Legal Question in Wills and Trusts in California

trust distribution/and inheritance loans

i am a beneficiary to my mothers trust(who is deceased) and am going to inherit about 200,000. However I need some emergency cash (around 20,000.) right now and have tried to get an inheritance loan. I have been turned down because of the way the trust was written specifically where it says assignments no creditor can get the money before the beneficiary. Is their any company who will not turn me down for a loan because of this?


Asked on 8/23/07, 7:46 pm

2 Answers from Attorneys
Phillip Lemmons, Esq. Phillip Lemmons APC, Attorneys at Law

Re: trust distribution/and inheritance loans

probably. ever watch Godfather? better hope you can repay those types of loans. Other than that, you will probably need someone co-sign. Look for hard money lenders.

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Answered on 8/24/07, 9:23 pm
Mitchell Roth MW Roth, Professional Law Corporation

Re: trust distribution/and inheritance loans

This is called a spendthrift provision. It means if you default on the loan a creditor cannot collect from the trust. According to the trust terms, when are you supposed to receive a disbursement and for how much?

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Answered on 8/23/07, 8:19 pm


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