Lisa's idea is a good one so try and speak to another family member and at least some good will come out of this rather than your share being lost. This person wants you to have the money and what a legacy it would be if they left you debt free.
Adam_7985 wrote:Sorry final question, if I got the person to change his will so my inheritance would not go to bankruptcy, would it be held till I was solvent again in 5 years, what happens to the money?
You would need to get legal advice. Some insolvency clauses will act to simply disinherit an insolvent beneficiary and the monies would be shared with the other beneficiaries, or as detailed in the will itself. Or the clause could seek to hold the money in trust until the beneficiary is once again solvent. Now ... such a clause can be over-ridden in bankruptcy with the official receiver stepping into the shoes of the beneficiary and getting the money .... whether the IP has the same reach I do not know. Do you have a sibling the money could be left to instead of you? If so, he or she could then give you the money after the IVA has concluded ( or use some of it as a full and final offer to end the IVA early ). Obviously this will require a degree of trust as such an arrangement cannot be agreed in law or enforced.
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