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In trust accounts for children

Are accounts set up as in trust for accounts exempt in bankruptcy?

Posted from: Alberta

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One Response to “In trust accounts for children”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This is a difficult question to answer without reviewing the proper documentation. But techincally, if the accounts meet the true definition of trust property then they are considered exempt from seizure in a bankruptcy. What you need to do is bring all the documentation you have relating to these trust funds and have them reviewed by a local trustee.