The 2 ways to protect an inheritance from bankruptcy are:
- The will should create a trust.
- Change the will to leave it directly to you children. (This can be expensive from a Capital acquisitions perspective.)
A big issue with changing a will is that if the person develops dementia etc then he/she will be unable to change the will which means that you would be "stuck" with it.
A better solution might be to try and do a PIA/DSA using a gift from the person to persuade creditors to vote in favour.
Jim Stafford