Family home and debt

Jazzguy1

Hi all
Having checked my parents will recently, it seems i am trustee to the property along with my brother.
The proviso in the will states the house cannot be sold while i live there,   ( i have lived there 50 years),  also if i stop living there or someone else moves in with me,   the house will become the property of the other tustee. My brother .
I have a number of debts and my question is   if i have to go bankrupt, will the house be sold , or if i am only trustee and , not actually left the house in the will,   will it be safe?

RAS

Exact wording of the will required, for a start.
Date of parent's death as well

fatbelly

I read the post as if the parents are still alive.

And so the situation may be different depending on whether the bankruptcy completes before or after the will takes effect.

If we go back a step, Op. There are maybe a dozen strategies for dealing with debt. Why are you choosing bankruptcy?

Keep_pedalling

It sounds like an immediate post death interest trust. These are normally used with a surviving spouse but in this case your parents have used it to protect the house from your creditors. You in effect become the beneficial owner but the trust is the legal owner so it cannot be touched by your creditors. Your bother. Or his children will not actually inherit until you die. 

There maybe some IHT implications for your estate but that is not really your problem.

Jazzguy1

Thanks all
Yes , my father is the surviving spouse but both he and my mother had identical wills  with the trustee proviso

Jazzguy1

Does the immediate death interest trust work if i am also named as co trustee though?