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

sillystudent_2

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

Well in that case you'll find this useful: http://business.timesonline.co.uk/tol/business/law/article1559786.ece

Basically it's called 'disclaiming' (i.e. rejecting) a gift/inheritance.

Tbh I stand by what I said originally - I still don't think it's particularly right for you and your brother to be judging how your older sibling spends his inheritance. But to be fair I don't know the full facts and you do, for all I know you could be 100% correct in your beliefs and the inheritance was simply because a father failed to correct a will to stop a share of his estate going to his money-grabbing older son. At the end of the day it'll be up to your brother to disclaim his inheritance - if he believes your parents made a mistake in giving him the money, then that's fine I guess.

Leaving moral issues aside though, depending on the will this might not be the best course of action. This is because the rest of the money will go into the 'residue of the estate' (i.e. what's left after making will provisions.) This means that the money will either:

1. Go into 'intestate' (don't know anything about intestacy laws, I'd imagine it'd end up going to you and your other brother but I don't know whether other relatives would be included.)

2. Alternatively, your father might've made a provision of 'the residue of my estate will go to x.' This is the bigger problem - it's commonplace for people to make such provisions, granting the money to a charity or another relative/close friend as usually it's only a small amount, whatever's left after making all the will's provisions and all the family have been taken care of. However, this will now be quite a large amount since it will also include your brother's disclaimed share - depending on what your father set out, it might mean that the RSPCA or a distant relative/friend will be getting an unexpectedly large windfall (as opposed to the small sum your father intended them to get.) :eek:

Thus it'd be worth examining the will closely/consulting a solicitor before taking any such action!

So_Sad_Angel

maxmycardagain wrote: »

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

lombrozo wrote: »

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.

Why is this thread on the bankruptcy board then?

lombrozo

robpw2 wrote: »

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

I plan to do what my father would have wanted, as does my other brother, to keep the house (our family home) for many years to use as a safe house. In the meantime we'd rent it out and split the proceeds to pay off our existing mortgage (my 'other' brother and I have our own house we bought together), we'd give our older brother his share of the rent to live off.

By the way, this is what our older brother wants, he WANTS to denounce the will, and he WANTS us to drip feed him. He sees the logic in our plan and is happy for us to control his share.

My older brother doesn't know how to budget, he bought lots of useless ©rap and now, generally lives off the state.

lombrozo

So_Sad_Angel wrote: »

Why is this thread on the bankruptcy board then?

Where else to put it?

philnicandamy

well...certainly not here...unless?

lets hope one of the BG's moves this to the relevent place

margaretclare

Isn't it always 'hard-earned' when it's the older generation's money which is being talked about, and which someone else wants more of.

I don't know of anyone whose money was 'easily-earned'. Unless we're talking of the most recent lottery winner and the like.

It's absolutely pointless saying 'hard-earned' and 'lifetime of hard graft'. To put it into context, I worked from age 16 to 67, so did my DH, and most of that could be called 'hard graft'. But, so what.....Once I have finished with the use of my 'hard-earned' assets I shall not care twopence what happens to them.

lombrozo

margaretclare wrote: »

Isn't it always 'hard-earned' when it's the older generation's money which is being talked about, and which someone else wants more of.

I don't know of anyone whose money was 'easily-earned'. Unless we're talking of the most recent lottery winner and the like.

It's absolutely pointless saying 'hard-earned' and 'lifetime of hard graft'. To put it into context, I worked from age 16 to 67, so did my DH, and most of that could be called 'hard graft'. But, so what.....Once I have finished with the use of my 'hard-earned' assets I shall not care twopence what happens to them.

My dad was a carpenter and literally ran whilst he worked to provide more for his family. I work in an office typing at a keyboard all day, my older brother doesn't work at all (lives off the state), so in comparison I'd say 'hard-graft' is the correct term.

philnicandamy

Hmm I worked all my life till 3yrs ago & now live as you say "off the state" so your point?

maxmycardagain

my older brother doesn't work at all (lives off the state), so in comparison I'd say 'hard-graft' is the correct term.

he wont if he gets £75K out the will......lol, till he spends £60K

Oldernotwiser

lombrozo wrote: »

My older brother doesn't know how to budget, he bought lots of useless ©rap and now, generally lives off the state.

This is really what it's all about, isn't it? Your brother's on means tested benefits which he'll lose because of the inheritance.