Can my son receive his settlement 2 years early than what is indicated in his trust account? 18 Answers as of November 07, 2013

My son was granted a lawsuit and the money was put into a trust account until he turned 18. He was recently emancipated at 16 and wanted to know if he can receive his settlement now.

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Law Ofices of Edwin K. Niles | Edwin K. Niles
It would require a court order.
Answer Applies to: California
Replied: 11/7/2013
Stephens Gourley & Bywater | David A. Stephens
He would have to petition the court to receive the money early.
Answer Applies to: Nevada
Replied: 11/7/2013
Law Office of Scott K. Wilson
Law Office of Scott K. Wilson | Scott K. Wilson
I assume the account was set up through the court, known as a "blocked account". If he want his money early, he is going to have to file a simple motion requesting early disbursement. I would think he would get his money given the emancipation. If there is a large sum involved, like $100,000, maybe the court will deny complete disbursement, but let him withdraw $20,000 now.
Answer Applies to: Washington
Replied: 11/7/2013
Law Offices of Ronald A. Steinberg & Associates | Ronald A. Steinberg, BA, MA, JD
Yes he can, but he will pay a terrific penalty for taking the money early. I recommend that he waits. He is only 16, and emancipated or not, he is just a child.
Answer Applies to: Michigan
Replied: 11/7/2013
Musilli Brennan Associates PLLC
Musilli Brennan Associates PLLC | John F Brennan
I would need the details, possibly.
Answer Applies to: Michigan
Replied: 11/7/2013
    Law Office of Mark J. Leonardo
    Law Office of Mark J. Leonardo | Mark Leonardo
    He would need to make a motion to the court and demonstrate a really good reason to use the money now.
    Answer Applies to: California
    Replied: 11/7/2013
    Robert C. Slim - Attorney at Law
    Robert C. Slim - Attorney at Law | Robert C. Slim
    If he was emancipated, there might be clause in the order that permits for release of his funds. You have to read the court order. Why was he emancipated?
    Answer Applies to: Texas
    Replied: 11/7/2013
    The Law Offices of Andrew D. Myers
    The Law Offices of Andrew D. Myers | Andrew Myers
    Minor settlements are covered by law in order to protect the funds from spending by youthful indiscretion so my educated guess is that no is the answer to your question. You should ask the attorney who had the trust set up, or retain an attorney now to review the documents for your son along with the statute.
    Answer Applies to: Massachusetts
    Replied: 11/7/2013
    Robert A. Solomon, P.C.
    Robert A. Solomon, P.C. | Robert A. Solomon
    The short answer is NO.
    Answer Applies to: New Jersey
    Replied: 11/7/2013
    Lombardi Law Firm
    Lombardi Law Firm | Steve Lombardi
    It would be difficult for any lawyer to give any kind of an opinion without first reviewing the conservatorship and trust documents. Generally speaking I would guess the answer is not unless the settlement documents allowed early withdrawals.
    Answer Applies to: Iowa
    Replied: 11/7/2013
    End, Hierseman & Crain, LLC | J. Michael End
    He cannot get the money until he turns 18.
    Answer Applies to: Wisconsin
    Replied: 11/7/2013
    Belushin Law Firm, P.C.
    Belushin Law Firm, P.C. | Vel Belushin
    This would all depend on the document that set up the trust. You should have an attorney go over this for you.
    Answer Applies to: New York
    Replied: 11/7/2013
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