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Inheritance question.
nannyogg55
Posts: 2 Newbie
My son has a mortgage with his brother but lives in a rented house with his wife and child , which is owned by her parents. ( other son pays the mortgage and bills) mortgaged house is in large negative equity and the brothers may be declared bankrupt. Sons wife will inherit the rented house. Will this be classed as sons assets if he is declared bankrupt ?
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Comments
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Son's wife will inherit the rented house. Will this be classed as son's assets if he is declared bankrupt ?
No. The property would belong to his wife.
If Bankruptcy is petitioned before parents-in-Law die, then there will be no issues anyway, as the wife would not inherit until that point is reached.No, I don't think all other drivers are idiots......but some are determined to change my mind.......0 -
There could be an issue of the wife then died and the son inherited from her. However, her will can be written in a way that protects against this.0
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Thank you both for the replies. Inheritence is happening before the in laws deaths, so will make sure Daughter in law makes a will to help keep her assets .0
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