When can I have access to my trust fund?
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When can I have access to my trust fund?
I currently live out in CA but the trust fund was made in MI. I was told that I had to be going to school in order to have access to it at this point in time or wait until I was 30. I have had one once before in CA and was told that since I’m 24, I’m over the legal age to have access to it. Does this apply to laws in MI as well?
Asked on January 7, 2011 under Estate Planning, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Generally speaking the terms of the trust fund as written will govern your access to the money kept for your benefit. Where you live may or may not play a part in access but I honestly do not believe that it matters. When you say "over the legal age to have access to it" I am assuming you mean over 21 years of age. The terms of the trust fund in California may have been different and your ability to access the fund more lax than the one in Michigan. Or, if it is true as you say about the law, the Michigan laws may be less lenient than the California laws and right now the fund is in Michigan with a fiduciary in charge, correct? Then you are probably subject to the laws there. It may be a good idea to take the trust document to someone to read on your behalf. Trying to interpret the document in this type of forum is a difficult task. Good luck.
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