Bankruptcy and property

[mack127]

Hi i have a question. If i file bankruptcy and im part of an estate wich also includes my brother and sister will i lose my part in the estate. the estate includes 8 rental properties

[tobee43]

most likely the answer to that is yes.

however, has the estate been executed as yet? if not, you and your siblings are in luck. there are clauses that can be written into the actual trust document ( an amendment) which can protect the "estates" assets from those that may not be as we can politely say financially sound. it is actually done in many cases to protect assets in a trust from one of the named beneficiaries, prepares, may be divorced with a crazy spouse hanging out in the hallways, or some other matter which may cause a disruption in the flow of the distribution of the assets. for an example a simple way (your state law providing) there could be a clause stating the executor has the right at his/hers/their discretion to hold not sell any assets until the youngest of all living grandchildren at the time of execution of the state reaches the age of 25 years. blah blah, catch my drift?

first things first is the estate in the process of distribution? much is going to depend how this trust was set up. if not you share may be compromised.

[tobee43]

oh and welcome to the forum!! i wanted to add, please consult with an estate atty, maybe even the one that drew up the trust.