QUESTION
Can my son receive his settlement 2 years early than what is indicated in his trust account?
Asked on Nov 05th, 2013 on Personal Injury - Iowa
More details to this question:
My son was granted a lawsuit and the money was put into a trust account until he turned 18. He was recently emancipated at 16 and wanted to know if he can receive his settlement now.
13 ANSWERS
Edwin K. Niles
It would require a court order.
Answered on Nov 07th, 2013 at 6:49 PM
Lisa Hurtado McDonnell
He would have to go to court and get it released early.
Answered on Nov 07th, 2013 at 6:48 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I would need the details, possibly.
Answered on Nov 07th, 2013 at 6:48 PM
Ronald A. Steinberg
Yes he can, but he will pay a terrific penalty for taking the money early. I recommend that he waits. He is only 16, and emancipated or not, he is just a child.
Answered on Nov 07th, 2013 at 6:48 PM
Estate Planning Attorney serving Seattle, WA
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Law Offices of Scott K. Wilson
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I assume the account was set up through the court, known as a "blocked account". If he want his money early, he is going to have to file a simple motion requesting early disbursement. I would think he would get his money given the emancipation. If there is a large sum involved, like $100,000, maybe the court will deny complete disbursement, but let him withdraw $20,000 now.
Answered on Nov 07th, 2013 at 6:48 PM
Thomas Edward Gates
He cannot get his money any earlier.
Answered on Nov 07th, 2013 at 6:48 PM
Personal Injury Attorney serving Charlotte, NC
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Paul Whitfield and Associates P.A.
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I doubt it.
Answered on Nov 07th, 2013 at 6:47 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Probably not, but he can still ask the trustee and perhaps the trustee will make the distribution.
Answered on Nov 07th, 2013 at 6:47 PM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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The purpose of the trust account is to hold his money until he reaches the age of legal majority. Invading the account will defeat that purpose. He may be able to get a court order to withdraw a specific amount for a particular purpose, but a judge will only grant it if there is a showing that it is an emergency and there is no other resource.
Answered on Nov 07th, 2013 at 6:47 PM
Business Attorney serving North Andover, MA
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Law Offices of Andrew D. Myers
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Minor settlements are covered by law in order to protect the funds from spending by youthful indiscretion so my educated guess is that no is the answer to your question. You should ask the attorney who had the trust set up, or retain an attorney now to review the documents for your son along with the statute.
Answered on Nov 07th, 2013 at 6:46 PM
Employment Law Attorney serving Beverly Hills, CA
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Dordick Law Corporation
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He would need to make a motion to the court and demonstrate a really good reason to use the money now.
Answered on Nov 07th, 2013 at 6:46 PM
It would be difficult for any lawyer to give any kind of an opinion without first reviewing the conservatorship and trust documents. Generally speaking I would guess the answer is not unless the settlement documents allowed early withdrawals.
Answered on Nov 07th, 2013 at 6:45 PM
1 Award
He cannot get the money until he turns 18.
Answered on Nov 07th, 2013 at 6:45 PM