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indy2005
Junior Member
458 Posts |
 Posted - 20 May 2008 : 19:55:34
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Sorry for bombarding with questions. You write one, and then another string of questions pop up.
Went BR yesterday and I have advised my mum to change the will. She is going to leave it to my children...but cant see a solicitor until mid June.
Just wondering what to do about my wifes house. Its in her name, but I guess it would come to me by default if anything happened to my wife before discharge. And then...straight to the trustee!
She could leave it to her sister and then I could somehow work out how to buy it back after discharge. Sister is a propert developer and could easily get a mortgage if she needed to.
Other concern is a life insurance policy which we took out for £200k to cover the mortgage. I am guessing all this would go to the trustee (would I get any change - I owe 55K but believe costs can be high).
So...lots of questions, but primarily any advice on how my wife should handle the will of our property until discharge.
Thanks
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melanie_giles
Senior Member
1191 Posts |
Posted - 20 May 2008 : 19:58:49
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Be careful about doing anything which could be viewed as trying to deny your creditors from receiving any money - in terms of advising your mother to change her will. If she decides that off her own back then so be it.
Your wife should take her own advice with regard to her own wishes, and if the insurance policy has to pay out whilst you are bankrupt, unless this policy is specifically assigned to your wife the monies will be captured by the bankruptcy estate and used to pay creditors, costs and statutory interest - which will be much higher than the £55k you currently owe.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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indy2005
Junior Member
458 Posts |
Posted - 20 May 2008 : 20:04:07
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Hi,
What my mum does in her will is up to her. I told her the consequences of me going BR and she decided to speak to her solicitor who advised her to change it but keep it in the blood line.
I mentioned I have an interest in this will in the SOA, as at the time of writing I did. When my mum changes the will should I inform the trustee? I dont see how my mum changing her will can be seen as a negative act on my part? Every IP I have seen over the last 2 years has advised me to ensure my mum takes professional advice over her estate.
Regards
i |
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melanie_giles
Senior Member
1191 Posts |
Posted - 20 May 2008 : 20:07:42
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Then every IP you have spoken to over the last 2 years has given you good advice!
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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indy2005
Junior Member
458 Posts |
Posted - 20 May 2008 : 20:09:30
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Thanks,
Should I inform the trustee when the will is changed or is it best not to?
Regards
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melanie_giles
Senior Member
1191 Posts |
Posted - 20 May 2008 : 20:10:47
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Best not to I would have thought.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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indy2005
Junior Member
458 Posts |
Posted - 20 May 2008 : 20:12:28
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Thanks
Jeez you guys answer fast! |
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indy2005
Junior Member
458 Posts |
Posted - 23 May 2008 : 01:12:22
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Could I ask what my wife should/could do? I am guessing in the absence of a will it will come to me, but she wants to will it to her sister so our children aren't homeless.
I told her thats ridiculous and that the interests of my creditors should come before our children, but she is adamant 
As it comes to me by default, will this undermine any claim I make to zero interest in the property? |
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Wills...
