Have had some conflicting advice on this so all thoughts welcome.
My husband and I are both filing for bankruptcy next month.
We have elderlyish parents who will probably live out the year but not definitely and have asked them to alter their wills so that their estate will be safe from the OR (either by leaving the money to us in trust until we are discharged, or leaving the money to our children directly in trust till they are 18). I don't want my children to lose their inheritances because of my mistakes.
Questions: 1) Is it possible for the money to be left to us in such a way that we can't access it until after we are discharged and therefore the OR can't seize it?
2) Is it possible for a bankrupt person to be an executor or trustee of a will?
This is a very tricky situation and I would advise you to seek legal help with this, as it is very likely unless you do this very carefully that the OR would manage to make a claim on the will.
BR and wills
Posted - 13 October 2008 : 21:13:49
