What is the name of your state (only U.S. law)? Florida
Daddy Warbucks dies, there are 3 heirs: Tom, Dick and Harry. There is plenty of money, and more, to pay all the bills. Tom wants and needs an advance, but the PR wants to protect himself and the estate. Refusing the advance would be a real hardship on Tom. Everybody is friendly. What should the PR do?
(1) Tell Tom to get a loan from somebody else. His interest in the estate should be good enough to convince somebody. (Would YOU lend money to Tom in this situation?)
(2) Give Tom the advance from the estate, but first get a life insurance policy in favor of the estate.
(3) Give Tom the advance, but get waivers from Dick and Harry. (Opps! Dick and Harry are the minor children of Tom.)
What if instead of an estate, Daddy had set up a trust and explicitly allowed loans like this? Would that be setting up for bad feelings between the heirs?
Assume that Tom needs the money for a desperate heart transplant. The operation is a success, but three days later he dies and his estate is bankrupt. Because of his medical condition, he could not get life insurance. Dick and Harry (heartless souls) sue the PR, do they have a leg to stand on?
Daddy Warbucks dies, there are 3 heirs: Tom, Dick and Harry. There is plenty of money, and more, to pay all the bills. Tom wants and needs an advance, but the PR wants to protect himself and the estate. Refusing the advance would be a real hardship on Tom. Everybody is friendly. What should the PR do?
(1) Tell Tom to get a loan from somebody else. His interest in the estate should be good enough to convince somebody. (Would YOU lend money to Tom in this situation?)
(2) Give Tom the advance from the estate, but first get a life insurance policy in favor of the estate.
(3) Give Tom the advance, but get waivers from Dick and Harry. (Opps! Dick and Harry are the minor children of Tom.)
What if instead of an estate, Daddy had set up a trust and explicitly allowed loans like this? Would that be setting up for bad feelings between the heirs?
Assume that Tom needs the money for a desperate heart transplant. The operation is a success, but three days later he dies and his estate is bankrupt. Because of his medical condition, he could not get life insurance. Dick and Harry (heartless souls) sue the PR, do they have a leg to stand on?