There's this multi-billion inherit that will go to many people in my family. I am going to be 18 in 1 year and about 5months, 27 days to be exact. The inheritance papers and the exact amount of money will not be given, nor finalized until when I am 17, or maybe before. Does the money go to my parents to hold, and then can give it to me when I'm 18? Or.. Can I receive it? I mean it wouldn't be fair for me not to get some of those millions of dollars because of being one year younger than the asked age. Help! Can someone please tell me what the laws are? I am so frustrated right now, I mean who wouldn't if everyone in your family is getting millions and you might not be..
Thank you.
2007-12-04 11:26:43 · 3 answers · asked by That Girl 3 in Business & Finance ➔ Personal Finance
Generally if a person is a minor and they inherit anything, that portion of the inheritance is left in probate until the minor reaches age 18. So you would still get your inheritance, you will just have to wait until you are 18. Or if a trust had been set up for that person by the person leaving you the money you could inherit now. Even so, the trust will still keep you from having control of the money until you are a legal adult. Someone would have been appointed trustee and be given control of how money is accessed for you.
2007-12-04 11:45:38 · answer #1 · answered by SadieB 5 · 1⤊ 0⤋
The money goes wherever the WILL states it goes. The LAW is not they issue. In ANY state, I could write a will putting the money into a trust that only gave you a limited income for LIFE. I could also write the will in such a way that you received the entire amount IN CASH at age 5.
Note: If there are truly Billions involved, there is at least one attorney involved. Ask THEM.
2007-12-04 21:04:53 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Generally, you cannot, and perhaps not even at 18. It depends upon the structure and conditions of the estate plan (will or trust). Each estate plan varies.
2007-12-04 19:41:23 · answer #3 · answered by npk 7 · 0⤊ 0⤋