Inheritance with age conditions?

[soychicken]

What is the name of your state (only U.S. law)? CALIFORNIA

My grandpa left myself and my siblings $5000 in his will, like... 5 years ago, with the condition that we be 25 before we can withdraw it. I've hit financial hardship at the age of 23, and NEED the money.

What can I do to withdraw it early?What is the name of your state (only U.S. law)?

 

[Isis1]

What is the name of your state (only U.S. law)? CALIFORNIA

My grandpa left myself and my siblings $5000 in his will, like... 5 years ago, with the condition that we be 25 before we can withdraw it. I've hit financial hardship at the age of 23, and NEED the money.

What can I do to withdraw it early?What is the name of your state (only U.S. law)?

what exactly is your financial hardship?

 

[soychicken]

I lost my job the beginning of October and was counting on Unemployment to catch me up... I learned today that they are going to be denying me because my employer said that I quit, when I didn't.

I can appeal the decision, which I've done before, but the process takes months... and I can't stay afloat that long. Even with this year's tax refund, I'll have no way to pay my rent/car payments...

My mom passed away a couple of years ago and I had to pay for her cremation on my credit card. After that, everything went down hill, and I found myself bankrupt, (I'm still paying the $1,200 to the bankruptcy lawyer... I owe $400)

My dad found himself displaced, couldn't find a job, now he lives in a Veteran's Resource center...

And my brother and sister are not much more well off than I am, I just don't know what to do.

I've already borrowed a total of $700 from my boyfriend and sister just to stay afloat on my car payments, and I'm back 2 months on rent...

 

[Isis1]

I lost my job the beginning of October and was counting on Unemployment to catch me up... I learned today that they are going to be denying me because my employer said that I quit, when I didn't.

I can appeal the decision, which I've done before, but the process takes months... and I can't stay afloat that long. Even with this year's tax refund, I'll have no way to pay my rent/car payments...

My mom passed away a couple of years ago and I had to pay for her cremation on my credit card. After that, everything went down hill, and I found myself bankrupt, (I'm still paying the $1,200 to the bankruptcy lawyer... I owe $400)

My dad found himself displaced, couldn't find a job, now he lives in a Veteran's Resource center...

And my brother and sister are not much more well off than I am, I just don't know what to do.

I've already borrowed a total of $700 from my boyfriend and sister just to stay afloat on my car payments, and I'm back 2 months on rent...

and the executor of the estate? what did they say?

 

[soychicken]

My aunt is the person who would be giving the check, I guess, so that would make her the executor?

I emailed her, and she asked her sister, I'm guessing, the executor, and she replied:

"Sorry to be the bearer of bad news, checked with Cynthia, with all legal rights, you have to wait until you are 25 yrs. Alicia and Joe got their money when they were 25 also. Maybe your boyfriend or Alicia or Joe can help or you can talk to landlord and explain your situation. I’m so sorry."

But there must be some way, I mean, if I have to pay a portion of it to fees or something... anything?

 

[Isis1]

My aunt is the person who would be giving the check, I guess, so that would make her the executor?

I emailed her, and she asked her sister, I'm guessing, the executor, and she replied:

"Sorry to be the bearer of bad news, checked with Cynthia, with all legal rights, you have to wait until you are 25 yrs. Alicia and Joe got their money when they were 25 also. Maybe your boyfriend or Alicia or Joe can help or you can talk to landlord and explain your situation. I’m so sorry."

But there must be some way, I mean, if I have to pay a portion of it to fees or something... anything?

well, legally, no one has to release you that money until after you are 25. if you needed the money to get a liver transplant, it might be a different story.

you can ask for a loan on that money, pay it back with interest? something you would have to take up with your aunt.

 

[soychicken]

Okay, so my aunt has legal rights over it? So she actually is allowed to let me borrow from it? Even though my grandfather's wishes were that we not get it until we're 25? She can do whatever she wants with it? She doesn't have to obviously, but she could, if she so chose?

It's good information for me to have, I thought that nobody was allowed to touch it no matter what until I was 25. I will try to ask her and see if we can draft up a loan or something.

Thanks!

 

[soychicken]

I found out that the money is in a trust fund, and I'm told that I'm not legally allowed to touch a trust fund until I reach the age at which it was established that I be able to get it, is there anything I can legally do to get the money?

 

[Zigner]

I found out that the money is in a trust fund, and I'm told that I'm not legally allowed to touch a trust fund until I reach the age at which it was established that I be able to get it, is there anything I can legally do to get the money?

NO -

Get a job.

 

[soychicken]

Wow, really, that's what you do with your time? As if I'm not applying all over the place every week? I'm trying to get a job, It's not like it's NICE being unemployed or anything, thanks for the kind advice, jerk.

 

[Zigner]

Wow, really, that's what you do with your time? As if I'm not applying all over the place every week? I'm trying to get a job, It's not like it's NICE being unemployed or anything, thanks for the kind advice, jerk.

One is glad to be of service...

 

[Dandy Don]

It's very disappointing to realize that you can't get access to the money even though you are in need. The trustee and/or executor must follow the instructions they have been given to pay out the money when you are 25 AND NOT BEFORE, or they could be in serious legal trouble for breach of fiduciary duty.

 

[Zigner]

It's very disappointing to realize that you can't get access to the money even though you are in need. The trustee and/or executor must follow the instructions they have been given to pay out the money when you are 25 AND NOT BEFORE, or they could be in serious legal trouble for breach of fiduciary duty.

Careful Don - OP doesn't want to hear that.

 

[Antigone*]

Careful Don - OP doesn't want to hear that.

Zig, she just didn't like your No, you weren't sweet enough

Just think, OP. When you don't really need the money and can have some fun with you...you'll have it!!!

 

[soychicken]

In the meantime what am I supposed to do though? I have no options, if I end up homeless or dead in a ditch, that money won't really help me in 20 months will it?

I understand why the laws and rules were set in place, but I think (and I'm sure alot of other people do too) that there should be some lee-way or something when funds are really necessary... I know I can't do anything at this point so I'm trying to flesh out any other options.

Thanks for your input.