Borrowing against ones inheritence

welshwitch11

Thank you dzug1, daska and mojisola for your quick and very informative replies. Your very helpful answers have given me a better idea as to how to go forward from this point, thank you once again.

Fire_Fox

dzug1 wrote: »

That's fine if there's no debts to be paid on death or enough spare cash to pay any.

I'm not sure she has the power to release her executors from the obligation to collect in assets that are needed to pay bills. Maybe she has, but I think you need expert advice as to whether that clause of the will is valid. If I were a creditor with a sufficiently large sum at stake I might well consider challenging the will.

This would be my thoughts, that clause simply admits that the money was a loan and not a gift. But I'm not saying I know the legal position, just my opinion really.

RAS

I also think that those who currently have power of attorney need to check out the rules regarding "deprivation of capital", as if mum is in the nursing home when the remaining money runs out, this may be an issue.