Complex question. I have just entered an IVA. My brother is unwell (terminal illness) him and none of my family know I’m in an IVA - as far as I am
aware I wouldn’t be left any assets from him when he passes.
I can’t have a discussion about his will (given current circumstances) and my sister in law and I don’t see eye to eye.
If for whatever reason he did for instance leave me half his flat that he is currently in with his wife in his will, what would I have to do with my IVA?
I fully understand that any windfalls will be notified to my IVA company by myself, and although this is VERY unlikely to happen I wonder what would happen if it did in a complex situation.
The complex disgusting being, my brother and sister in law jointly own the flat.
It’s a one bed flat they both own.
My brother leaves half the flat to me, but my sister in law refuses to sell, doesn’t want to move out as it’s quite rightly her home and just lost her husband (my brother)
Or she doesn’t want to/can’t afford to buy me out?
Where does this leave me?
This is 99.9% unlikely to happen (I would assume my brother would leave the flat fully to his wife) but it has crossed my mind if this did happen how would this be approached by my IVA company?
If they own the flat jointly, under the usual arragements in English law, as Joint Tenants, when one owner dies the whole automatically belongs to the survivor . In such a case your brother cannot leave you any share in the flat. If they own as Tenants in Common, which is nowhere near as usual, then he will have a share he can leave to others. In such a case the IP might agree to simply extending your IVA by 12 months in lieu of release of equity.
You are, as you say, 99.9% sure he wouldn't leave you a share and it is a very high probability that he would not be able to anyway ---- so, will, in all probability, never happen.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk