Inheritance

[Aaron_stampler]

On 30/03/2024 at 19:57, HeartsOfficialMoaner said:

If you die in debt does the debt get passed onto the state?

This might be a good idea after all.

my recently retired work colleague used to say:

"he who dies with the most debt is the winner"

 

[Hedgecutter]

I was recently informed by my mother that if she died anytime soon* then I'd automatically inherit all of the timeshare guff that's she's been trying to offload for years (including asking me if I'd want it before I told her where to go), and I'd have to continue paying for it whether I wanted to use it or not.

It makes me wonder how many of these sly little ticking timebombs are hidden in various other T&Cs.

 

*I actually need to ask her if it'll get passed down as part of an estate regardless of timing.

Edited April 19 by Hedgecutter

[RH33]

3 hours ago, Hedgecutter said:

I was recently informed by my mother that if she died anytime soon* then I'd automatically inherit all of the timeshare guff that's she's been trying to offload for years (including asking me if I'd want it before I told her where to go), and I'd have to continue paying for it whether I wanted to use it or not.

It makes me wonder how many of these sly little ticking timebombs are hidden in various other T&Cs.

 

*I actually need to ask her if it'll get passed down as part of an estate regardless of timing.

My parents had a timeshare, which we'd have had to take it when they died. Not sure how they offloaded it and it wasn't at any profit that's for sure.  

[Shadow Play]

10 hours ago, Aaron_stampler said:

my recently retired work colleague used to say:

"he who dies with the most debt is the winner"

 

A mate from work used to say something similar.  He’d often say “I came into this world with nothing.  If I leave it £1/4 million in debt it sounds like I’d be quids in.”

[TxRover]

On 19/04/2024 at 04:34, Hedgecutter said:

I was recently informed by my mother that if she died anytime soon* then I'd automatically inherit all of the timeshare guff that's she's been trying to offload for years (including asking me if I'd want it before I told her where to go), and I'd have to continue paying for it whether I wanted to use it or not.

It makes me wonder how many of these sly little ticking timebombs are hidden in various other T&Cs.

 

*I actually need to ask her if it'll get passed down as part of an estate regardless of timing.

The number of companies that advertise to help people get out of timeshare contracts makes me wonder about the lack of fires, explosions and other “acts of God” at timeshares themselves. Could it be the companies selling the damn things are just another arm of the exit companies, just all bleeding their victims of every penny they can?

[BFTD]

John Oliver did a good bit on timeshares, although I'd imagine the laws concerning them are a bit less horrific here than in the US.

 

[TxRover]

2 hours ago, BFTD said:

John Oliver did a good bit on timeshares, although I'd imagine the laws concerning them are a bit less horrific here than in the US.

You'd be wrong, in this particular case. There is literally no way to enforce a perpetuity clause under U.S. law, even with the kids/inheritor (other than a second primary owner) named on the deed. The filing of a disclaimer of interest, if you somehow got named, with the probate court can block the timeshare owner from trying to collect anything other than the right to the timeshare.

Some timeshare companies push to put kids on the deeds and to get the payments from the kids accounts as the parent ages, in the hope of bulldozing the kids when the parent croak, but the laws are (marginally) on the kids side.

[BFTD]

8 hours ago, TxRover said:

You'd be wrong, in this particular case. There is literally no way to enforce a perpetuity clause under U.S. law, even with the kids/inheritor (other than a second primary owner) named on the deed. The filing of a disclaimer of interest, if you somehow got named, with the probate court can block the timeshare owner from trying to collect anything other than the right to the timeshare.

Some timeshare companies push to put kids on the deeds and to get the payments from the kids accounts as the parent ages, in the hope of bulldozing the kids when the parent croak, but the laws are (marginally) on the kids side.

That's mental. So many questions, considering this has been a known scam since I was a kid. Off to look for a video about how it works in the UK.

['WellDel]

37 minutes ago, BFTD said:

That's mental. So many questions, considering this has been a known scam since I was a kid. Off to look for a video about how it works in the UK.

Aye, it's crazy that these schemes, much like ponzi style ones, are still so prevalent today considering folk have been being duped by them for 40 years or more. Back in the day you used to see those chancers with the dodgy scratchcards in Spanish resorts pretending to gullible punters that they'd won a fantastic prize, before bundling them into a taxi to some out of town hotel and pressuring them into signing deals they really did not want or were too goof to be true. I even remember seeing some other holidaymakers trying to tell a couple who had 'won' not to go but, despite those intervening being threatened with violence for interfering by the scumbags, they still bowed to their pressure and got in the taxi.

The whole thing exploded around then and there were constant horror stories in the press of folk losing thousands and being locked in worthless deals. The sheer size of some of these companies still at it is mind boggling. 

Even crazier than all that is the fact that the financial burden of parents' monumentally stupid decisions to invest in such shite can be foisted upon their entirely innocent and often unknowing offspring through inheritance. Disgusting.

[maicoman]

On 19/04/2024 at 07:51, hk blues said:

Well. we're waiting...

Was hoping it was going to get repeating this week but after looking at the weeks tv mag you are out of luck.The story went roughly the womans father died leaving the womans mother who was around 86 year old at the time left alone in the house she had shared with her husband. Daughter is aware that her mother is beginning to go down hill with demencia. Daughter goes upstairs one day and finds mens clothing . She asks her mother about it. Mother is confused about it and tells daughter it is her carer- the one that her daughter had brought in. Turns out the mother was working in the front garden one day and gets talking to a total stranger who is only 61 year old and guy moves in to house and starts to live with her mother. To cut a long story short the mother dies aged 91 on the Easter Weekend and family doctor comes to check that there are no suspicious circumstances. When his surgery opens up after the Easter Monday holiday the "Carer" is there first thing in the morning to collect the death certificate. The doctor- who was on this programme is now left to break the news to the daughter that the "Carer" had went and married her mother a few year before! As her husband he is now in charge of her funeral and is going to have a burial rather than a cremation that the mother and daughter agreed years before. To cut story down daughter goes to court to say that the marriage is not legal because of her mothers demencia and loses court case landing her with a £200.000 legal bill and chunk of her mothers house. Mother who has been lying in a morgue for 6 month to get court case settled gets buried with daughter not known where or when .Think this story might carry on this week at 10pm on channel 5

 

 

 

 

 

[resk]

23 hours ago, 'WellDel said:

 

Even crazier than all that is the fact that the financial burden of parents' monumentally stupid decisions to invest in such shite can be foisted upon their entirely innocent and often unknowing offspring through inheritance. Disgusting.

I think inheritance isn't compulsory though.  Ie. you can refuse it.  

[Salt n Vinegar]

1 hour ago, resk said:

I think inheritance isn't compulsory though.  Ie. you can refuse it.  

A relative of ours had one of these policies and they had been worrying about it for a few years as the fees kept going up and the availability seemed to reduce. The company was getting such bad press that they introduced a means of folk leaving.

If they paid 2 years of management fees in advance they could terminate the agreement.  They're so glad the did it as they left about 2 years before COVID. The idea of having to carry on paying fees for holidays while being unable to leave the house would have been soul destroying.

There was a website where folk used to complain and someone suggested that those affected should change their wills and leave their membership to the CEO of the company.  Not sure what happens if the designated recipient turn down an "inheritance" even if the inheritance carries financial liabilities though.

[Shadow Play]

Figures out today show that £7.5 billion was raised from inheritance tax last financial year.  To give some sort of context in the same period benefits payments increased £39.6 billion to £291.4 billion and the Treasury borrowed £120.7 billion.  

There were no figures in the report detailing current government debt but last figures I saw stated it is north of £2.5 trillion.

[coprolite]

41 minutes ago, Shadow Play said:

Figures out today show that £7.5 billion was raised from inheritance tax last financial year.  To give some sort of context in the same period benefits payments increased £39.6 billion to £291.4 billion and the Treasury borrowed £120.7 billion.  

There were no figures in the report detailing current government debt but last figures I saw stated it is north of £2.5 trillion.

So you're saying that we need to do better with inheritance tax. Lower threshholds, residence basis, increased progressive rates and start culling elderly aristocrats?  I agree, well done. 

[Shadow Play]

16 minutes ago, coprolite said:

So you're saying that we need to do better with inheritance tax. Lower threshholds, residence basis, increased progressive rates and start culling elderly aristocrats?  I agree, well done. 

I’m not saying anything.  I just took the figures from an article released today regarding inheritance tax.

Another interesting fact (at least to me) is the total value of UK homes is almost £9 trillion.

[coprolite]

20 minutes ago, Shadow Play said:

I’m not saying anything.  I just took the figures from an article released today regarding inheritance tax.

Another interesting fact (at least to me) is the total value of UK homes is almost £9 trillion.

I can read between the lines. Are you suggesting that the state should expropriate 30% of the value of all owned property to pay down the debt? Radical, bit worth considering. 

[Florentine_Pogen]

53 minutes ago, coprolite said:

So you're saying that we need to do better with inheritance tax. Lower threshholds, residence basis, increased progressive rates and start culling elderly aristocrats?  I agree, well done. 

That could be a real vote winner. How about starting with King Jugears 1/3 rd and Queen Horseface ?

[Shadow Play]

31 minutes ago, coprolite said:

I can read between the lines. Are you suggesting that the state should expropriate 30% of the value of all owned property to pay down the debt? Radical, bit worth considering. 

I’m merely giving stats.  It’s many, many years since I studied economics so I wouldn’t presume to know a feasible way to try to balance the books. 

If truth be told I’m not convinced top economists do either. 

[Granny Danger]

On 23/04/2024 at 09:38, Shadow Play said:

Figures out today show that £7.5 billion was raised from inheritance tax last financial year.  To give some sort of context in the same period benefits payments increased £39.6 billion to £291.4 billion and the Treasury borrowed £120.7 billion.  

There were no figures in the report detailing current government debt but last figures I saw stated it is north of £2.5 trillion.

If the government goes into administration and offers 6p in the £ then this would bring the amount owed down to £150 billion.  That’s a far more manageable sum.

[strichener]

On 24/04/2024 at 12:21, Granny Danger said:

If the government goes into administration and offers 6p in the £ then this would bring the amount owed down to £150 billion.  That’s a far more manageable sum.

Or alternatively they could go into admin, then propose a CVA with 0% return.  I think it's commonly known as a "Dunfermline".

Edited April 26 by strichener