IVA and inheritance

mickhew

Hello. Under my IVA if I get any inheritance my practioner will use this to give to my creditors. I am currently in my mums will to get half her bungalow when she passes away. To avoid my practioner seizing the funds, I'm thinking of getting mum to change her will, so my 5 year old daughter inherits it into her bank account, thus preventing this from being used to repay creditors. Is this a good idea? Or am I setting myself up for pitfalls. ? Sorry if this subject has been covered before.
Thanks in advance.
Mick.

unimaginative_user_name

I don't think children can access money they have inherited in a will until they are 18 or possibly older depending on what the will stipulates.

mickhew

Thanks. I've found this out, so can't really do it.
"
Under English law, it is not possible for children to inherit assets until they reach the age of 18. "

poppasmurf_bewdley

mickhew wrote: »

Hello. Under my IVA if I get any inheritance my practioner will use this to give to my creditors. I am currently in my mums will to get half her bungalow when she passes away. To avoid my practioner seizing the funds, I'm thinking of getting mum to change her will, so my 5 year old daughter inherits it into her bank account, thus preventing this from being used to repay creditors. Is this a good idea? Or am I setting myself up for pitfalls. ? Sorry if this subject has been covered before.
Thanks in advance.
Mick.

Why wouldn't you want any money you get as inheritance to go towards paying off your debts?

I would imagine your IVA Practitioner will use similar methods as the DWP use when deciding if someone is intentionally depriving themselves of capital to gain benefits.

RAS

mick

Deprivation of assets would not only be reversed by the IP if he could prove it, you would also get in deep doo doo as well.

Not sure if IVAs have the equivalent to BRU and BROs but you could ask on the IVA and Br forums.