We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Dro and inheritance questions

Serifyn
Serifyn Posts: 11 Forumite
edited 15 July 2018 am31 7:22AM in IVA & DRO
Hi thanks once again for the brilliant advice lovely people take to give here, it!!!8217;s been invaluable on my debt journey. However I have a few more unfortunately that I wondered if someone could take the time to try to answer.

My grandmother past away a month ago and sadly now it!!!8217;s looking as though my grandad is about to go too, they were in their 90!!!8217;s and yeah I!!!8217;m upset. However putting the emotion aside as I!!!8217;ve had to do of course I!!!8217;m thinking very pragmatically here and questions are asked because I want to do the right thing.

Anyway. I was granted a dro in March 2018, since then very few problems and a huge relief.
However I heard about ten years ago I was in my grandparents will but I could not say for sure I never wanted to really ask them. I!!!8217;ll list my concerns about this.
1. I read online you have to inform the OR as soon as the person dies that you are entitled to some of the will, is this true or can I inform them when I officially know? I have no real idea and for all I know I could be getting nothing as my father is still alive so I don!!!8217;t really know, wills change. Can it wait to the reading of the will or do you tell them at point of receiving the money? This could take many months. When do they want to know? I!!!8217;m scared that the solicitor whom I understand has to check the insolvency register informs them before I do.
2. I can!!!8217;t tell the or as I have no idea if I!!!8217;m getting a sum what that figure would be.
3. On a dro can you bequest or rebuke an inheritance? In other words refuse it? If refused what happens to that money? Could it go to my offspring who are 17 and 18?

My debts were 20,000 if I receive enoughto pay that off I will receive that money and pay it off it!!!8217;s my debt. If I don!!!8217;t then I cannot receive it, however I!!!8217;d like the money to go to my children. It seems really bad timing for me and it sucks after suffering so long as a single parent not even my kids will benefit from the money.

Once again thank you for taking the time to read this. The emotional turmoil of debt and dro is exhausting to say the least.

Comments

  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    Tenth Anniversary 1,000 Posts Combo Breaker
    Hi Serifyn


    I'm really sorry to hear your grandmother has passed away. It's a difficult time and I can understand your concerns about your DRO.


    If you are a beneficiary of a will where the person has passed away you are required to declare this to the Insolvency Service. You'll need to contact the executor of the will to check the situation, and if you are named make sure you declare it.


    In terms of whether you can refuse to accept the inheritance that may be possible, but it will depend on the amount and you must discuss it with the Insolvency Service before making any decisions. I'd also recommend getting in touch with your intermediary to discuss this further.


    Best wishes


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • fatbelly
    fatbelly Posts: 22,153 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Serifyn wrote: »
    1. I read online you have to inform the OR as soon as the person dies that you are entitled to some of the will, is this true or can I inform them when I officially know? I have no real idea and for all I know I could be getting nothing as my father is still alive so I don!!!8217;t really know, wills change. Can it wait to the reading of the will or do you tell them at point of receiving the money? This could take many months. When do they want to know? I!!!8217;m scared that the solicitor whom I understand has to check the insolvency register informs them before I do.

    2. I can!!!8217;t tell the or as I have no idea if I!!!8217;m getting a sum what that figure would be.

    3. On a dro can you bequest or rebuke an inheritance? In other words refuse it? If refused what happens to that money? Could it go to my offspring who are 17 and 18?
    1. You're getting well worked up about this. You are required to tell the DRO team if you receive a lump sum. At the moment you don't know if there is a valid will, if you are named in the will, how much you are willed, whether there are sufficient funds to make that payment, nor who the executor is.

    There is no such thing as a reading of the will - you've been watching old Hollywood films.

    2. That is correct.

    3. An executor is required to follow the instructions in the will. However, beneficiaries can change the will by a deed of variation
  • Serifyn
    Serifyn Posts: 11 Forumite
    Hi many thanks for help and advice given here as always you guys are the best x
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.2K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.