Estate Law Questions? Ask an Estate Lawyer.
Hi; My goal is to provide you with great service - if you have any questions during our chat, please ask! I'll do my best to ensure your satisfaction! It is possible to get a loan based on in anticipated inheritance. Since the trust is an irrevocable trust, it is more clad proof than a revocable living trust. As such, you should be able to find a company that is willing to fund a loan based on the personal inheritance. You would need to have a copy of the trust, because the company will wish to review the trust before making a loan based on it. I would suggest that once you find a company (you can find them by googling them) you should have an attorney review the loan documents, because some companies add excessive fees/interest, so hiring an attorney to review it may save you thousands. Usually an attorney will offer a fixed "document review fee" so you don't have to pay a retainer and an hourly fee.
If I just needed a loan for 15,000 what would be a fare fee ? Would the attorney's office give me a copy of the trust or do I have to ask my eldery father?
You can ask the trustee or the attorney for a copy of the trust. It is difficult to estimate the cost as it depends on the complexity of the inheritance, the type of property involved, the estate's creditors, how long probate should take, etc. The best bet is to check with the better business bureau to find a company that has a good reputation, then to compare terms among these companies.
Who would be the trustee, my Dad, since is still living?
A financial advisor would also be able to give you specific information on your options. Another consideration - the IRS allows a person to make tax free distributions on an annual basis which helps reduce the value of the estate. Many your siblings could discuss this option with your dad. The trust document will specify who that is. Since it is an irrevocable living trust it would be a third party, perhaps the attorney. The settlor (the person funding the trust) is not permitted to be trustee.