How can I get my money out of a trust?

Question

My aunt is in control of a trust that was set up for me. I am supposed to get the rest of what is in it at 25. I am only 22. Is there anyway I can terminate this trust early?

Answer 1

You would have to read the document that was signed to set the trust up. It lists all stipulations. More than likely one of those stipulations was to not release the money until age 25 and you cannot do anything about that.

You state you're to get the 'rest' of what's in it at 25 which means you've already received some of it. If you went out and blew that money, likely the age 25 provision was a safety net to allow you to mature so you wouldn't blow it all on unnecessary things.

Answer 2

Save yourself the grief and costs, unless the document has an explicit provision letting you get the money early, you cannot have it. It is a private contract between the settlor and the trustee. Your aunt is obligated to follow the terms and you have no legal interest in it, beyond the interest to fulfill the trust's requirements. At this moment, it is unlikely that it is your money. It will become your money at 25, but until then it isn't yours. This is also an advantage to you. If you were in a car wreck right now, that money isn't yours so they cannot take it away. Further, if you die today, the trust will have provisions on who is to get the money next. It isn't yours. You could possibly get a court to change the trustee if you felt she was abusing her discretion under the document, but Trust companies charge a small fortune for their services for small trusts and you would not be able to get at the money until 25 anyway.

Answer 3

You would have to approach your aunt as trustee and explain what you need it for and then the two of you go to the attorney together. Depends on how the trust is written.