What happens to the debt when you die?

[Aceyducey]

We made a particular point of ensuring that our asset base would be handled appropriately in the case of both of our deaths as soon as we had kids (aka: someone we specifically wanted to hand them over to).

I'd recommend that anyone involved in investing look at the same approach - consider it as part of the structuring done when you begin investing.

It fits for me into the 'Fail to plan, plan to fail' area.

Of course, I still have high hopes for immortality.

Cheers,

Aceyducey

 

[willair]

I wanted to thank everyone for this post and as i only have a simple will in place for many years it may be time to draw up another will .
But with everything we control in both names,how old does one of my daughters have to be to act as the executor i'm told it was 18 but just wanted to make sure.
Thanks Dale
for the personal register indentification forms they will cover all
the problem areas, just not sure if to mark where the gold is
buried on the will.
good luck willair..

 

[simonjulie]

Hi Folks
Here is a couple of questions that need answering so that we can start to gather info to pass on a property portfolio in tact without all the legal complexities getting in the way. DIY for "dummies" like me

Firstly "The banks mortgage will remain in place on transfer of the property".
Are there any criteria to be meet or protocols to be followed by the inheritor of the property/ies in the legal regard to this transfer?
Secoundly." The inheritor will need to meet the repayments on the loans attached to the properties"
Is that the only criteria required? Will the inheritor be required show serviceability to the lender to take on the debt? Or would the lender let the loans carry on unrestricted with just a new owner listed on the mortgage?
I have also posted this topic on another forum just to gather/share as much info as I can.
I believe that a clear approach to this matter will help us and a lot of other investors with their future estate planning strategies.
KISS is always a good aproach.
Simon

 

[littlevixen]

Choice of Executor is very important as they do have the power conferred onto them from the will to sell and convert your assets or whatsover to pay any 'just debts' or costs before distributing the remainder. With my will, I gave my parents equal share ('tenants in common in equal shares') and they are both the Executor/Executrix/Trustee for the very little that I currently own

Every so often I update them as to where my funds are invested, the various accounts I have and as AlexLee has posted, I keep a list of my various accounts and investment in a file with my will so that in the event of my death, they can't get things organised without any disputes or hassles. Hmm..I don't really want to die, but just in case anyway

 

[littlevixen]

I forgot to mention that my parents wills and the wills of friends that I have read in order to form a general structure for my own will...most of them provide that the following point:

* (mind you, get advice from your solicitor/lawyer) ' I give the whole of my estate to xxx to pay all my just debts, funeral costs and testamentary expenses. xxx shall have total and absolute discretion over the entire residue of my estate'

I think you'll have to get something different to this...

 

[rj]

Dont worry, they have an eftpos terminal at the pearly gates. You can get cash out too.

RJ

 

[fernfurn]

Taking into account past problems I have heard, I intend to give a copy of my will to each of my children, then there can be no misinformation about what was in it or what my intentions were.

 

[The Y-man]

Taking into account past problems I have heard, I intend to give a copy of my will to each of my children, then there can be no misinformation about what was in it or what my intentions were.

Just make sure you read/see King Lear beforehand

Cheers,

the Y-man