Legal Question in Family Law in Pennsylvania
Can you borrow money from a childs trust fund?
My 2 children have a trust fund of over 100,000. And I wanted to know if there was any way I could borrow like 60,000 to buy a house with it to benifit they children. I intend to pay it back like a mortage payment. Will get the payments that needed to be paid back before my oldest would be 23. I would also like to put her name on the deed, to show them security that the payments would be paid back. Is there anyway this could be done?
1 Answer from Attorneys
Re: Can you borrow money from a childs trust fund?
The question is what are the terms of the trust? That will control whether you can do what you ask. The other question is if the terms of the trust allow it will the trustee consent to the transaction?
Without knowing the terms creating the trust and whether the trustee will agree to what you propose its impossible to say if you can or can not do what you ask.
If you have any questions feel free to contact me.
{John}
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