Inheritance while in an IVA

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gemma512
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by gemma512 » Thu Sep 13, 2018 12:39 pm
I am currently in an iva and am due to inherit some money. There are 3 executors of the will, my mum being one of them who is aware of my iva but the other 2 are not. The solicitor dealing with it is saying that she has to tell the other 2 executors my situation. Is this normal practise?
I don't want them to know for obvious reasons.
Any advice appreciated.
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Foggy
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by Foggy » Thu Sep 13, 2018 12:44 pm
The executors are required to work together and sign off the trust accounts after everything has been dealt with. They are also duty bound to check the solvency of beneficiaries as the bequest will be claimed and payable to the IP for the creditors benefit. If not told, they would cotton on anyway !
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gemma512
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by gemma512 » Thu Sep 13, 2018 1:14 pm
The other 2 executors are family members but we do not get on, I did not want my situation to become common knowledge. The solicitor is aware and I have already made my iva company aware of the inheritance and they are happy for it to be paid to me then I pay it into my iva.
Is there any way to stop the other executors knowing about my iva?
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Foggy
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by Foggy » Thu Sep 13, 2018 1:26 pm
gemma512 wrote:
The other 2 executors are family members but we do not get on, I did not want my situation to become common knowledge. The solicitor is aware and I have already made my iva company aware of the inheritance and they are happy for it to be paid to me then I pay it into my iva.
Is there any way to stop the other executors knowing about my iva?


It depends on how involved they wish to be. When I was a co-executor, the other executor wasn't really interested and I dealt with everything and he just counter-signed the final accounts. The solicitor might well need a letter from the IP agreeing to payment being made to you in the first instance, so there would be no clue in the accounts. He might be agreeable to leaving the others in the dark. But this is all smoke and mirrors and depends on him being willing and playing the game.
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