General Question

bluescientist's avatar

Is it a problem to appoint someone who is filing for bankruptcy as a trustee to your investment account?

Asked by bluescientist (16points) August 10th, 2007

I am in the process of inheriting a large sum of money from my father, and I plan to establish a large investment account. My same sex domestic partner is in the process of filing for bankruptcy. He used his personal credit to finance a business that never took off. I would like to appoint him as the trustee of my investment account, but I am worried that might put my assets at risk or somehow make the bankruptcy process more difficult for him. I will seek professional advice, but I was just curious if anyone had knowledge or opinions about this topic.

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4 Answers

c_harris08's avatar

yea, I think so

gailcalled's avatar

Make a temporary app't of your bank or someone from yr. Brokerage house. You can easily change to your partner when he is financially back on his feet. But,...why do you need a trustee for your investment account...are you talking about a will (that can be altered at any time, also) or present-day dealings? I thought you could simply manage your own acc't and get whatever advice you want from wherever you want. Lucky you, BTW, altho sorry about loss of yr father. A place like will give you free advice over phone if the amt is substantial. Details at their site.They will also give you conservative advice if you have goals and risk factors clear in your head. I have been happy w. them.

bluescientist's avatar

That's a good question, perhaps I don't really need a trustee. This is all knew to me. The brokerage service I want to use sent me the paperwork and they highlighted the trustee section for filling out. I will call an inquire if it is really necessary to appoint a trustee.

gailcalled's avatar

It is possible that your dad set up a trust, generation-skipping or something more complicated. Don't listen to me Talk to someone competent, like an estate lawyer whom you trust.

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