Lawyers & Trust Fund Money?

B

Bubbles

New member
I just turned 18 on july 8th I have had a trust fund building up till now when i was 16 I got hit by a car and there insurance put money into a trust fund for me. Now that I am 18 I can use that money for anything. I had a lawyer and my mother has one well my mother decided it would be best to do it through her lawyer so she arranged that to happen. So now we are doing it through her lawyer but she is always blowing me off and telling me she doesn't have time to worry about my stuff. I am wondering since I am 18 can I go get that trust money myself even though it is through her lawyer? Or do I need her with me? Can anyone help me please?!?
 
Technically, it depends on how the trust was written. You need to see the document. Sometimes it is written that you get 100% when you are 18. Sometimes it is written that you get the money only for certain purposes (such as 50% of the trust will be used for college tuition, 20% will be used for downpayment on a home, etc.). Sometimes it is written to spread the money out over time (such as you get 10% of the outstanding balance each year until you turn 25, then you get the remainder).

I would contact the lawyer and ask for a meeting, and ask them to give you a copy of the trust document if you don't have one.

If your mom will still have influence over how the trust is spent, then I would put together a plan to show you will use it wisely. Very often, parents put restrictions in a trust to protect you from blowing through the money on things you don't really need. If there is a specific thing you want or need, discuss that with her calmly.

There is an old saying in the trust lawyer world about children: "If you don't trust them, trust them." It means if you don't trust your kids to behave responsibly with money, put the money in a trust so they can't get at it easily and without permission.
 
Back
Top