Can I protect WILL inheritance from debtors?

theDon876

I may get some money soon but I also have debts, some of these debts will get written off in the next few years, is there any way to protect the will money until then?

eskbanker

As you're doubtless aware, the right thing to do would be to use the inheritance to settle your debts.

Having said that, are you under any sort of arrangements that oblige you to notify your creditors of changes in your financial circumstances?

AnotherJoe

can the will be rewritten or is it too late for that?

theDon876

AnotherJoe said:

can the will be rewritten or is it too late for that?

It's being written ATM. My mother is talking about putting it in a trust or something but it's all very vague, if it was in a trust could the debtors take it?

I'm not even really sure what a trust is, I have a rough idea but not detailed.

tacpot12

If the money is put into a trust, it's not yours, so it would be protected from the debtors. The trustees would be responsible for investing it until the terms of the trust allow them to release the money to you.

greatcrested

You shoulddo the right thing.

Use the money to pay what you owe.

I'm owed money and it really p*ss*s me off that people think they can just walk away from their responsibilities....

shortseller09

You are the debtor, and you should settle up when you have the means, not try and avoid it.

csgohan4

Almost like the avoid care home fees scenario and ways to cheat the taxpayer and hide assets

eskbanker

Chances are that OP will return with one or more of the classic lines of defence for this sort of thinking:

"This is supposed to be a money-saving site."

"I've already paid plenty of interest on top of the 'actual' debt so how dare they expect what they're due."

"But they're evil banks and we bailed them out...."

theDon876

eskbanker said:

Chances are that OP will return with one or more of the classic lines of defence for this sort of thinking:

"This is supposed to be a money-saving site."

"I've already paid plenty of interest on top of the 'actual' debt so how dare they expect what they're due."

"But they're evil banks and we bailed them out...."

That actually is the kind of justification I would usually make. 
I have no real excuses in that case other than protecting my own financial security. 

bundoran

theDon876 said:

eskbanker said:

Chances are that OP will return with one or more of the classic lines of defence for this sort of thinking:

"This is supposed to be a money-saving site."

"I've already paid plenty of interest on top of the 'actual' debt so how dare they expect what they're due."

"But they're evil banks and we bailed them out...."

That actually is the kind of justification I would usually make. 
I have no real excuses in that case other than protecting my own financial security. 

The best way to protect your financial security is to pay your debts when you have the means and then not run up any more.

That way you can sleep at night too.  🙂