Can I pull out the money I needed from my trust and leave the rest? 19 Answers as of September 04, 2013

My trust was set to be released when I got 21 which is 50 days away. I've found land and want to move. I wanted to know if I could pull out what I needed and leave the rest in the trust.

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Law Office of Thomas C. Phipps | Thomas C Phipps
It depends on the terms of the trust. If the trust does not require all of the money to be distributed, you can leave it in the trust.
Answer Applies to: Missouri
Replied: 9/4/2013
O'Keefe Legal Services, L.L.C.
O'Keefe Legal Services, L.L.C. | Sean P. O'Keefe
In Maryland, what can and cannot be done likely depends on specifically what the trust says. Does the trust say it terminates and distributes everything to the beneficiary upon the beneficiary reaching age 21. If so, why would one want the funds held in trust after they become available.
Answer Applies to: Maryland
Replied: 8/27/2013
Law Office Of Victor Waid
Law Office Of Victor Waid | Victor Waid
The provisions of the trust control your actions regarding the withdrawals. Read the trust, or obtain the assistance of an estate planning attorney to assist you in interpretation.
Answer Applies to: California
Replied: 8/27/2013
The Law Offices of Kristen Carron, LLC | Kristen Carron
Without reading the trust, yes. When you turn 21, you could take the money you needed. The rest can stay in the trust until you needed it. It's a good idea to leave the money in trust until you need it. Money held in trust is protected from creditors, divorcing spouses and attachment in a lawsuit. On Tue, Aug 20, 2013 at 9:02 AM, Question From LawQA wrote: > ANSWER A QUESTION THAT
Answer Applies to: Rhode Island
Replied: 8/27/2013
Law Offices of Frances Headley | Frances Headley
Unless the trust allows for early distributions for things like investing in property all you can do is talk to the seller about postponing the close until after you receive the money or petition the court for an early release.
Answer Applies to: California
Replied: 8/27/2013
    Frederick & Frederick PLC | James P Frederick
    If you are not 21, then it would appear that you cannot pull anything out of the trust, at this time. You have not shared much in the way of facts, and there is a chance that the trust deals with exactly this situation. It would be best for you to consult with a probate attorney to help you figure out where you stand.
    Answer Applies to: Michigan
    Replied: 8/27/2013
    Danville Law Group | Scott Jordan
    You will need to ask the Trustee of the trust for the money or to purchase the land for you. Whether it is possible to purchase land is determined by the language in the trust, so you would need to read the trust document.
    Answer Applies to: California
    Replied: 8/27/2013
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    It's up to the trustee, and the exact wording of the trust document.
    Answer Applies to: Oregon
    Replied: 8/27/2013
    Law Office of Edward M. Burgh, APC | Edward M. Burgh
    It depends on what the trust says.
    Answer Applies to: California
    Replied: 8/27/2013
    Charles M. Schiff, Attorney at Law
    Charles M. Schiff, Attorney at Law | Charles M. Schiff
    It depends upon the wording of the Trust document. If the Trustee is given sufficient discretion to release some portion of the proceeds early, he/she can do so. If such discretion is not given in the document, you are not entitled to receipt until you actually reach the required age.
    Answer Applies to: Minnesota
    Replied: 8/27/2013
    Gates' Law, PLLC | Thomas E. Gates
    You do not have access to the funds until you are 21 period.
    Answer Applies to: Washington
    Replied: 8/27/2013
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    It depends on whether the trustee wants to continue to manage the money. Ask him or her.
    Answer Applies to: Idaho
    Replied: 8/27/2013
    Arthur H. Geffen, P.C.
    Arthur H. Geffen, P.C. | Arthur Geffen
    You could go to the trustee and ask for an advance or a loan. If the trustee says no, you are stuck until the distribution date.
    Answer Applies to: Texas
    Replied: 8/27/2013
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    You should address that with the Trustee. You need to see if the Trustee has discretion to make that happen. If not, the answer is probably no.
    Answer Applies to: Nevada
    Replied: 8/27/2013
    James Law Group
    James Law Group | Christine James
    The trustee should have the power to provide you with principal and income before the final distribution date. Speak with the trustee.
    Answer Applies to: California
    Replied: 8/27/2013
    Sanford M. Martin, P.A. | Sanford M. Martin
    What you can do legally depends on the terms of the trust. Consult with the trustee who has administrative responsibility.
    Answer Applies to: Florida
    Replied: 8/27/2013
    Sebby Law Office
    Sebby Law Office | Jayne Sebby
    You can petition a court to end the trust early but it's unlikely that you can get that accomplished prior to the trust ending naturally.
    Answer Applies to: Nebraska
    Replied: 8/27/2013
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