Son/Inheritance

castle96

Hi, 3 sons Tom !!!!!! Harry. 1/3 each in my will. Harry has been with Dora.  for 11 years, not married. Two kids Fred & Alice. Alice is with Dora in Slovakia  Fred is with Harry in UK.  . Harry and Dora own house jointly/on deeds which will be sold shortly/repossed.     Harry has a large IVA more than his 1/3 share of my inheritance currently (seperate worry to me - am looking at!).   Harrys's mother (we are divorced) has been to her Accountant today who says that "any money left to Harry.....Dora will have a 50% claim on"   This can't be right? (Something to do with Alice living with her??). My initial worry (thinking about changing will), is that the Liquidator would grab any monies left to Harry to pay his IVA.  Total figures (don't know Harrys's mother's wealth (she has 5 sons - 3 mine), est, £2m.    Can't see why Dora would be entitled toanything (bar 50% of house equity), on the death of me/Harrys's mother ??????  Any thoughts please

elsien

My thoughts are that there isn’t an inheritance until you actually die. Before that there is no way of knowing what curveballs life will throw that means you have less to leave than anticipated

Other than that what country are you in? Because Scotland has slightly different rules to the rest of the UK with regards to children and inheritance.
Generally speaking though, I’m not seeing how the child (?) could claim half of what you leave to C. It may be that inheritance rules are different in Slovakia if that’s where she’s got her advice but as far as I know because it’s a British will then British law would be followed. I do  stand to be corrected on that though.

PS I’m very confused by all your alphabet letters. It doesn’t make it easy to follow.

castle96

Thanks. Obviously talking about when I die
England
Didn't wan to use names

elsien

Just updated my answer - got partner and children mixed up.

diystarter7

castle96 said:

Hi, 3 sons A B C. 1/3 each in my will. C has been with H for 11 years, not married. Two kids D, E.   D is with H in Slovakia  E is with C in UK.  . C and H own house jointly/on deeds which will be sold shortly/repossed.     C has a large IVA (seperate worry to me - am looking at!).   C's mother (we are divorced) has been to her Accountant today who says that "any money left to c... H will have a 50% claim on"   This can't be right? (Something to do with D living with her??). My initial worry (thinking about changing will), is that the Liquidator would grab any monies left to C to pay his IVA.  Total figures (don't know C's mother's wealth (she has 5 sons - 3 mine), est, £2m.    Can't see why H would be entitled toanything (bar 50% of house equity), on the death of me/C's mother ??????  Any thoughts please

Hi OP
No one knows when time is up
I don't know how old you are or your health
No one knows who is going first or together, etc.
You can seek  a 2nd professional opinion as the scenario is complexed
I can see why you are concerned and need to get it right
Also, be prepared to make changes as time goes on.
Please seek specialist advice/consultations from at least 2 people and listen to their answers and then compare notes and then decide your next step.

I've been nosey not like me had a look at your previous threads as some others often do and noted a thread on "IVA" and wills/giving money/etc

It is a very complex situation and I hear you and feel for you and I hope you can soon manage to get a will together that you are happy with as no one wants their hard-earned cash go to someone they don't want it to.

Good luck.

Keep_pedalling

Sounds like someone is winding you up.

Marcon

castle96 said:

Hi, 3 sons A B C. 1/3 each in my will. C has been with H for 11 years, not married. Two kids D, E.   D is with H in Slovakia  E is with C in UK.  . C and H own house jointly/on deeds which will be sold shortly/repossed.     C has a large IVA (seperate worry to me - am looking at!).   C's mother (we are divorced) has been to her Accountant today who says that "any money left to c... H will have a 50% claim on"   This can't be right? (Something to do with D living with her??). My initial worry (thinking about changing will), is that the Liquidator would grab any monies left to C to pay his IVA.  Total figures (don't know C's mother's wealth (she has 5 sons - 3 mine), est, £2m.    Can't see why H would be entitled toanything (bar 50% of house equity), on the death of me/C's mother ??????  Any thoughts please

It's impossible to follow all the initials. Use fake names (very wise not to give real ones) and it might be easier to work through the scenario.

user1977

As recommended on your previous thread, take professional advice, rather than Chinese whispers based on something your ex's accountant may or may not have said.

Savvy_Sue

Agree you need proper advice. 

And we don't know the value of 1/3 of your estate compared to C's IVA, but might it not be a good thing if he's able to settle what he owes and make a fresh start? Hopefully having learned enough not to get into similar problems in future.

TBagpuss

I recommend that you take proper advice. However, if your son is not married, his partner / ex partner won't be entitled to a share of his inheritance. However, if they own their house jointly, if he recievd an inheriitance and usd it to pay the mortgage off/down then she would, unless they had a decalation of trust saying otherwise, still be entitled to half of the house.

There are some situiations where an applciation can be made under the Childnre for fiancial provision where an unmarried couple split up, however, there is no automatic entitlement. 

IF your son inherists from you when he is still subject to an IVa or bankruptcy order then yes, he would have to use the uinheritance to clear his debts 

castle96

How would the Liquidator actually know he has received any monies