Legal Question in Wills and Trusts in Florida
I am a beneficiary of an irrevocable trust hat was made by my father. I am sent a statement from the executor yearly which gives an amount and my name on it. I assume that my two sisters are also receiving statements about the trust. My father is still living.
1. If my name is the only name on my statement-- is that my part of the trust or is the amount the entire trust?
2. IN case of an emergency or to purchase real estate can I borrow against the trust while my father is living?I am a teacher and times are hard.
2 Answers from Attorneys
1. No one would but the trustee-you should ask.
2. I would guess NO but the trust would have language pertaining
to your right to borrow(if you do have that right).
The question you ask is impossible to answer without seeing the paperwork. If you have a question as the Trustee in writing. With regard to borrowing the trust agreement must be reviewed. The Trustee should be able to answer this inquiry as well.
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