They want to settle BUT They want to put the money in a trust fund . Can they do that ? And Since he is mentally hadicaped and she is the the sole caregiver, his Mother, can't they not just give it to her in one lump some? Thanks !
2007-09-02 08:06:34 · 7 answers · asked by tina seagraves 2 in Politics & Government ➔ Law & Ethics
No ! I am his Aunt ! My nephew is 15 and they are saying that he want be able to get any of the money from the settlement until he is 18. He will never really be 18 in his mind so I don't see the big deal in letting his Mother , my sister , take the money and get them a place to live with it . They are living in a trailer that is about 30 years old and they really need more room for all of his supplies. Not to mention the trailer is fallen apart and to be sold because of our mom's probate matters..
2007-09-02 08:22:11 · update #1
I imagine they aer putting it in a trust so that he/she is taken care of in the future. It's really the best way.
Any other questions, contact the attoney for the case.
2007-09-02 08:11:11 · answer #1 · answered by Anonymous · 0⤊ 1⤋
the trust fund is commom. There may be withdrawal limits on the fund to ensure the money remains available for a long period of time . The restriction on it not being available until 18 is unwarrented since he has support needs now.
The lawyer representing the child should be handling this question. He has more access to the facts of the case. Providing a suitable home for the child is normally allowed if the guardian has financial problems.
2007-09-02 08:43:42 · answer #2 · answered by mark 6 · 1⤊ 0⤋
Nope - it goes into a trust fund. The money is for the kid, not the mother.
If she wants it for a specific purpose that relates to the well being of the child, she can petition the court to release some of the money to her for that purpose only. If it's a large enough sum, they may put it into an annuity that gives them a monthly or annual payment.
This process was started because too many parents blow through the money, leaving thier kid with serious injuries and no compensating income.
2007-09-02 08:10:41 · answer #3 · answered by Catspaw 6 · 2⤊ 0⤋
They put the money in a trust because too many parents take money from a settlement for their child and blow it on themselves. To get the money she has to petition the court and prove to them that it is for the well being of the child. They keep an eye on this stuff now.
2007-09-02 08:50:04 · answer #4 · answered by .. 5 · 2⤊ 0⤋
If the child is a minor, the Mother is his Executor in legal matters. No reason not to give the money to her. I would suggest asking why they want to deposit to a trust fund since the Mother would be in charge of it anyways. Something sounds fishy. Hopefully there is an attorney involved.
2007-09-02 08:13:17 · answer #5 · answered by sensible_man 7 · 1⤊ 0⤋
Well, that's the best way to know that the child will benefit from it in the future. I believe this is how it is done anytime a minor is in a car wreck, or otherwised injured. At least from what I've observed.
2007-09-02 08:13:33 · answer #6 · answered by DeAnna 4 · 0⤊ 1⤋
Whats it got to do with you?
Afraid you wont get your hands on some easy cash??
Longtime friend of the family huh??
2007-09-02 08:12:50 · answer #7 · answered by conranger1 7 · 2⤊ 2⤋