Inheritance

kateeh1978

I am due to inherit money from my late Nan.

I am out of the bankruptcy, caused by my business failing (I was discharged, after the year in Feb 13), but am still paying my 3 year court order.

Questions:

1. Can I inherit money without having to pay it to the Bankruptcy?
2. If, the answers no to the above then, how do I go about refusing my inheritance, so it does not get taken away from me? Can I nominate it to someone else (i.e my Mum) or will it go back into the inheritance pot to get re-distributed amongst all?

Help appreciated!

TinyToes

yes you can inherit without having to hand any over to the OR. It is your income payment agreement which lasts 3 years and it is only tied to your income from employment etc. If you were to inherit money and then buy a house and rent it out that then comes income (the rent money). however you can keep it in the bank or spend it on what you like, its only when you then generate an additional income from it that you would need to resubmit a soa

mattannar

It all depends on when your nan died I am afraid.
If you were still in br then the money will go to the OR, if she died after your AD then the money will go to you.

tigerfeet2006

As Matt says it is the date of your Nan's death that is crucial. When was it?

kateeh1978

I was discharged in Feb 13 & my Nan passed away in Nov 13.

The paperwork says I have to declare bankrucpy, but if I am discharged, but paying a payment order do I?

Helpmeoutofthismess

Hi, you must have got the dates mixed up, we haven't got to November 2013 yet!

H x

kateeh1978

Meant Aug 13!

Helpmeoutofthismess

Everything should be okay then! Sorry to hear about your nan though :sad:

H x

kateeh1978

It was due to my business failing.

kateeh1978

Any answers?

pottermore

I am sorry about your loss! Nans are always special persons in our life.

Just to summarize what I got from this discussion:

1) Petition February 2012
2) IPA for 3 years
3) Discharge Februrary 2013
4) Death of relative: August 2013
5) Inheritence: Now

=> You get to keep the inheritance, because

a) IPA only affects income from a job (or rent in a house you own)

b) The death was AFTER your discharge (it doesn't matter when you actually inherit after your discharge, if the death was while you were bankrupt)

Correct?