as soon as I reach the age of majority? I am 20 years old and I have a trust fund that has around $250,000 in it. I don't know how it is being handled and I am actually trying to get that handled right now. I have had to file a number of complaints on the account officer. I don't even know much of anything about how a trust fund works. Anyways, what do I have to do to have all the funds drawn out of any kind of investments they might be in and in an account that I can use at my dispense when I reach the age of majority(21)? Would I just have to let the account officer know of my plans for the money? Will they have to do as I wish after I turn of age? I already have a family, two daughter and a husband, and I have had my plans for this money planned out for awhile. I want to buy a house, a nicer vehicle, and invest the rest for my childrens future. I just want to know will I be able to start pursuing my plans as soon as I turn 21(required age)? What is the process that happens then?
2006-11-30 03:43:09 · 3 answers · asked by mama4e 2 in Business & Finance ➔ Investing
When you reach the age of majority, the officer's control of your funds ends and the funds are under your sole control. You do not have to justify yourself to anyone at that time.
2006-11-30 04:00:32 · answer #1 · answered by lizardmama 6 · 0⤊ 0⤋
The first step is to read the trust deed. If you don't understand it, have your lawyer explain it to you. It is entirely possible for the grantor to specify that the beneficiary should never be allowed to manage the assets of the trust, but be entitled only to an allowance. You need to make sure that this is not the case with your trust fund.
Also, you might consider a reality check. If you buy a house, there may or may not be anything left from your $250,000...
2006-11-30 13:01:33 · answer #2 · answered by NC 7 · 1⤊ 0⤋
Forget about your money.
If you want a nicer vehicle and buy a house then WORK HARDER.
You don't have to wait until you are 21.
It's not that hard to buy a nicer vehicle if you work a little.
Keep your mind occupied and the year will end very fast.
Seems like that money is not going to last very long in your hands. Too bad for your daughters they sure could use a Harvard Education.
You don't even have it yet and you already made plans to waste it.
No wonder the United States of America is the poorest nation in the World.
Here is your tab:
2006-11-30 19:07:47 · answer #3 · answered by Anonymous · 1⤊ 5⤋