Hi,
I need to declare bankruptcy. I do, however, hold shares in trust for my son. The shares were purchased using my son's money well before I purchased the property investment that has forced me into bankruptcy. The dividends have always gone into my son's bank account.
Myself and my ex-husband set the shares up in my name as we did not know a minor could have shares in the their own name, nor did we know about setting up a formal trust. If the trustee considers these shares mine and takes them to repay my debt, I will owe my son the value of the shares and the dividends my son would miss out on.
My question is, does a formal trust need to be set up for these shares to be considered as being held in trust and not mine?
I need to declare bankruptcy. I do, however, hold shares in trust for my son. The shares were purchased using my son's money well before I purchased the property investment that has forced me into bankruptcy. The dividends have always gone into my son's bank account.
Myself and my ex-husband set the shares up in my name as we did not know a minor could have shares in the their own name, nor did we know about setting up a formal trust. If the trustee considers these shares mine and takes them to repay my debt, I will owe my son the value of the shares and the dividends my son would miss out on.
My question is, does a formal trust need to be set up for these shares to be considered as being held in trust and not mine?