My son has debts to pay.He will be recieving an inheritance of £???? pounds next year.Does he have to put it into his bank account or can he give written permission to have it put into his sisters account.
2007-10-28 21:39:52 · 9 answers · asked by SUSAN J 1 in Business & Finance ➔ Personal Finance
Why? Sounds like he is trying to dodge the Taxman or some other debt collector.
2007-10-28 21:46:43 · answer #1 · answered by daboss 3 · 1⤊ 0⤋
Depends how they are paying the inheritance if he is able to request a different name to be put on the payment from the executor of the will then this will be no problem. If he can't and receives a cheque then no it will need to go through a bank account in his name doesn't matter where the account is though. He must remember that once the money is in her account though it strictly speaking legally belongs to her so he better stay nice to her :). If she has any problems with debt it may be taken for hers instead. It may affect any benefit or tax credits received too. He should face up and deal with the debt issues they wont go away and least can make a fresh start if he wants to.
2007-10-29 23:11:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
He needs to pay his debts. But if he trust his sister, then he can put the money in her account. Nothing says that he must deposit it in his account. I dont know how your tax laws work in good old England, but there may be some tax liability with the inheritance. Realy the son should learn to pay his debts. And if his inheritance would make him debt free and broke, so be it.
2007-10-29 04:49:13 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Possibly, though trying to avoid paying debts could itself get him and the person who assists him (in this case his sister) in quite a bit of trouble.
He needs to deal with his money problems sooner rather than later or he'll just end up with things even harder to manage later on.
2007-10-29 04:56:27 · answer #4 · answered by bestonnet_00 7 · 0⤊ 0⤋
what he needs to do is put his sister as trustee and that way the solcitor will place all the money into her account and she will pay her brother you wil need to make an appointment with solictor soon tho and they will go through everything but remember the solicitors charge you to do ths
2007-10-29 16:57:03 · answer #5 · answered by hawk31ins 1 · 0⤊ 0⤋
Absolutely... However running from ones debts isn't any way to go through life...
2007-10-29 04:51:16 · answer #6 · answered by [z]ther 5 · 1⤊ 0⤋
If he has debts surely he wants to get them paid off?
2007-10-29 04:47:53 · answer #7 · answered by Mimkat hate the new Yahoo Answers so has retired. 7 · 1⤊ 0⤋
I think he should pay off his debts first and whatever he has left he can do what he likes with.
2007-10-29 04:53:49 · answer #8 · answered by Barbie V 6 · 1⤊ 0⤋
yep..or he could open another bank account with a different bank
2007-10-29 04:59:05 · answer #9 · answered by dreams 6 · 0⤊ 0⤋