Legal Question in Wills and Trusts in Nevada

Is their anyway that you can get a loan on an inheritance that has been paid to two of the children but not the rest. According to the lawyer handling the case it has been signed, but is waiting to be finalized before the rest of the children can be paid. It is in Nevada. Can you please help me, parent is still living and i don't understand why the rest of us can not get our money.If you can get a loan on this how do I go about it?

Asked on 10/12/11, 3:54 pm

1 Answer from Attorneys

Rick Williams Law Offices of Frederick D. (Rick) Williams, Chtd.

If I am understanding your question correctly, you are expecting an inheritance from your still-living parent, and other siblings have already received theirs, but your is tied up at the lawyer's office? Now, you are wondering if you can get a loan against that anticipated windfall.

Well, no. You cannot count an "expectation" as an asset of yours, and no lender with any sense will make a loan if it is secured only by a hope of entitlement to a sum that has not yet been disbursed. If the parent is still alive and mentally capable of making his/her own financial decisions, you can still be completely cut out of any inheritance. The asset you are discussing, if I am getting the facts straight, is owned by the parent and can be given away or retained by the parent at will. You may be misunderstanding the sums that have been paid out to others, as the parent in question may simply have made "pre-inheritance distributions" of his/her assets to folks who needed or deserved them. The involvement of a lawyer indicates to me that the parent may be mentally disabled or otherwise incapable of handling financial matters, and the attorney may have been retained to monitor and administer the assets until such time as a trust or will is effective in disbursing the property owned by the parent.

Your first course should be to communicate with the lawyer who appears to be holding and managing the funds. That professional will know the facts and -- although he/she may not be at liberty to discuss everything with you, due to attorney-client privilege -- should be the best source of good information for you.

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Answered on 10/13/11, 3:42 pm

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