Wills and my items

getmore4less

Brynsam wrote: »

Secured debts (such as a mortgage) take priority over funeral expenses (strange but true - it's a common misunderstanding).

The asset is not part of the estate at that point only the free equity in the asset.

If the asset is not enough to pay the debt then what's left drops down to the unsecured tier below the funeral...

getmore4less

People should look up abatement it's well documented

74jax

Star81 wrote: »

This doesn't even include the student loan of £18,000 and I'm not sure what happen so on that regarding paying it back upon death.

I have no savings and own no property nor have a mortgage. My car is only worth around £300 and apart from that I only own a tv that's worth around £100 and an iPod worth about £30. ;

I understand student loans are written off when you die.

Re £30 ipod, is it worth the worry you seem to be having? Would they want it?

Dox

Owain_Moneysaver wrote: »

I think the bequests mentioned first in the will take priority, so in the above event C's diamond gets sold.

A and B get their diamonds, C does not get a diamond, and any remaining cash left after the debts are paid goes to the residuary legatee.

You are correct in that specific bequests are the first bequests to be distributed, but the order in which bequests are shown in the will doesn't mean that A and B get priority unless the testator expressly says they do.

comeandgo

Yorkshireman99 wrote: »

Even more import is to never DIY a will or use a will writer. Spend the money with a solicitor and remember that all wills should be reviewed at least every five years. Also remember that if you marry the will become invalid.

Not in Scotland. We have rules all of our own.

Star81

Thank you all for your advice. I guess it's true to say no one will bother trying to sell my worthless items to pay off my debts, they would be purely for sentimental value. I was curious what would become of my student loan which I will never be able to pay off anyway. Thanks again all

Dox

Star81 wrote: »

I was curious what would become of my student loan which I will never be able to pay off anyway. l

A quick bit of googling would have answered that instantly: it would be cancelled if you died (and would normally be 'forgiven' - written off - after 25 years).