Free Consultation

GIC in both my name and my childs name

I have 2 small children, and when they were born, my grandparents gave me $3000 for each of them to invest in a GIC for my childrens future. The certificates are in both my name and the children names, if I file for bankruptcy will I have to cash in my childrens GIC`s and give it to the trustee?

Posted from: Saskatchewan

One Response to “GIC in both my name and my childs name”

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

You should really discuss this with a trustee, but the general rule is if you can prove conclusively that the contributions have been made by someone other than yourself this may be considered to be valid trust property and not lost with the filing of a bankruptcy. But you do have to discuss the specifics with your trustee so this can be determined.