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Nightwatch

In the event of.

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Hi y'all. Following a recent stay in hospital, a question have been raised as to what happens to the 'ownership' of Nightwatch in the event of me not pulling through and kicking the proverbial bucket. I have intention of doing so nor is there anything to suggest such a happening. 

 

The boat is registered with CRT with my name only.  Apart from us having the boat for over 15 and living aboard for not far off 6 years f that time, do we really have any proof of ownership? We have a sales document for the £2:3:6p that we parted with all those years ago. 

 

So, in the event of!!- does Mrs Nightwatch have to prove joint ownership of Nightwatch if it was to put up for adoption?

 

Advice please. Yes, a little tongue in cheek but a serious question. 

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3 minutes ago, Nightwatch said:

Hi y'all. Following a recent stay in hospital, a question have been raised as to what happens to the 'ownership' of Nightwatch in the event of me not pulling through and kicking the proverbial bucket. I have intention of doing so nor is there anything to suggest such a happening. 

 

The boat is registered with CRT with my name only.  Apart from us having the boat for over 15 and living aboard for not far off 6 years f that time, do we really have any proof of ownership? We have a sales document for the £2:3:6p that we parted with all those years ago. 

 

So, in the event of!!- does Mrs Nightwatch have to prove joint ownership of Nightwatch if it was to put up for adoption?

 

Advice please. Yes, a little tongue in cheek but a serious question. 

 

Heaven forbid, but I think it would take someone with the gall to emerge from the ether and claim Nightwatch belonged to them, not Mrs Nightwatch, for any of the problems you envisage to actually arise.  Highly, HIGHLY unlikely. 

 

In addition, perhaps your will gifts her the boat anyway?

 

 

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38 minutes ago, Nightwatch said:

Hi y'all. Following a recent stay in hospital, a question have been raised as to what happens to the 'ownership' of Nightwatch in the event of me not pulling through and kicking the proverbial bucket. I have intention of doing so nor is there anything to suggest such a happening. 

 

ooh err .................................  sounds scary ...................................   why?

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I recently took advice on the very same question. The easiest advice given to me was simply to tell CRT that the owner(s) are, in my case Mr & Mrs C Richards, job done.

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I'll vouch for Mrs. Nightwatch, don't worry! And as for pulling through, that's never in doubt. Do shout if you need anything or any help.

 

Kind regards, Dan and Vikki!

  • Happy 1

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I don't know UK law obviously, but I would assume that ALL your possessions would belong to your family, wife first and if no wife, then jointly with any kids. Here in the states it works that way and much of UK law followed the Colonist.

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1 hour ago, Kudzucraft said:

I don't know UK law obviously, but I would assume that ALL your possessions would belong to your family, wife first and if no wife, then jointly with any kids. Here in the states it works that way and much of UK law followed the Colonist.

Or more formally, the boat will form part of your estate, along with all your other possessions, and will pass to others in accordance with your will (or the laws of intestacy). Following your demise, Mrs N may well be able to argue that the boat was a jointly owned asset, notwithstanding that is was registered with CRT in your name only, and thus only half of it passes to the estate. This may be helpful if inheritance tax is an issue.

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I am assuming that Nightwatch has made a will and has stated who he wants the boat to go to, if not I suggest that he does so ASAP. If he dies intestate, £250,000 automaticly goes to his wife, the reamainder (assuming there is any) is divided in two, half goes to his wife and the other half is divided equalluy between his children, who will inherit once they are eighteen years old. If there are no children the whole estate goes to the wife. Things get a bit more complicated if there are step chidren or children from a previous marriage or if there are adopted children.  All a good reason to see a solicitor and make a will.

 

Having said all that, the suggestion that he registers the boat in both his and his wife's name, is a good idea, and could save a lot of hassle if he preceedes his wife.

 

 

Edited by David Schweizer
  • Greenie 1

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£250,000? Not a cat in hells chance. But I take all the points sincerely. 

 

I may add that that I missed a 'no' out of my opening post. Correctly touched on by my honourable friend previously. 

 

I guess if I were to have any debts these would also be inherited. Unless someone would step in!!!?

 

 

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45 minutes ago, Nightwatch said:

 

I guess if I were to have any debts these would also be inherited. Unless someone would step in!!!?

 

 

The estate is responsible for any debts. If the estate is not sufficient to cover the debts then they are written off. However, a guarantor or co-signatory becomes liable for the full debt. With secured debt the asset(s) will normally be sufficient to cover the debt but if the asset is jointly owned might not be considered part of the estate:

 

https://www.moneyadviceservice.org.uk/en/articles/dealing-with-the-debts-of-someone-who-has-died

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The Memsahib's will and mine are mirror images - each of us gets all the other's possessions in the event of an untimely demise. The boat is included. Wouldn't that be the simplest solution? 

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4 minutes ago, Machpoint005 said:

The Memsahib's will and mine are mirror images - each of us gets all the other's possessions in the event of an untimely demise. The boat is included. Wouldn't that be the simplest solution? 

It would; but in the relatively simple case of a surviving spouse, they would get the boat and I can't imagine much incentive for anyone to dispute that. (Unless there is a will to the contrary, in place, of course).

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