Bankrupt and wifes will

lukeylamps

I went bankrupt at the end of March and wanted to see if I can get some advice here about the situation with my wifes will. It's written in trust but I think that is for the benefit of the kids should anything happen to both of us. Do we need to make any changes or is it the case that if anything happened to her and her life assurance paid out to me that would go straight to the OR. I'm more concerned about having the money for the children.

If anyone can help that would be great as I don't want to start spending money just yet on legal advice.

Thanks

IF

Hi LL, unsure of this just bumping you up x

IF

Bump...... x

skylight

Shouldn't be a problem.

A will in trust basically means that there are no "heirs" so no-one will inherit anything. The money goes into a trust pot and the trustees dish it out as they see fit; this is normally in line with a letter of wishes that would have been written. It not only gets around the tax status but also appears to help with BR.

However this is a simplified view! I would strongly reccommend you chat with a professional will writer/solicitor (who deals in wills NOT as a sideline!) and ask for their opinion.

Most people tend to ensure that wills are re-written so that either someone else inherits or the trust is explicit in who the money is intended for (like children with you as trustee so you can spend it on their behalf).