QUESTION
Can creditors go after my money when I die and my trust is in the hands of my son who went bankrupt a few years ago?
Asked on May 04th, 2017 on Bankruptcy - Nevada
4 ANSWERS
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If your son is appointed as Trustee and is acting in a fiduciary capacity, the money belongs to the Trust - not to him. First there would be no personal attachment to Trust funds. Second, if his debt was discharged, the creditors can't come back later to attach funds for the debts that were previously discharged.
Answered on Jul 28th, 2017 at 10:34 PM
There is not enough information to hazard a legal guess. I would suggest you pay an experienced lawyer for one hour of their time.
Answered on Jul 27th, 2017 at 6:12 PM
The short answer is no. Debts that belong to your son remain his own to deal with. The exception would be if you were a co-signor or guarantor on some of the debt.
Answered on Jul 27th, 2017 at 11:38 AM
An attorney would need to review your Trust paperwork to say for sure. If it is a trust you prepared for yourself from one of those self-help books, there may be all kinds of negative repercussions.
Answered on Jul 27th, 2017 at 11:37 AM