How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Irwin Law Your Own Question
Irwin Law
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 7276
Experience:  30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
18215332
Type Your Estate Law Question Here...
Irwin Law is online now
A new question is answered every 9 seconds

I have an irrevocable trust. When my father passed two years

Customer Question

I have an irrevocable trust. When my father passed two years ago, my sister who is the executor, received roughly $2.6M and some cash in various accounts worth an additional $300K each. Per instructions my father left, she is executor and has full access to her money and I have an irrevocable trust.
JA: Estate laws vary by state. What state are you in?
Customer: We get along great. I wanted to do something tangible, so I started a small Millwright company 6 months ago and have been using stocks when company needs capital.
JA: What documents or supporting evidence do you have?
Customer: I am in DE
JA: Anything else you want the lawyer to know before I connect you?
Customer: I am below the threshold I set. is there any way I can get capital from the trust? Can it be used as collaterall for a line of credit or loan?
Submitted: 8 months ago.
Category: Estate Law
Expert:  Irwin Law replied 8 months ago.

Good morning, and thanks for using JUST ANSWER. You said:

I am below the threshold I set. is there any way I can get capital from the trust? Can it be used as collaterall for a line of credit or loan?

I don't know what exactly you mean by being "below the threshold I set". Whether the trust can be used as collateral for a loan is up to the lending institution. Most well drafted trusts contain clauses that will prevent a beneficiary from borrowing against or assigning their interest in the trust. That is what a bank loan officer will look for in the trust agreement. I'm sure the trustee can provide you with that information very quickly. I wish you the best of luck in your new business venture.

I hope that I have provided excellent service and, if so, would love a 5 star rating. If not, please let me know how I can further assist you. There is no additional charge to you for rating me. A bonus is not required, but is always appreciated.

Thanks again for using JUST ANSWER.