house in trust

September 16th, 2011 by Questions

I had a house in a small town in Sask which wasn’t selling. Last Sept I was at the end of the line – have been on depression medication for a number of years – and starting to think of suicide. I gave this house (verbally only) to my sister to put in trust for her kids. I was hospitalized shortly after. The house sold this year – it was still in my name but when it sold the money all went to my sister as I had promised. We agreed that she would buy a condo for me to live in with me paying any mortgage, taxes, fees etc as rent. Would this be affected by bankruptcy.

Posted from: British Columbia

Questions

One Response to “house in trust”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

This may be an issue if a bankruptcy is filed, but that will depend on when the transaction occurred, when the hose was sold, when the bankruptcy is filed and how much equity was in the house. But to be sure you need to make sure you review these details with a local trustee.

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