Hi, just joined the forum to try to clear up a query, hope someone can help!
I will shortly be coming into some money from a relative that recently passed and I'm a good way into an IVA. My question is around notification to the people who are dealing with my IVA of this money. Obviously the details of the inheritance are been dealt with by a solicitor would part of his process be to check my status with regard to my insolvency or is it just a case that they are not linked, I get the money and then deal with my IVA company?
You must notify your IP once you become aware of the windfall and they can then advise of their own internal procedures. If you supply a copy of the will and pay the money to your IP on receipt there is no need for the solicitor to know about the IVA.
Alternatively you could advise the solicitor of the IVA and instruct him/her to pay your share directly to the IP. As Andy says a chat to your IP will answer all the questions.
Thanks again for the additional feedback but this still doesn’t really answer my question, which is, are there any procedures that a Solicitor dealing with a Will and payments of monies check anything to identify if someone is insolvent? I’m not trying to do anything underhand here but I see my financial affairs as my business and prefer to keep it that way. The Solicitor dealing with the Will is my parents own Solicitor and it is my parents that are dealing with everything therefore its clear that if there is a process at the Solicitors for this then my parents along with various other members of my family will become aware of situation (which I would prefer not to happen!). The ideal scenario would be for the Will to be all sorted, the money to come to me and then I deal with my IP directly.
A good solicitor may well check the insolvency register to see if you have entered into an IVA or have been made bankrupt. But they cannot make you pay the money over, or account to your IP for it directly without your authority.
Your solicitor also cannot advise other family members about your financial circumstances, as they have a duty of confidentiality towards you, their client.
