Chase has sued me over past due credit card debt and I will be filing an answer this week. In the event a judgement is made against me and a payment plan is not resolved, will Chase be able to freeze a bank account that I am a trustee over but where I have no entitlement to the money in the account.
The account is an irrevocable trust that is for the benefit of my mother. My brother and I preside over it as trustees and our social secuirty numbers are on the account. We dispense money to our mother out of it monthy and for one time expenses. The genesis of the funds came from my father's will. In a sober moment, our mother gave us control of dispensing of the money to her to prevent her from spending it too fast. She is a non recovered substance abuser with budgeting issues.
I am concerned that if a judgement were to be made against me that this account would show up as an asset of mine. Again, my only right to the money is to access it for my mother, not any of my own needs.
The account is an irrevocable trust that is for the benefit of my mother. My brother and I preside over it as trustees and our social secuirty numbers are on the account. We dispense money to our mother out of it monthy and for one time expenses. The genesis of the funds came from my father's will. In a sober moment, our mother gave us control of dispensing of the money to her to prevent her from spending it too fast. She is a non recovered substance abuser with budgeting issues.
I am concerned that if a judgement were to be made against me that this account would show up as an asset of mine. Again, my only right to the money is to access it for my mother, not any of my own needs.
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