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Daniel, Solicitor
Category: Australia Law
Satisfied Customers: 4845
Experience:  Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court
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I am about to distribute money from an estate. One of the

Customer Question

I am about to distribute money from an estate. One of the benefactors is bankrupt. Do I do as the will and codicil say before sending money to the trustee
JA: What state are you in? And has anything been officially filed?
Customer: NSW yes all paperwork has been filed
JA: Has anything been filed or reported?
Customer: The bankruptcy trustee has been informed
JA: Anything else you want the lawyer to know before I connect you?
Customer: not really
Submitted: 16 days ago.
Category: Australia Law
Expert:  Daniel replied 16 days ago.


Well the issue here is that you need to adhere to the will requirements.

BUT, you can perhaps keep the monies in trust and then have it given to the beneficiary after bankrupcy.

Issue is however, if I were a creditor, it be having a bit of a look at any finances that the person has, so it is a commercial decision for you.

In practice, for many reasons clients make agreements for such things. Holding of on getting monies till after a situation, perhaps a divorce, bankruptcy, debts etc, so it does happen.
I suspect there is no time frame stipulated in the will, just for 'person a, b, c to get stuff' so that may not be a factor.

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