📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

remainderman predeceased a life tenant

Options
2»

Comments

  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    JPR66 said:
    Yes on reflection it does make both answers sound like a yes, until, as was quoted "it's not part of his estate". Hence my confusion!
    Tenses matter. It is not part of his estate (present tense) but on the death of the life tenant it might be (future tense). Depending on the terms of the trust.
    To be honest no one is likely to get any money from it in the next 10+ yrs
    It sounds more and more like walking away and telling the creditors that nobody is administering the estate is the best option. 

    If the life tenant dies and the property passes to your father's estate in 10 years time, then it seems to me that the debt would be statute barred at that point.

    I would definitely be taking legal advice if I was the trustees once the life tenant dies, to get clarity on who the property (or its sale proceeds) should be transferred to.

    Did your father leave a Will? Who would his beneficiaries be if his estate wasn't insolvent?
  • JPR66
    JPR66 Posts: 9 Forumite
    First Anniversary First Post
    My father left no will sadly. I'm making progress slowly and focusing on asking creditors if they will write the debts off. I expect HMRC to be the one that is least likely but whatever happens there will be a long wait for repayment of any kind.
    It's just me, his brother as remaining beneficiaries
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
  • 351.1K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599.1K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only 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.