Husband deceased with debts - Banking help?

Yorkshireman99

Sirlaughalot wrote: »

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

Sounds like the whole exercise was an attempt to avoid paying creditors. Regardless of way the house is held the creditors might be able to force a sale to recover the debts. You MUST get urgent, paid for, professional advice before get in an even worse mess. Sorry to be blunt but you must face up to the problem now and not keep putting it off.

Sirlaughalot

Thanks. Now the funeral is over I will make an appointment to see a solicitor as soon as possible. Just for the record, Sil and I had no involvement in the family finances whatsoever that was all done by my brother.

My brother has no history of bad credit and to suggest that this was a deliberate act to avoid payment of loan/ asset deprivation would be totally out of character. His terminal illness was totally unexpected and was only alerted to us when he fell and broke his hip and was admitted to hospital. He was up until the day of his accident fully active in the garden and in the loft doing DIY. He had no medical conditions whatsoever that anyone knew of before his accident and i`m sure when he took out the loan he had every intention of paying it off over the term.

Sirlaughalot

I`m trying to find out the exact dates of when the asset (house) was placed into trust and the dates when the loan was taken out. I think this will make the situation a lot clearer for us all.

Will keep all updated as the process moves on to see if this can help others with these so called 'cowboy' will writing/family asset protection trusts services

Sirlaughalot

Keep_pedalling wrote: »

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.

There is no evidence to suggest that the loan was a deliberate deprivation of assets and they were trying to hide assets from creditors who have paid for the enhancement of that asset. If the trust was set up to benefit from not having to pay for care in older age. That has not been the case as his wife a trained nurse took time off to care for him at home right up to the point of death

Keep_pedalling

Sirlaughalot wrote: »

There is no evidence to suggest that the loan was a deliberate deprivation of assets and they were trying to hide assets from creditors who have paid for the enhancement of that asset. If the trust was set up to benefit from not having to pay for care in older age. That has not been the case as his wife a trained nurse to time off to care for him at home right up to the point of death

Whether it was a deliberate action or not the effect is the same, and the creditors may very well have a legitimate claim against the estate. Giving your only asset away is rarely a sensible thing to do and the motives for doing so are nearly always questionable.

Did he only put his half of the house in trust, or the whole thing?

Yorkshireman99

Sirlaughalot wrote: »

There is no evidence to suggest that the loan was a deliberate deprivation of assets and they were trying to hide assets from creditors who have paid for the enhancement of that asset. If the trust was set up to benefit from not having to pay for care in older age. That has not been the case as his wife a trained nurse took time off to care for him at home right up to the point of death

Once again you need to stop speculating and go and get some proper paid for legal afvice to sort out the mess.

Sirlaughalot

Yorkshireman99 wrote: »

Once again you need to stop speculating and go and get some proper paid for legal afvice to sort out the mess.

Those are the facts no speculation at all those I`m 100% sure are the facts regarding the events leading up to my brothers death

Sirlaughalot

Keep_pedalling wrote: »

Whether it was a deliberate action or not the effect is the same, and the creditors may very well have a legitimate claim against the estate. Giving your only asset away is rarely a sensible thing to do and the motives for doing so are nearly always questionable.

Did he only put his half of the house in trust, or the whole thing?

The whole thing