Legal Question in Wills and Trusts in Illinois
Release of funds from an estate
In 1990 at the age of 11, I was awarded a settlement in the amount of $130,000.00 for a dog bite I suffered to the face. Being a minor, the settlement was held in an estate with my mother being the guardian. The settlement was set up as a court ordered structured settlement with monies paid at certain ages. I have been getting payments throughout the years; I am now going to be 30 this year and will be getting a $20,000.00 payment due in December, and also a $20,000.00 payment due at the ages of 35 and 40, which will end at the age of 40. I inquired about getting all remaining monies released to me and the holding company advised me that they could not release the money without a court order. I went to court, the judge closed the estate, as I am now an adult and I was awarded a court order for all monies to be released to me. Now, the holding company will not release the money, saying that the court order is ''not good enough''. I spoke to them and asked how they can so boldly go against a court order, they are being ordered by the court to release all funds and they will not. Are they in contempt of court? Any advice would be greatly appreciated. Thank you for your assistance.
2 Answers from Attorneys
Re: Release of funds from an estate
Thank you for your question. Sorry to hear about the difficulties you have encountered. There are a lot of moving parts to this situation. To be sure, the money was being held in trust for your benefit because you were a minor. Now that you are no longer a minor, you have petition the court to release the bulk of the funds. However the trust/escrow company is not releasing the money, most likely stating that it was a "structured" settlement and, according to them, you are not due the bulk immediately, but rather at ages 30, 35 and 40. Without knowing more, this is a tough question to answer. My guess is that the problems lies in what the judge's order stated. Do you have a copy of that order?? Moreover, was trust company are you dealing with and what did they say about the order. Feel free to email me for a follow-up; [email protected]. thanks
Re: Release of funds from an estate
Since the original settlement was court-ordered the holding company, I would think, would be subject to further order of court including this order to terminate and distribute. A motion for Rule seems appropriate.
But first, did the holding company say what would be "good enough"? Are you represented? Did they give any further explanation? Based on your description it does sound rather egregious.
For a free chat give me a call. My number is on my website: www.legacylaws.com.
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