I know that I can't receive the money.. but, will I be able to receive it on my 18th birthday?
2007-12-03 07:58:44 · 8 answers · asked by That Girl 3 in Business & Finance ➔ Personal Finance
inheritance***
2007-12-03 08:00:24 · update #1
The money is being inherited to 5 or 6 generations.. many people already passed away. It's about $5billion splitted into like 200. Does it matter the amount? Also, I'll be 18 in 1yr 1/2
2007-12-03 08:08:32 · update #2
If the estate is subject to US law, you CAN receive the money at ANY age. The REAL question is how the will directed the money to be distributed. It sounds like the money was put into a trust. If that is the case, the terms of the trust can set nearly any conditions for distributing the funds. ONLY an attorney that has actually read the will and the trust if applicable can answer your question. Anyone else is making an UNINFORMED guess.
2007-12-03 09:33:24 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
It's usually placed in a trust fund, which is managed on the child's behalf until they turn 18. Depending on specific terms, this might or might not allow actual spending of some of the money. In most cases the heir receives the funds when they turn 18; but in unusual circumstances it might be held until age 21 or until some condition is met.
2007-12-03 08:05:04 · answer #2 · answered by dukefenton 7 · 1⤊ 0⤋
It depends on the stipulations of the will, if there was one. I inherited money from my uncle when he passed away when I was 14. He put it in a trust that allows me to use it for college and educational expenses; otherwise I don't get it until I'm 30. I have to have his attorney approve and release all funds.
2007-12-03 08:09:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can actually inherit the money any time. It depends upon what the will or trust specifies. You will have to get a copy to find out how much is available to you when. Sorry, just turning 18 doesn't mean you will get it.
2007-12-03 08:11:23 · answer #4 · answered by jwishz 7 · 1⤊ 0⤋
It may vary from state to state, but in CA what happens is that someone (usually your parents) has to be appointed as your legal guardian(s) by the court. They are then responsible to hold the money for your benefit. When you turn 18, then the guardianship ends
2007-12-03 08:04:59 · answer #5 · answered by just_the_facts_ma'am 6 · 0⤊ 1⤋
That depends on the term of the estate or trust.
2007-12-03 08:02:56 · answer #6 · answered by Anonymous · 1⤊ 0⤋
you should get it but in the form of a trust fund.
2007-12-03 08:12:35 · answer #7 · answered by Anonymous · 0⤊ 1⤋
idk
2007-12-03 08:25:14 · answer #8 · answered by Jordyn 3 · 0⤊ 1⤋