If my stepdaughter was issued a settlement of $50,000 but she is rather immature regarding finances, can we petition the court that the money not be distributed to her until she reaches the age of 25?
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If my stepdaughter was issued a settlement of $50,000 but she is rather immature regarding finances, can we petition the court that the money not be distributed to her until she reaches the age of 25?
We feel that she is not mature enough to handle such a large sum of money and that her mother wants to get the money for her personal gain. Her father is the trustee of the settlement. When she reaches the age of 25 we feel that she will be mature enough to handle the money. Also, can we specify that the money only be used for college tuition? We want the money to benefit only our daughter and not the parents or any other party.
Asked on July 12, 2015 under Estate Planning, Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
What do you mean by "settlement?" Was she the beneficiary under a Will or Trust? Then the terms of the Will and/of Trust governa dn if she is over 18 then you will have no say. Why don't you instead bring her to meet with a financial consultant. Some one young and whom she will relate to and he or she can explain investing the funds and what it can grow to in the future. This way you do not seem to be trying to control her or the funds, which is how a teen will look at it. Good luck.
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