3rd generation inheritance in TN

[Karatebreakfast]

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.

 

[ALawyer]

If this is a large sum and you are worried about bankruptcy, you'd better see a lawyer FIRST and VERY carefully go over the Will and Trust and circumstances. Too much is at stake.

It sounds as if the trust was set up to comply with rules designed to keep assets from being in trust in perpetuity and the maximum limit was typically "lives in being plus 21 years".

It is sometimes possible to borrow against the legacy from the trustee or a third party lender (at outrageously high rates) with a life insurance policy on your life backing up the advances. BUT don't borrow more than you need. Also, becasue of that you really need a lawyer.