Father passed away, left insurance policy for when I'm 25. Can I take it before then?

[GuyFromFL16]

What is the name of your state? Florida.

This is a Long posting but if you have the time I would appreciate if you could help me! Thanks so much.

Hi everyone,

My father passed away 2 years ago when I was 16. When he passed on he left me, my sister, and my disabled brother his life insurance as his will. He had an accountant that has taken care of the monies for my father for quite sometime and set it up for the accountant to handle our monies until we reach the age of 25 which is when were allowed to take all of the money if we decide to do so. The money that our father left was split up to the three of us. At this current time, the accountant is paying for my current living expenses ( ie: rent, electricity, car insurance, etc. ) but I would rather handle the money myself and not have the accountant involved. The only way the accountant would consider giving us the money other than living expenses and would take into consideration is if we have like a big investment ( property, etc. ) but that is something I would need to talk to him about and he mentioned that its not suppose to be for that. He did however give my sister all of her money before I turn 25 since my sister was using it to buy a property so currently my money is being used to pay for my living expenses. I would like to go around this and have the accountant give me my money for me to do as I please without having to invest in property but actually to invest in a business. The problem is that my father made the will intended for us to get it when the youngest child turns 25 which is me. I'm currently 18 years old and feel that I'm old enough as an adult to take control of the money right now. Is there a way I can get the accountant to do this? My money is decreasing everyday and it looks by the time I'm 25 it will be all gone. I want to invest with it Now that I have it so I can make it bigger instead of smaller. Also, I have an older brother of mine that is disabled and is not well, he is 23 and is living in a special home with others as himself. He will most likely never use any of this money since hes already taken care of with where he lives. Since he can't make decisions on his own, how will his money ever be used? Is there a way I or my sister can split his part of the money and put it into a special account just for him so whenever he stays with us, we can use that money for him? Or is there a chance we can split it and keep it since he will mostly have no use for it? I don't want to take his money as I feel this is his so I rather use it for himself whenever he needs it but I don't want the accountant in charge of it but instead my sister and I as his trustee and ofcourse me and him are getting interest from this money and I'm wondering if its going to our money or if the accountant is pocketing it? I would surely appreciate Any help you all can provide and sorry for the long posting!

Thanks!

 

[JETX]

"Is there a way I can get the accountant to do this?"
*** Based on your post, and within the provisions of the will, no.

"My money is decreasing everyday and it looks by the time I'm 25 it will be all gone."
*** Gee, and why is that?? Could it be due to your spending it NOW?? If you want to preserve the money until later, go out and get a job that will pay ALL of your living expenses.

"Also, I have an older brother of mine that is disabled and is not well, he is 23 and is living in a special home with others as himself. He will most likely never use any of this money since hes already taken care of with where he lives. Since he can't make decisions on his own, how will his money ever be used?"
*** That will probably have to be decided by the appropriate parties when the time comes.

"Is there a way I or my sister can split his part of the money and put it into a special account just for him so whenever he stays with us, we can use that money for him?"
*** See above.

"Or is there a chance we can split it and keep it since he will mostly have no use for it?"
*** Aha!! I knew that was where you were going!!! And the answer, based on your post is NO. It will be HIS at the time of disbursement.

"I'm wondering if its going to our money or if the accountant is pocketing it?"
*** That would require an audit of the funds and a review of the compensation provisions of the trust.

 

[hexeliebe]

As I sit here trying to decide how big a check to write the church I attend, I am reminded with every penstroke just how little money means in the scheme (or scheming) of things.

this post is a perfect example of money not buying morals.

You sir, are a disgusting waste of genetic material.

 

[GuyFromFL16]

[B}


"Or is there a chance we can split it and keep it since he will mostly have no use for it?"
*** Aha!! I knew that was where you were going!!! And the answer, based on your post is NO. It will be HIS at the time of disbursement.
[/B]

You would be surprised but I actually don't want his money as I FEEL this DOES belong to him. That is why I mentioned about making a special account that my sister and I would have access to for w/e expenses he has in the future and we would be able to use that money to pay for him and not have the accountant involved. Also, my sister was able to get all of her money before I turn 25 and she got it when she turned 19 to get herself a property so why wouldn't I be able to do the same but to invest it into a business?

You mentioned my money is decreasing because I'm not working.. did you not read that I'm currently trying to go into business for myself and you didn't realize this but I'm researching everything out and I'm already planning to register with my state to make everything legal. The problem is I don't have enough saved up to invest in my business that I want to do. I DON'T want to work for someone else ( I already had experience with that since a young age and had a few jobs ) and make money for someone ELSE, instead I want to make my OWN money for myself and have my OWN business that I can run and control but I'm having a bit of a problem getting the rest of the funds since my current savings isn't enough. Also I can't get a loan that easy considering I'm 18 and never had a credit card before except for a visa debit.

Thanks for your help but I think you misunderstood alot about me.

Any help would be extremely appreciated and thanks for your time in helping me.

 

[GuyFromFL16]

As I sit here trying to decide how big a check to write the church I attend, I am reminded with every penstroke just how little money means in the scheme (or scheming) of things.

this post is a perfect example of money not buying morals.

You sir, are a disgusting waste of genetic material.

Your posting was uncalled for and I would appreciate you read the posting I made before this as I realize you all assume that I'm this type of person that is after my brothers money but you're all wrong!! Its not that way at all! I don't feel as I deserve to have his money. its HIS and only his and it will be used for his own expenses! I hope I made that clear. My point is that I don't want the accountant involved and have my sister and I as his trustee and handling it for him.

 

[JETX]

"You would be surprised but I actually don't want his money as I FEEL this DOES belong to him. That is why I mentioned about making a special account that my sister and I would have access to for w/e expenses he has in the future and we would be able to use that money to pay for him and not have the accountant involved."
*** Not REALLY true. That was only ONE of the two 'options' you proposed. The other, and more 'telling', was that you would get halkf of HIS share since "he will mostly have no use for it?".

"Also, my sister was able to get all of her money before I turn 25 and she got it when she turned 19 to get herself a property so why wouldn't I be able to do the same but to invest it into a business?"
*** Because that was one of the provisions your father allowed for. Clearly, your father had concerns about his childrens being responsible enough to handle the funds before they were 25. And it appears, from your post, that his concerns were well founded.

"You mentioned my money is decreasing because I'm not working.. did you not read that I'm currently trying to go into business for myself and you didn't realize this but I'm researching everything out and I'm already planning to register with my state to make everything legal."
*** Yep, I read that. And I also understand that you are 18 years old, not 'entitled' to the trust fund and are 'sponging' off of it instead of working. Have you ever heard of the concept of WORKING to provide funds for your new 'business'??? And that at 18 years old, you are very likely (probably??) not mature enough to take the money and invest it into your 'business'.

"The problem is I don't have enough saved up to invest in my business that I want to do."
*** And why not?? If you are working, even at a minimum wage job, you have the trust paying your expenses, you should be able to save 100% of your earnings. Or you could live off your earnings and not draw-down your trust. Seems pretty simple to me.

"I DON'T want to work for someone else ( I already had experience with that since a young age and had a few jobs ) and make money for someone ELSE, instead I want to make my OWN money for myself and have my OWN business that I can run and control but I'm having a bit of a problem getting the rest of the funds since my current savings isn't enough."
*** Oh, boo-hoo!! Life sure is tough isn't it??

"Also I can't get a loan that easy considering I'm 18 and never had a credit card before except for a visa debit."
*** And with that, how the hell do you expect to be successful in your 'business'??

"Thanks for your help but I think you misunderstood alot about me."
*** You're welcome. However, I don't think I misunderstood your intentions at all.

So, what is this exciting 'business' anyway??

 

[hexeliebe]

Can you say "Drug Import?"

 

[GuyFromFL16]

No, I wasn't intentionly trying to make it as if I wanted his money. The other part of it that I meant was since his money will mostlikely never be used since hes his living expenses are already taken care of before all of this, I was just curious what would end up happening then in the long run if he never uses it but main MAIN intention is to have my sister and I take care of it for him and use it for w/e expenses he has, NOT for me to use! I DON'T WANT TO USE HIS MONEY if it wasn't intended for me! PLEASE try to understand I worded what I said wrong. you guys are assuming it wrong. I'm sorry if I worded it wrong but its not the way I intentionaly was trying to get out of this. So PLEASE don't take it that way at all! You all are trying to make me look like I just want to keep his money and use it for myself but thats NOT THE CASE AT ALL!!!

 

[GuyFromFL16]

Btw, I didn't come to make this thread based on asking about my brothers money that was just an extra I wanted to know about with how it will be handled and if we could handle it for him. What I originally asking is since my sister was able to get her share of the money before the due date since she purchased a property, my concern is if I can do the samething but for a business investment.

All my responses so far have been so negative and really uncalled for. I'm really not the person you're all thinking I am, please understand that.

Thank you.

 

[hexeliebe]

me thinks he doth protest too much

 

[GuyFromFL16]

me thinks he doth protest too much

You know.. you guys are judging me based because of what I said about my brother and that is all. I have enough money saved up to start my business ( which I saved up from working on my OWN ) but I want to expand it even more which the money my father left me would be a great resource to help me. The money I have paying for my living expenses is for me and my mother currently since I live with her at home. In the meantime, I'm trying to get this business off the ground but to a point that I can live without any help from the monies my father left me. I didn't want to originally use that money to live off on! I wanted to keep it and not have any of it used. Its that my mother hasn't been working and me researching everything out and trying to get off to be sucessful it makes things diffucult for me to hold a job since I don't want to work for someone else and make them rich. I am now starting to really go into this for myself and plan to have my money completely stop and earn money myself and pay for all my expenses. I just want to know if I can use this money for my business and atleast just not have the accountant involved with it so that I can as I please ( to use in my business ). Just forget about my brothers situation.. I was just trying to figure out how everything would work once I turn 25 and how his money would be handled. I'm not planning to keep this for my own benefit of his money but the part that I mentioned that if my sister and I could split it, I was meaning that if he ends up never needing to use any of it, where would it all go at the end? Thats what I meant if her and I could handle it for him but I didn't mean for us to keep it and use for ourselfs. I meant for us to split it up and have it for HIS expense whenever hes with us. I hope you all finally understand what I was getting at.
Sorry for the long posting.

 

[JETX]

And the answer to all your 'issues' was in your original post.

"My father passed away 2 years ago"
"When he passed on he left me, my sister, and my disabled brother his life insurance as his will."
"my father... set it up for the accountant to handle our monies until we reach the age of 25 which is when were allowed to take all of the money if we decide to do so."

"I would like to go around this and have the accountant give me my money for me to do as I please"
*** Unless there is some other provision in your fathers will allowing you 'early access' to the funds (or for specific use), then the CLEAR answer is..... YOU CAN'T!!

 

[GuyFromFL16]

And the answer to all your 'issues' was in your original post.

"My father passed away 2 years ago"
"When he passed on he left me, my sister, and my disabled brother his life insurance as his will."
"my father... set it up for the accountant to handle our monies until we reach the age of 25 which is when were allowed to take all of the money if we decide to do so."

"I would like to go around this and have the accountant give me my money for me to do as I please"
*** Unless there is some other provision in your fathers will allowing you 'early access' to the funds (or for specific use), then the CLEAR answer is..... YOU CAN'T!!

Hi,

That is what I was trying to ask.. my sister at 19 was able to get all her money to purchase property. That is why I'm asking since she was able to do this considering she was suppose to wait till I was 25 for her to get it. she was able to get it before then since she was getting property. I want to do the same thing now that I'm an adult but I want to invest it for a business and not a property. That is what I'm asking.. thanks for your time

 

[djohnson]

Bypassing the issue of your brother and his money. If you were actually responsible enough to get this money, then you would understand that it would not benefit you in your business right now. To run a legit business you will need to establish accounts, history, clients, and many other things. You should be working at this point towards building up your reputation in that same business by working for someone else. In the mean time get a loan or two instead of having you trust pay for everything, you pay. Or even have the trust pay for the loan. It will build your credit. Many young people of your age has great ideas on how they are going to work for themselves and make money. It just doesn't work that way in the real world. Your father apparently knew this and is why he laid out this provision. You would be wise to benefit from this time by establishing yourself, separate from trust. By using your fathers legacy and hard work to start your business, it wouldn't really be yours that you earned.

 

[Dandy Don]

What type of "property" did your sister get?

Approximately how much money is left for you now? You do realize that you are taking a big risk by getting and spending this money now and risking it on a business (what type of business is it). Are you prepared to deal with what happens if the business ends up losing money and/or going out of business? I do applaud your entrepreneurship and so I do hope you have received excellent advice and live in an area where it could be a success. Wouldn't it be better to let the investment remain safe and continue to have your living expenses dependably paid?

How about using the money to purchase a rental property in the area that would give you income monthly by renting it out to someone else, which might possibly give you a higher rate of return than net income from a business?