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My son was involved in a accident a few years ago and he has a settlement and he getting to the driving age (15) is it possible that he can buy himself a car with that money and if so the limit on what kind he could purchase?
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Your son's money should be in a conservatorship account unless it was less than $15,000. If so, you can ask the probate court to allow him to use some money to purchase a car.
Answered on Mar 13th, 2021 at 6:10 AM
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For an answer to what kind of purchase can be made from your son's trust, you will need to have someone actually look at the terms of the trust, which would be contained in whatever document controls it. In general, a car may be a reasonable purchase. The question about what kind of car would be appropriate will also depend on things like the value of the assets in the trust and other factors. This kind of forum does not actually allow attorneys to give you advice about what a given trust permits, because there is no way that you can (or should) provide all of the information needed.
If your son's trust has a trustee, ask the trustee about the car issue. If you are the trustee, then get an attorney to help you answer this question (it would be a trust expense). If the trust has a trustee that is not you and you want to know whether the trustee is properly managing the trust, you can hire an attorney for your son, and have his attorney review the trust and how it has been handled.
Best wishes to you.
Answered on Mar 02nd, 2021 at 5:37 AM
This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.