If your child suddenly finds themselves in debt, creditors will be entitled to seize any assets or funds in their possession – putting the inheritance you left behind for them at risk.
things to think about…
inheritance and debt
Unfortunately, no. Inheritance money can be claimed by creditors in the same way as any other type of money if debt has accumulated, providing it’s not safeguarded.
It will likely be confiscated in order to contribute to the total amount owed.
risks of inheritance loss
Yes. Anyone who goes into business takes a financial risk. If the company fails, the inheritance money might be taken to pay back debts.
Potentially. In extreme circumstances, all your children could miss out on the benefits of inheritance money after being forced to use it to pay creditors.
keep inheritance money safe
Yes – all it takes is a little forethought.
By structuring your will in a particular way and taking advantage of trust funds, you can shield inheritance money so it isn’t snapped up by creditors.
We can help you choose the right trust for your needs, as well as offering expert support when it comes to writing a will.
Looking for more information? No problem. Give us a call today on 01565 656 619.
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