grandchildren inheritance query

grumbleweed

Mother in Law has said that she thinks she should change her will re our current situation.
At present, my Husband would be one of her children to inherit. Her husband (my Father in Law) passed away some years ago.
Have no idea how much is involved but would imagine between €20K and €75k but might be more maybe up to €150k?
We are considering bankruptcy in Ireland in next 12 months if our situation does not change radically. We do not wish to go to UK so if we could stick with Irish law for moment.
Mother in Law is suggesting she changes will so that our children, her grandkids, inherit instead of her son (my hubbie).
We don't even know if we will have to go down bankruptcy route or not-if house sells may get debt forgiveness but if not it will have to be bankrupt route. We wanted to know in event that we do have to go bankrupt, would inheritance to hubbie or grandchildren be used to pay o/s debt? How long a period of time would that be for?
Or if left will alone, could hubbie say no to inheritance or gift it to kids instead or is he bound to pay back on o/s debt?
Before anyone goes on about how we owe the money-yes we know that but we will have been left with nothing. We have one family home, no other properties and both unemployed and trying to sell but nothing much happening. Unlike rich developers etc, we have no offshore accounts or money squirreled away safely.
So if we have to go bankrupt, the house would need to be sold, even with NE involved, the bank would have got most of their money back (approx 70% of o/s mortgage based on current market rate) and got rid of a loss making tracker mortgage.
I can cope with Hubbie and I having nothing and starting from scratch but we will most likely never get another mortgage again and it means we will now have nothing to leave our own kids. Therefore knowing they had something down the line, would make us feel alot better.
Any thoughts?
She has also mentioned possibly buying a cheap house for the grandchildren. Can she do this? Does it need to be in trust? If trust, would that be considered our asset to pay back on debt? We wouldn't want that, obviously. Would we be allowed to live there? Could we pay rent to the kids?
All of this is probably very pie in the sky-she is desperate to come up with solutions for us and desperate suggestions are coming forward from all over the place.
No, she isn't prepared to pay anything off our current mortgage (long story), no more than we would accept it even if offer made, anyways.
Any thoughts??

BuffyBot

To be honest, your query is way outside the remit of this forum. This is something you really need to speak to qualified professionals about.