Worried about Dad's Estate and debt

getmore4less

sydneybean wrote: »

Ooh i feel like I have started arguments, sorry!!:o

Don't worry, it is the way things happen here.

Usualy some sense come out of the differing options.

TBagpuss

If they are joint tenants then the house passes to your mum - t would be sensible for her to update this at the land resistry which is fairly strightforward.

The mortgage - they will have had joint and several liabilit so she will have to pay this - was there any life insurance linked to the mortgage which she can use to pay it off? If not she will need to make the monthly payments or to look into options for remortgaging at a more affordable rate (this will depend on her age)

Even of the credit card is with the same company, they are still only entitled to claim against him and his estate, not against your mum.

once she knows what has come in from his pensions etc she will need to wite to the credit card co, setting out his assets (i.e. bank account, any refunds, and insurance which went to his estate not to your mum) and stating that the estate has no further assets. They would be entitled to any money left after the funeral has been paid for, towards the debt, but your mum is not liable for it.

g6jns_2

TBagpuss wrote: »

If they are joint tenants then the house passes to your mum - t would be sensible for her to update this at the land resistry which is fairly strightforward.

The mortgage - they will have had joint and several liabilit so she will have to pay this - was there any life insurance linked to the mortgage which she can use to pay it off? If not she will need to make the monthly payments or to look into options for remortgaging at a more affordable rate (this will depend on her age)

Even of the credit card is with the same company, they are still only entitled to claim against him and his estate, not against your mum.

once she knows what has come in from his pensions etc she will need to wite to the credit card co, setting out his assets (i.e. bank account, any refunds, and insurance which went to his estate not to your mum) and stating that the estate has no further assets. They would be entitled to any money left after the funeral has been paid for, towards the debt, but your mum is not liable for it.

That really is not good advice. If, as seems possible, the estate is insolvent then the people involved need to be very cautious in case they end up with some liability. The OP should either seek proper professional advice or consult the CAB.

getmore4less

I would be cautious where there is the potential of setoff against a secured asset.

that could take priority over a funeral

but for now we don't know what the bank will do.

sydneybean

Thank you for the above comments. Mum has an appointment with CAB tomorrow so i have wrote some questions down for her.

We have now heard from the correct (we think) department of Yorkshire Bank who have said the last months payment hasnt been made and asking as her name is on the mortgage whether she will take over the payments or whether it is to come out of his estate. Mum will be writing back saying she will be taking over the payments for this. With regards to the deeds, i am now wondering if the bank does actually have them for the new mortgage and that what mum has is all the stuff that they didnt need or want? We are going to ask them to hopefully find out if they are joint tenents.

Once we have clarification of the house been joint tenents then dads estate will definitely be classed as insolvent because mum has had to use her own money and the insurance on dad to pay for the funeral.

he had about £500 in the bank when he died. We have so far had about £750 back from other things so thats nowhere near enough to cover the funeral let alone anything else. although like i have previously said, mum is prepared to pay back any pension and other bills like electric thats still not come through, its just the darn credit card!

And poor dad had spent years waiting on an inheritance coming through one of those heir hunter things, solicitor has apparantely messed it up and its only just getting sorted and now he wont get a penny! that would of blooming helped!!

RAS

sydneybean wrote: »

And poor dad had spent years waiting on an inheritance coming through one of those heir hunter things, solicitor has apparantely messed it up and its only just getting sorted and now he wont get a penny! that would of blooming helped!!

Have you checked whether you will now inherit his portion??

Mojisola

sydneybean wrote: »

And poor dad had spent years waiting on an inheritance coming through one of those heir hunter things, solicitor has apparantely messed it up and its only just getting sorted and now he wont get a penny! that would of blooming helped!!

Why not?

If a beneficiary is alive when the testator died, then the inheritance should stand.

If the beneficiary dies before the estate is distributed, his/her share should be paid to his/her estate and distributed according to the beneficiary's will or the intestacy rules.

sydneybean

RAS wrote: »

Have you checked whether you will now inherit his portion??

dont think we will. It was one of my dads cousins and there are still some other cousins left and think they are still trying to find them. so my understanding is that it would go to the other cousins who are alive as they get it in place of aunt's and uncles, thats according to my "very" kind Auntie who phoned the solicitors a whole day after dad died to inform them! families eh:rotfl:

Ol_Jay

sydneybean wrote: »

dont think we will. It was one of my dads cousins and there are still some other cousins left and think they are still trying to find them. so my understanding is that it would go to the other cousins who are alive as they get it in place of aunt's and uncles, thats according to my "very" kind Auntie who phoned the solicitors a whole day after dad died to inform them! families eh:rotfl:

Hi and sorry for your loss.

Very frustrating when an Administrator takes an age to sort out and distribute.
In this situation,personally I thought it worked as Mojisola stated rather than what the Aunty thinks. It should anyway ,I think,so maybe the others would see the fairness in it?.

Needs clarification and would be interesting to see what a solicitor would say. Have been looking to see if there's anything online about it.

Magnolia

sydneybean wrote: »

dont think we will. It was one of my dads cousins and there are still some other cousins left and think they are still trying to find them. so my understanding is that it would go to the other cousins who are alive as they get it in place of aunt's and uncles, thats according to my "very" kind Auntie who phoned the solicitors a whole day after dad died to inform them! families eh:rotfl:

Might not be so - A cousin of my fathers died intestate and although my father was already dead the inheritance he would have got went to me and my sister. Keep an eye on this and make sure the heir hunters are aware that your father had children.