My husband is a benificiary of an irrevocable life insurance trust. The paperwork says he is entitled to $300k and that the trustee (TD Bank) can make distributions of weath as needed for his "health and support." We are getting ready to buy a house and that money would obviously help us out a lot right now. We are basically wondering if we could take out $30k to pay of ccards, cars and make us debt free and also take out a minimum of $100k to put toward a new home.
Banks are notoriously conservative in distributions concerning trusts, especially in the "gray" areas where the language is vague or open, ie., health and support. You need to get a copy of the trust and present it to an experienced estate attorney to see if distributions can be made to you and to have him represent your interests in dealing with the bank-trustee. This would be well worth your time.
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