Can an 18 year old invest his insurance inheritance outside the insurance company if he doesn’t touch it until he is 21?

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Can an 18 year old invest his insurance inheritance outside the insurance company if he doesn’t touch it until he is 21?

Guardian will help.

Asked on February 21, 2011 under Estate Planning, Mississippi

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am a little confused by the way that you have phrased the question.  Did you receive an inheritance in the form of a trust that you can not access until you are 21?  Then I would say that you can not access it but for the terms of the trust, meaning that the trust document will dictate when and for what you can use it.  If, however, you received an inheritance at 18 from say the proceeds of an insurance company, then you can invest it as you choose without limitation. But I caution you: seek help from an investment person, an estate planner, etc.  You are never too young to plan and properly invest.  Good luck to you. 


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