It's about inheritance (again). Since last post on subject our joint iva has ended, cert of completion delivered within 2 weeks of final payment. Again the worry concerns a possible inheritance for my wife, although nothing heard thus far from executor so we are in dark. The iva windfall clause states "..if either debtor receives any windfall during course of arrangement...must be made available to supervisor etc". Well, it will not be received during the arrangement because it is now ended. Under "duties to supervisor" however there is the requirement to tell of any after acquired assets you are left with during the arrangement. I am not daft but come on guys, give me a crumb. Any inheritance will only be acquired/received after the arrangement has ended so surely there must be an argument that it is no longer covered by the iva.
It's the difference between "acquired" and "received" and which definition you use for each !!
You acquire ownership of the bequest, technically, when the Will is proved or Letters of Administration granted. However, you only receive it when you come into actual possession.
Some IP's lose interest in windfalls once the final payment is made, although, under the terms of the IVA ( which some do enforce)you are responsible until the issue of the certificate of completion.
Only your own IP can enlighten you as to the course they take and the definitions they rely upon.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Help me a bit more foggy, I am being a bit thick. When is a will "proved", and what are the letters of administration? Also, just to re-iterate, we now have our joint certificates of completion, and the will which may have something of benefit has not yet gone to probate.
Proving a Will is done by the grant of probate. The Executors "prove" their right to act. At that point ownership of the estate actually rests with them to deal with as directed by the Will.
Letters of Administration are the same thing, but granted to next of kin by the courts in the absence of a Will.
Personally my thoughts would be that your "right" to ownership doesn't exist until the Probate is granted. Although it rarely happens the court could object to the contents of the Will and throw the whole thing out !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
