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Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
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IN CALIFORNIA I MADE AN IRREVOCABLE TRUST THAT UPON OF

Customer Question

IN CALIFORNIA I MADE AN IRREVOCABLE TRUST THAT UPON OF THEFIRST TO DIE THE TRUST WAS DIVIDED IN HALF WHERE THE BY-PASS TRUST INCOME WAS AVILABLE TO ME LIVING EXPENSES, BUT THE ASSETS WERE NOT AVAILABLE UNLESS I NEEDED THEM FOR EXPENSES. I AM IN NEED. MAY I MARGIN THAT BY-PASS ACCOUN NOW?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Who is the trustee of the trust?

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Have you notified them that you need to invade the "corpus" (assets) of the trust now for your support and maintenance?

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What does the trust state about the conditions that would allow you to tap into the assets of the trust?

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What do you mean "may you margin" the account?

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Are you asking if you can borrow against those assets?

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thanks

Barrister