Racking up debts before you die

[tractor]

.....

Funny thing is that if you die intestate, the state will take all your assets but they won't pay all your debts if the balance is negative

[GlenW]

Funny thing is that if you die intestate, the state will take all your assets but they won't pay all your debts if the balance is negative

Intestate? Why does the location of your gonads have any affect on this?

[tractor]

.....

Intestate? Why does the location of your gonads have any affect on this?

Well, most of us with the exception of Brillo know the location but his appear to have split up.

[Safe Collections]

Yeah but a person doing this will probably have already distributed their estate so to hang this one on the "man"

Any assets would need to have been transferred away at least five years prior to death to avoid the possibility of being recouped.

Of course you could take a loan and hide it in an offshore account, apparently you can set those up at high street banks these days...

[BolshieBastard]

Of course you could take a loan and hide it in an offshore account, apparently you can set those up at high street banks these days...

LOL. I heard HSBC were the bank that likes to say yes.

[TheFaQQer]

Any assets would need to have been transferred away at least five years prior to death to avoid the possibility of being recouped.

I thought it was seven years, not five?

[Safe Collections]

I thought it was seven years, not five?

Having just checked with our friendly local insolvency practitioner we can confirm that the period transactions can be reversed for is five years for individual bankruptcies and insolvent estates and two years in the case of limited entities.

[TheFaQQer]

Having just checked with our friendly local insolvency practitioner we can confirm that the period transactions can be reversed for is five years for individual bankruptcies and insolvent estates and two years in the case of limited entities.

Yep - I'm getting confused with asset transfers for IHT.