Is my Will really needed when my son and his wife file for bankruptcy? 15 Answers as of September 24, 2014

My son and his wife are filing bankruptcy. They asked for a copy of my will to show the lawyer since he will inherit our home when I die. Why would they need that?

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Ronald K. Nims LLC | Ronald K. Nims
If they inherit while the bankruptcy is going on (and a Chapter 13 takes 5 years), then the inherited property gets sold and divvied up among their creditors. So, the best thing to do is have any possible inheritance put in a spendthrift trust, even if you think it's unlikely that you'll pass during that time, it still makes sense to plan.
Answer Applies to: Ohio
Replied: 9/24/2014
A Fresh Start
A Fresh Start | Dorothy G Bunce
They don?t need your Will until you die. However, if you die within 6 months of filing bankruptcy, any property you leave them would go to their creditors. So you may want to review your estate plan with your own attorney.
Answer Applies to: Nevada
Replied: 9/24/2014
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That is over kill on the documents needed unless you have one foot in the grave.
Answer Applies to: California
Replied: 9/24/2014
Marc S. Stern
Marc S. Stern | Marc S. Stern
If they inherit if you die within 180 days of filing.
Answer Applies to: Washington
Replied: 9/23/2014
Patrick W. Currin, Attorney at Law | Patrick Currin
If you die with 180 days of the filing, the equity in the house would become the property of the bankruptcy estate.
Answer Applies to: California
Replied: 9/23/2014
    Novakov & Associates, PLLC
    Novakov & Associates, PLLC | LINDA S. NOVAKOV
    They do not need that document. A will doesn't come into the picture until you die. The question that is asked by the trustee is : " Do you know of anyone who may pass (SOON) from whom you are entitled to inherit. Unless you are soon to depart this earth, the will is not necessary.
    Answer Applies to: Kentucky
    Replied: 9/23/2014
    D.J. Rausa, Attorney at Law | D.J. Rausa
    It is a contingent asset. The trustee much review all assets. I would not worry about it so long as you are in good health.
    Answer Applies to: California
    Replied: 9/23/2014
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    That is an unreasonable request. The question at the creditors' meeting is: "Do you anticipate inheriting any property within the next six months?" Your son will have an AFFIRMATIVE duty to advise the Chapter 7 Trustee of any such inheritance within six (6) months of the filing date.
    Answer Applies to: Colorado
    Replied: 9/23/2014
    Barnes Law Firm, LLC | Aunna Peoples
    There is really no reason for them to see it. The only possible concern is that in bankruptcy, any property a debtor receives through an inheritance within six (6) months of filing would be part of the debtor's bankruptcy estate. Filing bankruptcy in and of itself, is no reason for a child to see the parent's will. If your son and his wife are prone to having financial difficulties, then you should consult an estate planning attorney to protect from creditors, any assets he would inherit from you.
    Answer Applies to: Missouri
    Replied: 9/23/2014
    Danville Law Group | Scott Jordan
    No, you do not need to provide a copy of the will to anyone. You should, however, consider revising your will and possibly creating a trust for your estate. It is important since your son is filing bankruptcy. If you die while his bankruptcy is open, you home will be seized by the Trustee and sold to pay off creditors. There are ways to avoid that possibility. Please feel free to call me for a free consultation.
    Answer Applies to: California
    Replied: 9/23/2014
    Barnhart Law Office
    Barnhart Law Office | Bruce C Barnhart
    An inheritance received during a bankruptcy may become property of the bankruptcy estate and may be distributed to the creditors. Since you may change your Will at any time, I do not why a copy would be needed.
    Answer Applies to: Nebraska
    Replied: 9/23/2014
    Law Offices of Linda Rose Fessler | Linda Fessler
    I cannot imagine why if your son is not on the title.
    Answer Applies to: California
    Replied: 9/23/2014
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    The only reason I can think of is to be sure that he doesn't have any present interest in your estate. I have never asked for a copy of somebody else's will for a bankruptcy. A trust if the person is a current beneficiary, but never a will unless the person has already died or is expected to soon.
    Answer Applies to: Michigan
    Replied: 9/23/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    They only time the trustee will see that is if they will inherit money within 6 months of filing of bankruptcy. It is odd that their attorney is asking for that.
    Answer Applies to: New York
    Replied: 9/23/2014
    Stittleburg Law Office
    Stittleburg Law Office | Bernd Stittleburg
    Your will is not an issue in the bankruptcy case unless you were to pass away within 6 months after they file.
    Answer Applies to: Georgia
    Replied: 9/23/2014
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