December 26th, 2010 by Questions

I am a trustee for my fathers trust. My niece is in bankruptcy but will be getting some money from the estate. In the trust it states that the money is not to pay off creditors. Does she get to keep the money or does she have to turn it over to the attorney? thank you

Posted from: Ontario


One Response to “trustee”

, A licensed trustee said:

A black and white reading of the law states that the inheritence is an asset of the bankrupt’s estate and therefore the bankruptcy trustee should seize it and distribute the funds to the bankrupt’s creditors.

I doubt that the wording of the will makes any difference, but to be sure you may want to spend some money and speak to a lawyer. You’re looking for a pretty sophisticated answer from a free website…

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)