Unfortunately my father recently passed away. He left his estate to all his children to be shared equally.
One of the siblings is half way through a 3yr bankruptcy. This sibling has asked all other siblings to wait 2yrs before distributing the whole estate including all money & assets as the said sibling is under the impression that they will then be able to keep their inheritance and not have to give to their trustee.
My question is? Is this true? If we all wait 2yrs for our sibling to be discharged from their bankruptcy will they get to keep their inheritance or will it go back to the date of death and our sibling still lose their inheritance regardless? Everything I have read says they will still loose it but the said sibling continues to tell us otherwise. Need some sort of clarification. Thanks
One of the siblings is half way through a 3yr bankruptcy. This sibling has asked all other siblings to wait 2yrs before distributing the whole estate including all money & assets as the said sibling is under the impression that they will then be able to keep their inheritance and not have to give to their trustee.
My question is? Is this true? If we all wait 2yrs for our sibling to be discharged from their bankruptcy will they get to keep their inheritance or will it go back to the date of death and our sibling still lose their inheritance regardless? Everything I have read says they will still loose it but the said sibling continues to tell us otherwise. Need some sort of clarification. Thanks