Question: I am a discharged first-time bankrupt in Ontario. I was curious as to what would happen with my assets upon my death – am I free to assign them to beneficiaries, or will my previous creditors seize them despite a legal will?
I don’t have an outrageous amount of assets – well below the limits – but there are a few items I wish people to specifically have.
Answer: Since you are discharged from bankruptcy, you are free to do whatever you wish with your assets. Even if you died while you were an undischarged bankrupt, if your assets were below the Ontario exemption limit, you would not lose your assets; they would pass to your beneficiaries under your will.