Legal Question in Wills and Trusts in California
living trust loans
i am a beneficiary in my mothers trust and will be getting some money very soon. Is their any place i can get a small loan (about 10.000. )against it even though it has the spendthrift clause in it?
Asked on 11/19/08, 6:09 am
1 Answer from Attorneys
Michael Stone
Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
Re: living trust loans
She was right about you, eh?
As I write this there is a credit crisis, and banks aren't even lending money to other banks. In other words, your chances of borrowing money against your inheritance on anything approaching fair or favorable terms, or at all, are zilch.
The fact you are even considering borrowing against your inheritance suggests you have screwed up your credit rating -- otherwise you could just apply to a bank or finance company for a loan.
Answered on 11/19/08, 6:27 am
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