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Scottish Trust Deed Forum
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Topic starter
12/12/2010 10:23 am
I have signed my trust deed and am just awaiting the passing of the period until protection is realised or not. Assuming that the TD does become protected, I currently have no assets to contribute towards my creditors and currently live in a house with no mortgage outstanding. The house belongs to my Grandmother and if the worst happens, I will inherit the house without any mortgage outstanding. If this scenario arises within the period of my TD, what will happen in relation to the house, will I be required to sell the house to repay debts as re-mortgaging is not an option given my extremely poor credit rating.
Any advice welcome.
Thanks
12/12/2010 11:16 am
Hi Gresgow
this is called 'acquirenda' in insolvency and relates to assets acquired in the period of the Trust Deed before it's discharge. It automatically vests in your Trustee.
The only option would be to look at a change to the will so that you are not the beneficiary. There is nothing wrong with this.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
12/12/2010 11:38 am
Thanks Mark for the explanation - I am not proud of the situation I have got myself into, and am trying to keep family out of it if possible. If changing the will is not the road I wish to go down, then what would I be required to do?
12/12/2010 11:46 am
Hi gresgow
I assume you are the sole beneficiary of the will. If this is the case, then there is no other option. The best scenario would be that nothing happens to your Grandmother in the period of the Trust Deed and therefore the house does not crystalise into an asset.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
