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

lombrozo

sillystudent wrote: »

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.

Sorry, just to iterate, we didn't have the foresight to make those wishes legal unfortunately...

lombrozo

maxmycardagain wrote: »

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

He's looked in to it but decided against it for some reason. Not sure it would make any difference now the probate is almost done anyway.

lombrozo

maxmycardagain wrote: »

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

I think the 3 of us are executors... It's definitely not my older brother, might be me or my other bro...

Boozer

What result would you like to see?? as your question asks about denouncing the will, what will happen to all the money?? will the sensible 2 brothers keep it for now and drip feed it to him or what would happen with it??

maxmycardagain

sillystudent wrote: »

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.

seems the father wasnt coherent for any of that, so not an option, and the legal will could have been written years before the eldest son got into strife or maybe dad dint know?...

should 1/3rd of what he worked all his life for now be lost in a flash when 1 sons bad habits catch up with him, given said son has (it seems) paid his fees and gone bankrupt, presumably BRs should be carefull till discharged in case they win the lottery.....

lombrozo

Boozer wrote: »

What result would you like to see?? as your question asks about denouncing the will, what will happen to all the money?? will the sensible 2 brothers keep it for now and drip feed it to him or what would happen with it??

Sorry, yeah, didn't make this clear, this is exactly what we want to do

robpw2

lombrozo wrote: »

Sorry, just to iterate, we didn't have the foresight to make those wishes legal unfortunately...

Surely it would be he didnt have the foresight as its his will

robpw2

lombrozo wrote: »

Sorry, yeah, didn't make this clear, this is exactly what we want to do

whilst im not denying your sensible and probably able to deal with finances properly etc

what are your plans with your share?

and what would be your plans with his share if you were planning to drip feed him etc who would decide what he could have when

does he have a gambling prob or something why does he have such a huge debt?

I feel that you should all sit down and discuss it with eachother but also i feel you need to allow your brother to control his own finances and deal with his own mess otherwise he will never learn

maxmycardagain

Can the OR demand the money off the executor direct or does the BR have to collect it then hand it over?.....

Boozer

I see the sense in what you are saying, but if you do drip feed it to him, then he will be paying more over the long run in interest on these debts that he currently has, if he is sensible with the money you drip feed him, then he will be using it to pay off the debts, why not just let him do that at one time?