Can a conservator of a ward take a loan against a CD that was put in trust? The purpose in purchasing a vehicle is to take the ward to doctor appointments as they can not ride in a SUV without a lift.
In our experience, this wouldn't be a loan that would be made unless bank counsel reviewed the Trust to ensure this was a permissible purpose. In many cases it is not up to the bank to justify the purpose of the request or the use of the funds; but in this case, if there was any challenge, the bank would stand to incur costs defending itself and potentially suffer a loss on the loan. The downside is steeper than the upside unless the relationship justifies involving counsel to review all the documents in the beginning.
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In our experience, this wouldn't be a loan that would be made unless bank counsel reviewed the Trust to ensure this was a permissible purpose. In many cases it is not up to the bank to justify the purpose of the request or the use of the funds; but in this case, if there was any challenge, the bank would stand to incur costs defending itself and potentially suffer a loss on the loan. The downside is steeper than the upside unless the relationship justifies involving counsel to review all the documents in the beginning.
