Lake Villa, IL asked in Estate Planning and Probate for Illinois

Q: What do I need to file to have my minor sons estate money put in a trust before he turns 18 ?

Me and my ex wife won a lump sum from a settlement from a malpractice suit our son received his amount and is not available until he is 18. Is there a trust I can have his money put in so when he turns 18 he will get a small portion amount or being able to withdraw funds for college if he decides to go and then at 21 another amount distributed again at 25 and have the full access to the remainder of his funds at 30. I want his money protected from my ex wife she is very money hungry. That money is for him and him only. I also don’t think a 18 should receive full access to a large amount like that .

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1 Lawyer Answer
Jeffrey Li
Jeffrey Li
  • Probate Lawyer
  • Chicago, IL
  • Licensed in Illinois

A: Sounds like the settlement proceeds for your son were placed only a restricted bank account. The better choice would have been to place the money in a structured settlement, which the money could have been paid out in portion throughout time. You will need to consult with an attorney in your area regarding your wishes to place your son's money into a trust before he reaches the age of majority.

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