QUESTION
Can I at 17 or my guardian legally access the money that is in my trust fund that was intended to be released once I turned 18?
Asked on Mar 10th, 2013 on Estate Planning - California
More details to this question:
I was in an accident. The settlement money from the accident went into trust fund and I can only access it once I turned 18. I have a job and I need a vehicle. I consider that as an emergency. I have to be at work before my employer arrives. Is there a way that I or my guardian can access the money now so I can use it to use a vehicle?
17 ANSWERS
Your guardian can petition the court for an early distribution.
Answered on Mar 12th, 2013 at 2:08 PM
Trusts and Estates Attorney serving Troy, MI
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Barron, Rosenberg, Mayoras & Mayoras, P.C.
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Yes you can, but you would have the petition the court and present a reasonable plan why you need the car. Also, do not expect to be permitted a new car.
Answered on Mar 12th, 2013 at 2:07 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It depends. Do you have a conservator also, or just a guardian? Guardians have limited financial powers. Conservators are generally in charge of all financial matters. A judge has discretion to allow disbursements. I have seen it work, but I have also had judges say no, in almost your exact same situation. It depends on the judge and the money that you have.
Answered on Mar 12th, 2013 at 2:07 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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You need to consult with your guardian to see if the trust provisions provides emergency funds for a case like yours, wherein you need transportation to and from employment.
Answered on Mar 12th, 2013 at 2:06 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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It depends on the terms of the trust. If the trustee has discretion to distribute for current needs, then discuss this with the trustee.
Answered on Mar 12th, 2013 at 2:06 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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Depends on what the trust says. Then if possible it would most likely be in the trustee's discretion.
Answered on Mar 12th, 2013 at 2:06 PM
Ask the trustee.
Answered on Mar 11th, 2013 at 3:01 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Depends on terms of the Trust. A court certainly can get it. Maybe the Trustee can too.
Answered on Mar 11th, 2013 at 3:00 PM
No, unless you can obtain a Court Order allowing access to the trust contrary to the terms of the trust.
Answered on Mar 11th, 2013 at 3:00 PM
2 Awards
It depend upon what the trust says. If the trust does not say anything about this, go to a judge and ask him or her.
Answered on Mar 11th, 2013 at 3:00 PM
It will depend upon the terms of the trust. As you are still a minor, your guardian will need to petition the court to gain access to the funds. However, a vehicle usually is not considered a necessity or an emergency.
Answered on Mar 11th, 2013 at 2:59 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You need to look at the terms of the trust.
Answered on Mar 11th, 2013 at 2:59 PM
This answer depends on the terms of the Trust and directions left for the Trustee. If the trust provides for funds to be utilized in emergencies and the Trustee agrees with your definition that this is indeed an emergency that rises to such a level, then it might be possible for the Trustee to arrange for a means of transportation for you. One cannot give you a definitive answer without reviewing the Trust document and the directions left to the Trustee. Also, is the guardian and the Trustee the same person? The bottom line is that without reviewing the document, no one can give you an answer to your question.
Answered on Mar 11th, 2013 at 2:59 PM
Litigation Attorney serving Birmingham, MI
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Lippitt O'Keefe Gornbein, PLLC
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You should review the terms of the trust. It may have a provision for invasion of the principal by the trustee before you are 18 years of age in certain extreme circumstances.
Answered on Mar 11th, 2013 at 2:57 PM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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Ask the Trustee if he would consider a distribution for transportation. You can petition the court, if the trustee refuses or cannot make a discretionary distribution.
Answered on Mar 11th, 2013 at 2:57 PM
Elder Law Attorney serving Hollister, CA
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Charles R. Perry
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That is a question to be directed to the trustee, who must follow the terms of the trust. There are ways around the language of the trust document if the document does not allow for a distribution, but you may need to get a court order to that effect. Everything depends on the language in the trust. It is unlikely that a court would agree with you that the need for a vehicle to go to work is an emergency
Answered on Mar 11th, 2013 at 2:56 PM
It probably will depend on the language of the trust.
Answered on Mar 11th, 2013 at 2:56 PM