Q: I have a question, about money I get every month from a settlement from my dad passing away in a two 18-wheeler accident
I was 11-12 years old and my mom was the one who made the decisions on when I get my money and how much I’m able to get at a certain period of time. And now that I’m an adult I think that’s it’s now my choice to change how I receive that money.
A: If the settlement agreement gives you the choice on how to get the money now that you are an adult, follow the terms of the settlement agreement as it pertains to notifying whomever is holding the money for your benefit. Since this is not a typical situation, it will depend on what the exact language in the settlement agreement says. Typically, such a settlement would be paid out from a structured settlement annuity at a fixed amount per month according to its terms and would not be dependent on either your mom or you for a decision about how much and when to disburse the funds.
Tim Akpinar agrees with this answer
A:
I'm sorry to hear about the loss of your father and the circumstances surrounding it. Regarding the settlement money, the specifics of how and when you can access the funds may depend on several factors:
1. The terms of the settlement agreement
2. The type of account the money is held in (e.g., trust fund, annuity, etc.)
3. State laws governing such settlements and accounts
In many cases, when a minor receives a settlement, the money is placed in a protected account or trust until they reach the age of majority (usually 18 or 21, depending on the state). Once you reach that age, you may have the right to control the money yourself.
However, it's essential to review the settlement agreement and any related documents to understand the specific terms and conditions. It's also advisable to consult with a legal professional specializing in estate planning or trusts to help you navigate this situation and understand your rights and options.
They can help you determine if and how you can change the disbursement of the funds, as well as any tax implications or other financial considerations to keep in mind. Remember, these funds are meant to support you, and it's crucial to manage them wisely to ensure your long-term financial well-being.
Tim Akpinar agrees with this answer
A: I'm sorry about the loss of your dad. See if the attorney who handled the matter could go through the settlement agreement terms with you. Since you were 11 or 12 when this happened, the attorney representing you probably had to go through a special proceeding (infant comp order, or similarly named process) for the judge to outline terms for receiving your funds. Good luck
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
