When Can You Access a Trust?
If you talk to a trust attorney Orlando has to offer or to someone who has used a trust in the past, they will tell you that you are not always able to access them whenever you want. The people who create these funds are able to tell the financial institutions that are involved – such as the bank or an investment company – what they want done with the money. The financial institution is then going to go along with those directions, regardless of what the people who are going to get the money want them to do. It is important to know how this works if you are the beneficiary of a trust.
One example is a trust fund that is set up by a parent for when their chid has grown up. They may decide that they are going to give the child a certain amount of money, but only after they have turned 18. This way, they do not waste it on anything. They only get it when they are an adult. They can then use it for things that will better their future, such as going to college. The idea is that an adult will be responsible with the money.
Other people use trusts in their wills, distributing the money to their heirs whenever they want. If someone passes away when their children are in their twenties, for example, they might give them 10 percent of their wealth right away. They might then declare that the children only get 45 percent more when they turn 40 and the other 45 percent when they turn 60. This is done so that the money is distributed at different stages in their lives, preventing them from losing all of it and not having anything that they can use for their retirement or other important points.
At the end of the day, when you can access a trust comes back to how the trust was set up in the first place. They are all different, so there is no answer that is guaranteed to work all of the time. The person who set the trust up, even if they have passed away, has the ultimate say in when that money is given to you. This is a legally binding document, so there is probably nothing that you can do to change it and get the money sooner than specified.
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Category: Law, Legal Problems
