Wills

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creditnomore

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Post by creditnomore » Sun Jun 20, 2010 6:07 pm
Was talking to my siblings recently about our parents and got to thinking about their wills. I suspect I know how their will is split up although not certain and, while naturally I hope that nothing happens to them (although one of them says this is their year to go) I wondered what would happen. I know that it would be classed as a windfall and paid to the iva, that's fine, but if it was more than the amount I originally owed, would the balance automatically go towards my spouses iva, if it was only me named in the will? If the will were in my favour, and changed for any reason to go to my children instead of me, how would this be viewed, bearing in mind I woud have no right to the money unless I was named and couldn't conrol who was named in another persons will?
Thanks for your advice
 
 

Skippy

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Post by Skippy » Sun Jun 20, 2010 6:15 pm
As far as I know if you are the only named beneficiary the money would be used to pay off your IVA and IP fees, and anything left would be returned to you. I don't think it could be used to pay off your spouse's IVA.

If your parents changed their wills I don't think there is anything anyone could do about it.
 
 

kallis3

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Post by kallis3 » Sun Jun 20, 2010 6:23 pm
I think Skippy is right.

You could use anything left towards a full and final for your spouses IVA if there was enough. If the will were changed in favour of your kids then it would not affect your IVA at all.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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creditnomore

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Post by creditnomore » Sun Jun 20, 2010 6:26 pm
Thank you both
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jun 20, 2010 6:54 pm
No money would be paid to your spouse unless he/she was named on the will, and if your parents decide to disinherit you in favour of your children, that is their choice.
Regards, Melanie Giles, Insolvency Practitioner
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