Iva,heritence children

Matesy

Hi everyone we are currently in an Iva 4 and half years .  Sadly my Aunt passed away last year and I got a phone call to say that I was a beneficiary 3 days ago I have contacted IP.   It could  be anything between 1 and 10 grand .   My Aunt had no children and left money to her nieces and nephews to whom they are responsible  to  divide between their children.   The money is only in the name of the niece or nephew. 

I know any money   I receive will go to creditors but i don’t want my children to suffer and loose out because of me .  Can anyone please help. 

It has been the best thing that we did an iva but can anyone help please.  Many thanks 

Keep_pedalling

The bit in the will about distributing your inheritance amount your children is merely a wish, is not legally binding or enforceable so there is nothing legally you can do to pass your inheritance directly to your children. Even using a deed of variation would be classed as deliberate deprivation of assets.

elsien

Your children won’t lose out because of you. They will lose out because of the way that your aunt wrote her will. If she had wanted to be sure that the money went to them, then that’s what the will should have stated. 

She didn’t, so the money is legally yours and will be counted as such by your creditors. 

fatbelly

The executor has to abide by the wording of the will. If the will says that the beneficiaries are the children of the nephew/nieces then they must pay them direct.

Any monies going through your account will be deemed as a windfall.

Nice to hear your positive views of IVAs as it seems most people regret that option once they are in it.

Matesy

Thank u for your comment