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I am set to receive an inheritance at the age of 25. I am only 23 as of right now, but myself and the legal holder of my inheritance want to turn it over to my control. How could we go about this legally?
14 ANSWERS
If it being held back from you, it is probably in a trust. You need to read the terms of the trust and see what it says about early distribution.
Answered on Jul 10th, 2013 at 2:29 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Obtain the assistance of a probate lawyer who can file the appropriate petition to terminate the trust or court order you are referring, to accomplish your objective.
Answered on Jul 10th, 2013 at 2:28 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It depends on how the inheritance is set up. Is this through a trust? If so, the trust may give the trustee the authority to simply hand you your share. There are many other possibilities, however, depending on how things are set up. You should discuss this in person with an attorney.
Answered on Jul 09th, 2013 at 11:46 PM
Neal Michael Rimer
You should retain an attorney to go over the situation and all documentation. Sometimes, if the property is held by a Trustee, there are provisions in the Trust that will allow for the early termination. If not, perhaps there is a way in which the Trustee can assist you for the next 2 years. If the property is in a custodial account, then again, there might be a means of assisting you.
Answered on Jul 09th, 2013 at 8:37 PM
Thomas Edward Gates
The terms of the Trust determines if the can be early release. My guess is you will not be able to get the inheritance before 25, since a normal release would be 21. So, there was a reason why they picked 25.
Answered on Jul 09th, 2013 at 8:09 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Depends on the nature of the arrangement: Is it a trust? Depends on terms of the document. She may be able to resign and designate you as successor trustee, or to petition the court. Is it a custodianship (under CTMA - Calif. Transfers to Minors Act)? Probably easier. Is it a guardianship - not without court permission Other?
Answered on Jul 09th, 2013 at 8:09 PM
Usually a delayed date of acquisition is created by the deceased because he or she doesn't believe the heir is ready to handle the inheritance at an earlier age. You can petition a court to allow you early access to the bequest. You will need to provide a legitimate reason for this, such as the need to pay for higher education or unexpected major medical bills.
Answered on Jul 09th, 2013 at 8:09 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You would have to get this approved by the probate court. I think any other beneficiaries would also have to be notified.
Answered on Jul 09th, 2013 at 8:09 PM
Real Property Law Attorney serving San Francisco, CA
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Law Office of Barbara A. Goode
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You need to refer to the trust document that controls your inheritance. Most trusts will allow early distribution under certain circumstances (such as when everyone agrees). You should consult an attorney in your area to make sure any early distribution is done properly.
Answered on Jul 09th, 2013 at 8:09 PM
It depends on the nature of the account your inheritance is held in and if it subject to a trust. It is not possible to provide legal advice to you over the internet, so your best approach would be to visit with an attorney in your area who specializes in trust and estate administration.
Answered on Jul 09th, 2013 at 8:08 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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You could petition the Court to modify the trust, if you can meet certain requirements. Or, if the trustee has any discretion at all to make distributions, you could just work with the trustee to do whatever it is you want to do.
Answered on Jul 09th, 2013 at 8:08 PM
2 Awards
You need to see an attorney to review the will/trust to see if it is even possible. If it is you will need to get a court order terminating the will/trust and transferring the account to you individually.
Answered on Jul 09th, 2013 at 8:08 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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Look at the will (or whatever document was used to set the age at which you would receive the inheritance) and see if there is any provision for an early distribution. If there is no such provision, you should get court authority to do it.
Answered on Jul 09th, 2013 at 8:08 PM
It depends on the type of document in question. If it is a trust, we need to read the trust agreement. The trustee might have the discretion to give it to you early. If not, you could petition the probate court for an early distribution.
Answered on Jul 09th, 2013 at 8:08 PM