What happens if a beneficiary of a trust files bancruptcy? 3 Answers as of November 11, 2010

Do I need to list my aunts trust account if I am one of the beneficiaries? However, due to her age and illness I am listed on two of her accounts as a user to handle and process her expenses.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
You must list all of your assets and all of your debts. No exceptions. You will get a chance to explain to the trustee, your situation as regards to your aunt.
Answer Applies to: California
Replied: 11/11/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Yes your interest in the Trust must be listed. Whether it can be taken by a trustee in bankruptcy depends on whether it is a revocable trust or not, and of course when she passes away.
Answer Applies to: California
Replied: 11/10/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
If you are a beneficiary you should disclose your status.
Answer Applies to: California
Replied: 11/10/2010
Click to View More Answers: