Can I get an advance on my beneficiaries fund?


Question:

our mother is late and my share of benefit was paid out to me and my sister is still getting a monthly income.I am her guardian now and on the 17 of September this year she is turning 18.I used my money renovate where my mom left us, she did not have her own place we were staying at her parents house whom are late and now we have a problem our has come back with her girlfriend and they are kicking us out and saying its his house and we are not contesting that but the situation is becoming worse now because we have nowhere else to go.My question is since am no longer a beneficiary and my sister is, is it possible that we get assistance of a loan to buy our own home or build one if neccesary.reply

Answer:

Cmangele, Yes, this may be possible, but you would have to petition the Trustees of your sister's beneficiaries fund for this. So you would have to write to them, explaining your circumstances, and that she (your sister) now needs additional money, to pay for the roof over her head. You should find the details of the fund administrators of your sister's fund on the correspondence you receive from them. The administrator will be able to tell you, how you can reach the Trustees.

The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.


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