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if land is in a trust and to be distributed to adult children

 
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  • Answered by:TMcJD
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Customer Question

if land is in a trust and to be distributed to adult children equally, would any of the children be able to borrow money individuallly using the land as collateral before the land is divided among the children?

 

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State/Country relating to question: Indiana

Submitted: 501 days and 6 hours ago.
Category: Estate Law
Value: $25
Status: CLOSED

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Expert:  TMcJD replied 501 days and 6 hours ago.

Hello, I will be happy to assist you. After receiving your answer, and unless you have need for clarification, your accept (by clicking the green "accept" button) would be appreciated. Although you have made a deposit, I cannot receive credit for my work without your accept.

 

Before the land is divided among them, they have a vested trust interest but do not have legal, marketable title in their names until the trustee gives them a deed to their portion of the property. Until that point, they wouldn't be able to do anything with that property, especially take a loan encumbering their interest.

 

 

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Expert TypeAttorney
Category: Estate Law
Pos. Feedback: 98.5 %
Accepts: 2916
Answered: 12/2/2011

Experience: Wills, Trusts, Probate & other Estate Matters

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