Outstanding Peer 2 Peer Accounts in Deceased Name

doodling

Hi,

jaytee28 said:

OP here again and once more thank you all.  I think I definitely need to take some professional advice on which way to proceed.   I have to admit I'd not anticipated the world of trusts and tax returns but if that's the correct route then so be it. 

For what its worth, I think you'll get away with getting a professional to explain the process to you and do a return once and it will probably be fairly easy to do it yourself once you've seen someone else do it.

Are you sure that you can't convince any of the beneficiaries to take an interest in P2P lending?  If there is a secondary market (even if it currently dead) then that suggests transferring the loans to the beneficiaries is possible.  You've just got the challenge of valuing them then.

Keep_pedalling

doodling said:

Hi,

jaytee28 said:

OP here again and once more thank you all.  I think I definitely need to take some professional advice on which way to proceed.   I have to admit I'd not anticipated the world of trusts and tax returns but if that's the correct route then so be it. 

For what its worth, I think you'll get away with getting a professional to explain the process to you and do a return once and it will probably be fairly easy to do it yourself once you've seen someone else do it.

Are you sure that you can't convince any of the beneficiaries to take an interest in P2P lending?  If there is a secondary market (even if it currently dead) then that suggests transferring the loans to the beneficiaries is possible.  You've just got the challenge of valuing them then.

I’m not sure how it works on those 2 platforms but the ones I used it was a case of putting your loan part on sale and it joined a queue of other lone parts put up by other sellers on a first in first out basis and it was not possible to buy loan parts from a specific seller.

getmore4less

Keep_pedalling said:

getmore4less said:

If the beneficial interest gets transferred the estate can be wound up.

Even if someone else has to deal with it  should it not be  taxed as bare trust  beneficiary declare on their tax return.

I think the main issue is that there is no mechanism to transfer the loans to the beneficiaries. 

You don't have to transfer the actual loan just the beneficial interest.

That's how life interest trusts work for properties.

Malthusian

"Crowdstacker" flogged the Secured Energy Bonds scam eight years ago, when it was known as Nineyards Capital.

I mention this bit of ancient history to explain why I would not expect the estate's holding to be realised any time soon (the same probably applies to the other one). I would be doing everything I can to walk away from this dead albatross.

Unfortunately, it is too late to renounce the executorship, and the option of leaving the whole thing in the hands of solicitors seems to have been eliminated by distributing nearly all the liquid funds (i.e. the money that could be used to pay for that) to beneficiaries. That seems to leave transferring the P2P holdings into the names of the beneficiaries as others have suggested.

Did the Co-op seek the executor's approval before distributing nearly all the liquid funds? I would be looking carefully at exactly what they were hired to do. They may not want to manage an estate full of toxic junk indefinitely but if that's what they signed up for they can't just dump it on the OP and walk away, having dissipated all the liquid funds without finishing the job.

jaytee28

Malthusian said:

"Crowdstacker" flogged the Secured Energy Bonds scam eight years ago, when it was known as Nineyards Capital.

I mention this bit of ancient history to explain why I would not expect the estate's holding to be realised any time soon (the same probably applies to the other one). I would be doing everything I can to walk away from this dead albatross.

Unfortunately, it is too late to renounce the executorship, and the option of leaving the whole thing in the hands of solicitors seems to have been eliminated by distributing nearly all the liquid funds (i.e. the money that could be used to pay for that) to beneficiaries. That seems to leave transferring the P2P holdings into the names of the beneficiaries as others have suggested.

Did the Co-op seek the executor's approval before distributing nearly all the liquid funds? I would be looking carefully at exactly what they were hired to do. They may not want to manage an estate full of toxic junk indefinitely but if that's what they signed up for they can't just dump it on the OP and walk away, having dissipated all the liquid funds without finishing the job.

Hi, OP here again,  thank you for the heads-up about Crowdstacker. I failed to mention in the OP that I am also a beneficiary and have ample funds from the deceased estate set aside to deal with the ongoing costs incurred by these two companies.   I am coming around to the idea of requesting these accounts be transferred to my name.  It sounds less hassle than going down the "trust" route.