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jpothoof · Oct 13, 2008, 12:15 PM

My friend's dad died when he was young. His mom set up a trustfund and now that he is almost 18 she wants it. She is threatening to go to court and take it away. She did set it up so doesn't this make he the executive over the fund? Can she take his money?

JudyKayTee · Oct 13, 2008, 12:28 PM

Originally Posted by jpothoof

My friend's dad died when he was young. His mom set up a trustfund and now that he is almost 18 she wants it. She is threatening to go to court and take it away. She did set it up so doesn't this make he the executive over the fund? Can she take his money?

Depends on the trust fund, how it's worded. An Attorney had to prepare it so it's undoubtedly legal but without the actual (legal) wording there is no way to know.

No, if he were the "executive" he would administer the trust which cannot be because he is under legal age - his mother is probably the trustee but I don't know what age he can be to draw on it, if this is mother left to his mother which she put in a trust for him, if this is money left to him in a trust - you need more info.

jpothoof · Oct 13, 2008, 12:33 PM

Sorry When I said he I forgot my r. His mother is the one who set it up. The money is from his dad dying when he was two. He is getting part of the money when he turns 18 and a lump some each month. Its not her money and it IS for him but she was the only there to set this up. So we just hope she cannot take it. She is mad because now his ssi has stopped coming in because he is almost 18. Which he also never seen any of that money.

ScottGem · Oct 13, 2008, 12:40 PM

Again, without knowing the terms of the trust or the father's will, there is no way to answer this.

It could very well be a revocable trust and it was the mom's money and she's changed her mind.

On the other hand, it could have been set up under the terms of his dad's will and is his inheritance, in which case, she can't touch the money.

So what your friend needs to do is get a copy of the trust agreement and rerad it or take it to a lawyer to have explained.

jpothoof · Oct 13, 2008, 12:48 PM

Ok I just hope that everything works out for him. Thanks for your responses.

JudyKayTee · Oct 13, 2008, 01:14 PM

Originally Posted by jpothoof

Sorry When I said he I forgot my r. His mother is the one who set it up. The money is from his dad dieing when he was two. He is getting part of the money when he turns 18 and a lump some each month. Its not her money and it IS for him but she was the only there to set this up. So we just hope she cannot take it. She is mad because now his ssi has stopped coming in because he is almost 18. Which he also never seen any of that money.

No problem with the "r."

As far as the other circumstances - you need more info along the lines I asked. It's impossible to know what she can or cannot do without actually see the agreement.

If this came out of an estate it was not his mother's decision to make - the Court would have ordered the terms of the trust. And if it was her money, then it's her choice.

I've just answered a question with another question - ?