Loan arrangements after death

Datcher

My brother recently lost his wife to cancer. He is currently in the process of sorting out the financial aspects.

The majority of this had been relatively simple however there is an outstanding car loan in my Sister-In-Laws name. My brother has a poor credit history, so therefore my question is - what happens in this situation? Will he be able to take on the loan?

Many thanks

Hopelessly_Hopeful

Hi

Sorry to hear the news.

The creditors will ask for the monies to come from her estate. If she doesn't have any money in the estate if it's just her name they can't force your brother to pay. Is the car still there?

HHx

Datcher

Many thanks for the reply.

Yes the car is still being used and is a necessity. There was some money left from her estate but not enough to pay the loan off.

Hopelessly_Hopeful

Technically the car belongs to the estate then not your brother. They could ask for it to be sold to go towards the loan. How much would be left to pay after the excess estate?

HHx

Datcher

Thanks again.

I'm not sure at the moment what the figures are. However, I know that the monthly payments can still be met.would this have any bearing on the situation?

Hopelessly_Hopeful

I would think they would be happy with that

HHx

dzug1

He should check if the car is still insured - if the insurance was in SiL's name then it probably isn't as the policy normally lapses on death

happycamel_2

Also logbook registered keeper etc need updating.

gb12345

iaanhayden wrote: »

By utilizing this arrangement, the donors have get get access to to to the lend funds during their lifetime. Unneeded capital, although, is automatically contributed to an inter vivas trust (i.e., a personal trust created throughout the donor’s lifetime) directly before death to benefit the benevolent society. In this way, the residual capital in the loan account does not become part of the last surviving donor’s estate.

Yet another wonderful insight into the workings of this future spammers mind.:rotfl:

27col

gb12345 wrote: »

Yet another wonderful insight into the workings of this future spammers mind.:rotfl:

Not quite sure why you perpetuated this meaningless, illiterate and irrelevant drivel by bothering to quote it.