Can my brother denounce inheritance so we don't have to pay debt...?

LilacPixie

lombrozo wrote: »

Personally I think he should face up to his spending habbits on his own and not rely on my parents lifetime of hard graft to leave something for their sons. My dad made it very clear that he didn't want to pay off his selfish sons debts, so I'm just trying to see his wishes through.

Your father should of laid out his wishes in the form of a will stating this. If your father felt his son was selfish why leave him anything at all?? I am confused.

sillystudent_2

I've got to say, when I saw the thread title "can we denounce inheritance so we don't have to pay debts?" I had a slightly different idea of what this thread would be about. 'We' isn't really accurate - only your older brother will be paying his debts, neither you nor your other brother will be!


I've got to agree 100% with the other posters here - surely what your brother spends his inheritance on is his business alone? I maybe could understand it if your inheritance was being reduced because of his debts but it isn't - your third of your parents' estate is still going to you, untouched. Surely things would be the same if your brother was a millionaire.

Your father should of laid out his wishes in the form of a will stating this. If your father felt his son was selfish why leave him anything at all?? I am confused.

Agree with this 100% - to be fair I obviously didn't know your parents (sorry for your loss btw ) but they obviously trusted your older brother enough to give him the money. If they didn't trust him enough why didn't they alter their will to include clauses on where he spent the money, or put it in a trust to be handed down to him in chunks?

If he had no debt and then went and blew £40k in Vegas, by the same token it still wouldn't be any of your business. The reality is in fact far better - your parents have given your brother a chance to rectify his past mistakes, whatever they may be, by getting back on his feet.

Tbh as far as I can see everyone's a winner - you (having been prudent) are £50k+ richer, whilst your brother is debt-free

robpw2

I can see your point in the fact that when this money has paid off the debt your brother wont have learnt a valuble lesson and could end up in debt again but what he does with the money is up to him - he could choose to give it all to charity you cannot stop him

maxmycardagain

1st obs..........

the dosh is £50K cash and a house worth £180k (yet to be sold)

so he can have only £16.6K with any speed.

the other 1/3rd of the house sale, when sold

who is the executor of the will?

yr in-debt brother is the eldest son?

i dont know but wouldnt all 3 have to agree on accepting an offer on the house?

dont know if delaying the sale delays the OR or if after bros discharge the OR cant claim it, interesting

maybe the house could be let out by a 2/3rds decision? if its not sold, theres no lump sum, only 1/3rd of any income to go in debt-bros SOA...

maxmycardagain

Your father should of laid out his wishes in the form of a will stating this. If your father felt his son was selfish why leave him anything at all?? I am confused.

im not

because dad knew that he had 3 sons, dont you read the bible?

anyway, when your dead, do you care?

" 'My son,' the father said, 'you are always with me, and everything I have is yours. But we had to celebrate and be glad, because this brother of yours was dead and is alive again; he was lost and is found.'

– (Luke 15:31-32, NIV)

noh

dont know but wouldnt all 3 have to agree on accepting an offer on the house?

No it is the executor who deals with the house sale and the distribution of the estate.

sillystudent_2

im not

because dad knew that he had 3 sons, dont you read the bible?

But why couldn't the dad have set out some clauses for the son in debt? It would've been quite easy to set up a trust where the brother's money would be looked after by a financially responsible trustee. The brother would either get given the money in installments, or would be given the money at the trustee's discretion - i.e. he would go to trustee with a proposal for some money (e.g. x amount to buy a new car or deposit for a house) and the trustee(s) could either approve or reject such requests.

However this hasn't happened - the brother has been given the money in absolute, to spend whichever way he wishes.

lombrozo

My father was very ill towards the end of his life (Parkinsons, Dementia), he created a will before this and it would have been hard for him to change it after, he certianly wasn't in the right state of mind. He loves all 3 of us sons but vehemently wanted the money to be put to good use, to help us support our own families or to go towards our own homes so that it continues to help us throughout our lives.

On the few occassions my dad was coherent enough for us to undertsand, we talked about keeping his hosue as a place we could all come to if we ever needed, we talked about keeping the 50k savings for it's upkeep, and he was happy with this. We also spoke about myself and my other brother keeping my older brothers share and drip-feeding it to him as he is obviously unable to do this for himself (he'd blow it within a month), we CERTAINLY didn't want his share for ourself!

Unfortunately we didn't have the foresight to make changes to the will whilst he was still alive.

maxmycardagain

has the eldest brother gone bankrupt or is he planning to?

maxmycardagain

noh wrote: »

No it is the executor who deals with the house sale and the distribution of the estate.

so who is the executor, it could be 1 of the brothers....