Husband deceased with debts - Banking help?

getmore4less

http://forums.moneysavingexpert.com/showpost.php?p=73900191&postcount=5

Keep_pedalling

Sirlaughalot wrote: »

I said it was held in some form of trust not sure what.

It may ave been you who suggested tenants in common

This is one of the problems with splitting info across several threads. Your original statement was

Yes there is a property involved but it seems quite complicated to me. In the Will, it says it is left in trust to his wife who is the trustee. When she dies her will says the property goes to the trustees who seem to be their twin daughters.

Which is where I got the idea that the house was held as TIC and that it is the will that sets up the trust, rather than it being set up at some point in the past. If the trust already existed then he could not leave it in his will.

Once again professional advise is required.

Sirlaughalot

getmore4less wrote: »

when was this trust created?

About 2 years ago.

Thanks

Sirlaughalot

Going back to insurance we have found some documents in our 'wells fargo' that relates to some policies that were set up by my parents for my brothers that date back to 1946. They are really fragile and some are from the co operative/ some from Scottish someone or other. They are paid up policies .£sd worth about £2, 6s, 5d. when they were bought. Look like right works of art!

Sirlaughalot

Probate required in this instance?

Keep_pedalling

Sirlaughalot wrote: »

Probate required in this instance?

I don't think anyone here can say, the trust complicates things. so you need professional advice. If that trust was drawn up by one of those will writing cowboys do not go back to them for it use a solicitor.

getmore4less

When was this significant debt taken out and what was it used for?

Sirlaughalot

New boiler, External thermal render on house, new windows, plus flight tickets/ accommodation for spouses mothers funeral.

getmore4less

That means the debt money was gifted into the trust


I am out.

Keep_pedalling

getmore4less wrote: »

That means the debt money was gifted into the trust

Have to agree, your brother and SIL have created a financial and legal mess with this trust. People usually do them to avoid care costs, but in this case the deliberate deprivation of assets is also trying to hide assets from creditors who have paid for the enhancement of that asset.

The only thing you should be doing now is advising your SIL to make an appointment with a solicitor.