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Topic starter
22/04/2012 9:50 pm
Hi all
Haven't been on the forum for a while.
Been in my trust deed for just over a year and finding the whole process very frustrating. Trustee giving aggro at 6 monthly reviews regarding declaration of outgoings and the like and at last review chose increase the amount of my monthly payments and also add on extra monthly payments to my trust deed. One fair enough but two seems a little extreme.
Anyway onto the main point of my post. Not sure if I have asked this previously but I currently live with and on a part time basis care for my elderly Grandmother. As each day passes her health is deteriorating and I am seriously worried that I may lose her prior to the end of my trust deed. My question is, as the sole beneficiary to her estate which includes the house that I currently live in, what options will I have if the worst happens with regard to the house.
Thanks
23/04/2012 12:01 am
Her estate would be classed as a windfall and some of it would be captured by your trustee for the benefit of your creditors.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
23/04/2012 9:15 am
Hi again gresgow.
I'm sorry to hear that your Grandmother isn't well. Paul's comments are correct I'm afraid. If you inherit money or assets prior to the end of your trust deed they will need to be used to repay your debts as well as the costs of the trust deed itself.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
23/04/2012 9:31 am
Hi gresgow
If the property is likely to be left in a will, then the only option is to have this changed into someone elses name or in trust for another person, otherwise it will become an asset in the Trust Deed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
23/04/2012 12:29 pm
Thanks for the replies everybody. Still a little unclear though. If the worst does happen and I inherit the house with no mortgage outstanding, will I be forced to sell the house in order to repay my debts? Is there a standard practice for all trustees in situations such as this?
23/04/2012 12:42 pm
Hi gresgow.
If you inherit sufficient money or assets you'll be expected to repay the debts in full, interest on the debts, and the fees associated with your trust deed.
There is a clear risk that the only way to achieve this might be for the home to be sold.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
23/04/2012 4:37 pm
If you wanted to keep the house you would have to find another way to release sufficient funds to pay off the obligation to the trust deed (eg take a mortgage on the property). Ultimately, I'm afraid the property could be sold against your will if necessary, Gresgow.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
