March 2009 : 12:07:13
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| yeah i do, which is why i'm gonna chat to her once she's well enough. |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 March 2009 : 13:11:59
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Hi daveg
just as a thought, you do not need to have the will changed in favour of your siblings. You may love them dearly and they you but money can cause difficult situations even for those with the best of intentions.
If your Aunt were to leave "your share" in a trust which in turn becomes accessible only after your discharge then the money is safe.
The technicality is that if anything happened to your Aunt whilst you were bankrupt then no funds have been left to you but have been placed in, or left to if you prefer, a trust fund.
If her will then states that the full value of the trust is to be passed to you after a certain date, say 12 months from her passing, that's perfectly ok.
John White
England Jackman & Spacey |
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Jez
Starting Member
United Kingdom
49 Posts |
Posted - 21 March 2009 : 13:29:10
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I have some recent experience of this.
My Dad was diagnosed with lung cancer in mid January. I had planned on talking to him anyway, but the diagnosis meant that I had the talk with him sooner rather than later.
My excpectation was that everything would be passed in its entirity to his wife, which is the case, however, his wife's will splits everything between Dad's children and some nieces and nephews.
I made sure that I was removed from both wills just in case anything were to happen. I would be very unhappy if a family heirloom was left to me and it was subsequently sold by the OR.
My Dad died a few weeks ago, I went BR yesterday, and I informed the OR in the initial phone call yesterday that he had died that there was nothing coming my way. The OR was fine with this.
Jez
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daveg
Starting Member
United Kingdom
19 Posts |
Posted - 21 March 2009 : 14:42:13
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| thanks john - does this trust business cost money and how does it work? |
Edited by - daveg on 21 March 2009 15:41:39 |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 March 2009 : 18:20:44
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Hi
I expect there is a cost but you need a chat with the family solicitor for the details.
John White
England Jackman & Spacey |
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RHB
Senior Member
1159 Posts |
Posted - 22 March 2009 : 09:20:32
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| Would that not be seen as avoidance though John? |
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John
New Member
United Kingdom
73 Posts |
Posted - 22 March 2009 : 10:20:46
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Hi
in what way and by whom, the poor lady has not passed on yet, please God she doesn't, and nor, I suspect, is she planning to any time soon and the decision on this is hers.
In that respect I am advising her and she has every right to choose where her life long gained assets are dispersed.
I suspect she would be mortified to think that any of her estate could go other than where she wants it to and it that sense the information is for her benefit, to be explained to her and for her to make the decision.
If the lady was to decide to bequith it directly irrespective then she has had the control she deserves.
Threads within the forum have often gone in a direction which leads nowhere. I get the feeling this one could to.
You, RHB, have asked a question in a perfectly civil manner and I have given my view.
Please be advised that I am not going to be drawn into a debate in respect of any moral ground on this particular issue.
John White
England Jackman & Spacey |
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daveg
Starting Member
United Kingdom
19 Posts |
Posted - 22 March 2009 : 11:17:11
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crikey john - i didn't mean to cause a problem with this. i for one am very grateful for the advice you have given so thank you again. i'm sure others have been reading and taken on board your excellent grasp of financial matters.
i agree there's no mileage in being drawn into a moral debate on this issue (after all the flip side of any bankruptcy these days must also call into question the morals of those who control our banking system, and they aren't exactly coming out of the current climate smelling of roses either.)
so, as the 'owner' of this thread can i please suggest we do end it cos i too wouldn't like to see it going nowhere!
.... except, i was gonna ask the legal situation in respect of any o/r claim on the inheritance if i asked my grandmother to leave my share to either my wife or my children instead of me!!!!!!!
best wishes john + everybody else who has helped me with past questions.
best wishes too to you rhb. i hope you'll be pleased to hear my grandma is making a good recovery.
dave |
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John
New Member
United Kingdom
73 Posts |
Posted - 22 March 2009 : 11:26:51
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Hi
your grandmother is perfectly entitled to leave monies and or assets wherever she chooses therefore there could be no repercussions in respect of part of her estate being bequithed to your wife and or children in "preference" to you.
John White
England Jackman & Spacey |
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daveg
Starting Member
United Kingdom
19 Posts |
Posted - 22 March 2009 : 12:54:32
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again - thanks for everything john.
shall we call it a day on this thread then????
regards
dave |
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John
New Member
United Kingdom
73 Posts |
Posted - 22 March 2009 : 13:26:39
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Hi dave
well I think you know your options now and we can only hope that your grandmother makes a full recovery and all of this has therefore been no more than a little research which is always wise.
John White
England Jackman & Spacey |
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sorry - another inheritance question!!
