If I was awarded a personal injury settlement when I was 3 and I’m now 16 1/2, can I get the money before I turn 18?

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If I was awarded a personal injury settlement when I was 3 and I’m now 16 1/2, can I get the money before I turn 18?

I was attacked by a dog and after filing a lawsuit I was given $50,000. The money was supposed to be given to me when I reach my 18th birthday. However, I want to buy my grandmother’s house for personal reasons that would be beneficial to both she and myself, as well as the rest of our family. Is there some way I could get my $50,000 early so I can take out a loan and buy the house?

Asked on July 27, 2015 under Estate Planning, California

Answers:

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

Answered 6 years ago | Contributor

Unfortunately, you won't be able to receive the proceeds from your personal injury settlement until you are 18.

Even if you were able to receive the proceeds from your personal injury settlement at 16, no lender would provide you with a home loan because as a minor you wouldn't be able to sign the loan documents.


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