Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Not sure if this is in right place, so could someone move it if neccessary please?
Quick background:
I have an old family friend whose husband is in the final stage of terminal cancer.
My friend is the executor of the will.
My friend's husband has substantial (20,000 +) debts - all unsecured, no other assets.
There is a large (200K) Life Insurance policy payable to friend.
I have been helping friend with CCA requests and such (hubby is doped up to eyeballs, and no longer coherent - friend has letter giving permission to discuss debts with whoever but NOT power of attorney).
questions -
Friend is disabled, and is loooking to buy converted house for 24hr carer + children with life insurance - she is currently council house tenant.
Is the life insurance payout counted as part of husbands estate?
In the event of husband dying without further assets, will the debts just be "written off" or is my friend likely to be chased for years - she will be main beneficiary of will, as well as executor.
None of the debtors have supplied a valid CCA at the moment.
I phoned a solicitor today, just to ask the question:
if the policy is written "payable in trust", then it is paid to the beneficiary without becoming part of the deceased's estate.
Otherwise it IS part of the estate (and thus may attract inheritance tax).
If you get a Life Insurance policy, it might be worth checking the wording!
Life Insurance + debts question.
policy payable to friend.
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