Wills and my items
Comments
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AnotherJoe wrote: »Yes that's pretty much it probate involves appointing someone to agree what is owed to pass it on.
First funeral expenses.
Then mortgage
Then debts
Only then do people get what's left.
And probably tax is ranked in there high up as well if owed.
Secured debts (such as a mortgage) take priority over funeral expenses (strange but true - it's a common misunderstanding).0 -
Secured debts (such as a mortgage) take priority over funeral expenses (strange but true - it's a common misunderstanding).
Secured dept is not usually a problem, as there is always something, usually a house, that it is secured against.
If for some reason the secured property value has fallen below the level of dept, then the shortfall will be classed as unsecured dept, so will join all the other creditors behind the funeral costs. If the property is the only asset, and is worth equal or below the level of dept then everything will go to that one creditor.
HMRC are also classed as unsecured creditors, so don’t get priority over anyone else.0 -
Thanks to all. Just goes to show how careful you need to be about your directions in the will and in particular not trying to micromanage.0
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AnotherJoe wrote: »Thanks to all. Just goes to show how careful you need to be about your directions in the will and in particular not trying to micromanage.0
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Thank you for all your help. I am trying desperately to get my debts down but I currently owe around £15,000. This doesn't even include the student loan of £18,000 and I'm not sure what happen so on that regarding paying it back upon death. I have no savings and own no property nor have a mortgage. My car is only worth around £300 and apart from that I only own a tv that's worth around £100 and an iPod worth about £30. I really would like these 3 items to go to specific people and kind of hope the people who manage probate would decide it's not worth trying to sell them to pay towards my debts as frankly it wouldn't be worth it. Not sure whether to make a will or not !!!55358;!!!56596;0
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Owain_Moneysaver wrote: »I think the bequests mentioned first in the will take priority, so in the above event C's diamond gets sold.
I'm happy to be corrected. That strikes me as grotesquely unfair compared to my solution, but I am not a judge and the law is not always fair. And it would be the testator's fault for writing such a silly Will.
And it is a good illustration of why specific bequests are a bad idea.0 -
My car is only worth around £300 and apart from that I only own a tv that's worth around £100 and an iPod worth about £30. I really would like these 3 items to go to specific people and kind of hope the people who manage probate would decide it's not worth trying to sell them to pay towards my debts as frankly it wouldn't be worth it.
I hope you won't be offended if I point out that all your bequests are effectively worthless. (The cost of your legatee taking their new car to the garage to check it isn't about to explode would probably be more than its value.)
If someone came here and posted "My friend recently died and left me a £100 TV, but their estate is insolvent and the estate administrator won't let me into the house, even though the TV is of no value to the creditors, how do I get my friend's TV", everyone would tell them to write it off and forget it.
It really doesn't matter and you have bigger priorities. You would get more out of the Debt-Free Wannabe forum than this one.0 -
Thank you for all your help. I am trying desperately to get my debts down but I currently owe around £15,000. This doesn't even include the student loan of £18,000 and I'm not sure what happen so on that regarding paying it back upon death. I have no savings and own no property nor have a mortgage. My car is only worth around £300 and apart from that I only own a tv that's worth around £100 and an iPod worth about £30. I really would like these 3 items to go to specific people and kind of hope the people who manage probate would decide it's not worth trying to sell them to pay towards my debts as frankly it wouldn't be worth it. Not sure whether to make a will or not !!!55358;!!!56596;
Unless you die ata very early age your student loan will go "pop" and disappear well before then.
And who woudl wanta very old iPod ? Or an old banger which is just likely to be a liability..
I strongly suggest you get on with fixing your life now and stop worrying about minutea thats many years off0 -
My car is only worth around £300 and apart from that I only own a tv that's worth around £100 and an iPod worth about £30. I really would like these 3 items to go to specific people
Have you checked whether those people want those items? The car especially will need to be taxed, insured, MOT'd -- or stored off-road.
If you want to you can just write nice things to people in your will if you don't want them to feel forgotten.A kind word lasts a minute, a skelped erse is sair for a day.0 -
Owain_Moneysaver wrote: »Have you checked whether those people want those items? The car especially will need to be taxed, insured, MOT'd -- or stored off-road.
If you want to you can just write nice things to people in your will if you don't want them to feel forgotten.0
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