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Friday, April 15, 2016

Two good articles about estates and bankruptcy

Recently there have been some questions, comments, and discussion on this blog about what happens to the share of a beneficiary who is in bankruptcy. I went looking for some information to share with the readers, and found a couple of good things from reliable sources that I think will be useful. Both were written in 2015.

This first article is called What Happens to Inheritances in a Bankruptcy, and was written by Ted Michalos. He is a CPA and a licensed insolvency trustee in Ontario. In this article, the author talks about situations in which a beneficiary has declared bankruptcy. I particularly like that Mr. Michalos addressed the question of timing. He says, for example, that it's the time of the death and not the date the estate is distributed that is important. Click here to read this article.

This second article is called Insolvent and Bankrupt Estates. It was written by Gillian Fournie of the firm de Vries Litigation, which does a lot of work in  wills and estates in Ontario. This article focuses on some of the traps that can get executors into trouble when the estate itself is insolvent or bankrupt. Click here to read the article.

I hope these two articles will prove useful to those of you looking for information on this topic.



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