Does a completed IVA need to be mentioned in a Will?

in_orbit74

My father is about to make a Will. He entered into an IVA in 2016 which was completed in 2021. A certificate of completion was issued the following year. Does he need to mention this in his Will, and if so, would this impact his estate at all? Or, since it is completed, is it now irrelevant?

RAS

It's now irrelevant as far as the will is concerned.

And legally it is irrelevant as far as his life is concerned unless he's asked if he has ever been insolvent.

But we occasionally encounter folk here whose very old debts have been bought up by less intelligent/careful/scrupulous debt collectors some 20-30 years down the line. At least one recently is trying to deal with a company who don't understand the basic concept of insolvency, long after completion.

So I recommend keeping the completion certificate somewhere safe and making sure the executors have a copy.

fatbelly

I can't see why it would need to be mentioned

Keep_pedalling

No he doesn’t which I am sure his solicitor will confirm.

badmemory

I am sure it wouldn't need to be mentioned in the will BUT it may be an idea to give the executor a heads up just in case someone tries to have a little bite.

sourcrates

The only issue may be if after his death someone comes chasing one or more of the debts included in the IVA.

The law determined the debts were null and void on successful completion of the IVA, its not something that would effect a will, but keeping a copy of the completion certificate might be useful.