What to do if I have an annuity settlement from when I was younger and I would like to receive it now due to financial hardship?

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What to do if I have an annuity settlement from when I was younger and I would like to receive it now due to financial hardship?

It’s set to payout at certain ages. I have one payment left The court order states, “Ordered, that said depository wherein the proceeds of such compromise and settlement shall be held, shall pay over all monies held in the account to the infant, upon demand and without further court order, when the infant reaches the age of 18 years, upon presentment of proper proof thereof to such depository” I would like to know if this means that I am able to get the money from the insurance company or do I have to get a court order?

Asked on May 31, 2013 under Insurance Law, New York

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You can receive the funds when you are eighteen years old from the insurance company without a court order.

The language in that court order you quoted says, "... said depository... (the insurance company) shall pay over all monies held in the account to the infant, upon demand and WITHOUT FURTHER COURT ORDER, when the infant reaches the age of 18 years,,," 

To obtain the funds, provide a copy of the court order to the insurance company when you are at least 18 years old.


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