our IVA's finished October 2015, with CC received May 2016.
My mother in law, when she found out about us getting the IVA, took my husband out of her will early on as she didn't want her money to be swallowed up by our debts. She sadly died in mid 2015 just before the IVA finished. We have just found out that although my husband isn't a beneficiary of the estate, he is still named in the will where his share is in trust. She didn't leave any money behind, it is just her house which at present has a family member living in it, and there is currently no intention to sell the property.
As we thought my husband wasn't mentioned at all in the will, we didn't mention it to our IP when she died. Will he need to let our IP know about the chance of a possible 1/4 share which he may be eligible for at some point in the future, or will this come to light when the property is sold?
As far as we are aware, as his 'share' is in trust, he has no legal rights to it unless the other beneficiaries agree to him getting it. Am I right in thinking this will still be claimed as part of the windfall clause at whatever point in the future the property is sold? If the other beneficiaries decide they don't want him to get it, can the IP still stake a claim on it?
any advice gratefully accepted
Who is onlineUsers browsing this forum: No registered users and 12 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location