UK Bankruptcy Law
UK Bankruptcy Law Questions Answered by Verified Experts
no she is the owner,
Not particularly some are but not many
they own it outright
they own it outright, could he sign an affidavit saying all the house contents are his …?
she was also residuary recipient of my uncles will but that was changed to favour her children, would they also be able to reverse that ?
Nope she was thinking of making the change the uncle died some 6 months ago and the will is still in probate
No she was thinking of making that change, she has not begun to talk to HMRC yet but wanted to make the change incase things go a bit wrong… she may not go bankrupt but I guess she is afraid it may go that way, my original question was to highlight the situation, she has yet to receive a bill and probably won't do for a couple of months and it may be a small one...
Probate has been granted, however the uncles house is 50% owned by a finance company and needs to be sold to release funds, a change in the will would be to determine the recipient of that residuary amount.
yes they are, they get 5,000 each currently
her husband get some furnishings, she was going to make a change to give everything to them.
HMRC have not currently made a claim against her and it is by no means certain that the bill will be large or unaffordable.
Would this not be counted as trying to get away from your creditors ?I thought this could be reversed in court ?
Or are you say that simply writing yourself out of the will is not something that can be disallowed and therefore by default you cannot challenge the kids getting the money… ?
Hi what do you mean "Get the Will"she has a copy, Probate has been granted but an adjustment can be made.So with no real debts you can disinherit yourself and that can't be reversed ?
If so that seems to be the obvious answer… her solicitor said that it could be defrauding her creditors but since she does not want to go bankrupt and no VAT bill has been Raised I don't see how that could be so…But obviously she needs to be sure…Could she make an alteration to give her a smaller amount or should she completely disinherit herself ?
She is renting and has few assets She was a sole trader but just set up a LTD company.
If she just reduces what she gets but keeps a substantial proportion that would increase the trustees finding out, however as yet no bankruptcy has started...
Surely if you don't tell the trustees about the inheritance how will they find out ?
Her only creditor is the revenue, possibly if she just adjusts the will a little leaving herself as the main beneficiary that will not be seen as an attempt to avoid anything.
Since her husband would be the main recipient he could pay the rent and she could pay back hmrc with the business proceeds.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).