K
Karatebreakfast
Guest
According to my great grandfather's will, I will inherit a large sum of money when the youngest member of my generation (let's call her Jane) turns twenty-one, which she will do in five years. The will was designed to keep the money out of circulation for as long as legally possible.
Two questions: First, how is the above time determined, i.e., does the entire second generation have to be unable to reproduce (or deceased), or is the will activated on Jane's twenty-first birthday?
Second, if I am to receive the money on Jane's twenty-first birthday (less than five years away), could I use this as collateral for a bank loan today? And would my filing bankruptcy now (which would preclude my going bankrupt again before I inherit the money), guarantee the collateral? Thanks.
Two questions: First, how is the above time determined, i.e., does the entire second generation have to be unable to reproduce (or deceased), or is the will activated on Jane's twenty-first birthday?
Second, if I am to receive the money on Jane's twenty-first birthday (less than five years away), could I use this as collateral for a bank loan today? And would my filing bankruptcy now (which would preclude my going bankrupt again before I inherit the money), guarantee the collateral? Thanks.