Advise about inheritance after BR?

hally01

Hi Everyone,

Just wondering if anyone can tell what i should do if i receive some inheritance after BR?

and, do you have to phone the court and book the day or can you just turn up? planning to do the dead on 8/8/08???

Thanks all Hally x

JCS1

If you become entitled to an inheritance whilst and undischarged bankrupt (i.e. when the person dies, not when you receive any money) then you have to tell the OR and they will, in most cases, want to have the money.

You need to phone your local court, as various courts have different procedures, some have a drop in service, others by appointment.

hally01

Thank you, what about if the person died before you went br. my grandad died a week ago and it could happen that i receive some money. but i just want to be sure as if i do, i want to tell my parents not to give it to me. does that make sense?

skylight

Hi Hally!

The problem here is that if your grandfather has specifically left you some money in his will, then there is nothing that you can do about it. You have to have it (unless he has written it into trust) and you have to tell the OR.

If, however, he has left everything to his children only and your parents in turn decide to give something to you, then yes - you can ask them to defer it. It will be a gift from them and not from the will so you can state that you know nothing about it - as technically your parents could always change their minds.

JCS1

hally01 wrote: »

Thank you, what about if the person died before you went br. my grandad died a week ago and it could happen that i receive some money. but i just want to be sure as if i do, i want to tell my parents not to give it to me. does that make sense?

If left specifically to you, then you need to put it as an asset in your BR papers, then down to OR, but as not living expenses, expect them to take any inheritance.

hally01

That's great thank you, as i'm 99% sure he hasn't left anything specifically just to my Dad who may then decide to give me something. so that's a relief..

do you know if you need to book the br day at court??

tigerfeet2006

I am sorry but the money will have to go to the OR. You cannot ask your parents to keep the money for you untill after your BR comes to an end that is fraud. The will is a legal document and the BR is a legal process, you will sign a legal document to tell the OR all changes to your income. and circumstances.

skylight

Could using an inheritance help though in reducing your debts and therefore avoiding bankruptcy?

hally01

I don't think i need to worry as none of it is left specifically to me and the will wont be finalised for at least six months... thank you for your help..

does anyone know whether i have to book with the court to go br or can i just turn up?

skylight

About the court itself, as JSC1 mentioned, you will need to call them. Each court can be different - some operate a turn up system and some are appointments only. It will be your local county court for your address.

fiveyearplan

I'm sorry to hear about your grandfather!

Yes, Hally, phone your court to make sure you are going to the correct court and also ask them if you need an appointment. For instance I'm in London and had to go to the High Court on a turn up on the day basis. There are pros and cons of either, it took almost all day for me whereas the courts that have appointment systems you are just in and out relatively quickly!

Good luck whatever you decide and I do hope for your sake your grandfather didn't leave you anything!