My soon-to-be ex defaulted on our children's pre-paid college funds and the attorney is having them liquidated and divided between us. We have a lot of joint debt between us, and bankruptcy is likely inevitable. I have been told that creditors cou...
It depends. Typically if the trust is not accessible by the beneficiaries of the trust (the beneficiaries have no right to demand money from the Trustee) and the distribution Trustee is an "Independent" Trustee (someone not related to or subordinate to the beneficiaries or person that created the trust), then a creditor can not pierce the trust and force a distribution to satisfy a debt of one of the beneficiaries. But keep in mind that it really depends upon the terms of the trust and the type of trust that was set up for the children. You should consider consulting a Trust Law attorney to help you make this determination.See question
My brother in law has durable power of attorney, recently discoverd is has borrowed large amounts, and spending my father in lwas money paying all his bills.
Typically a Power of Attorney can be revoked two ways. The first is express revocation by signing a a document that the person who created the Power of Attorney now revokes it. The second way is by operation of law by executing a new Power of Attorney. In many states, the execution of a new Power of Attorney will automatically revoke any prior Power of Attorney document. If you feel that your father in law is being taken advantage of, there is likely an office in your local District Attorneys Office that can investigate a claim of elder abuse if your father in law doesn't have capacity to sign legal documents.See question