Legal Question in Wills and Trusts in Illinois
UGMA Accounts
I received money from a lawsuit (I was under 18) and the money was placed into a UGMA account with my mother as the custodian. Now I'm getting ready to start college and really need some of the money for this. Our lawyer though says I cannot get any money out until I am 21, at least, under any circumstance. From what I gathered online though, the funds should be able to be used for this purpose. When we talked to the financial adviser, she said she couldn't approve anything without the lawyers' permission. Please help us understand this.
Thank you!
1 Answer from Attorneys
Re: UGMA Accounts
Generally, the custodian may use funds contained in such an account for the benefit of the minor. If you and your mother are in agreement as to how the funds should be used, I'm not clear on what the problem would be. Perhaps there is a trust involved that is specific about the distribution of the funds only at age 21.
If the lawyer doesn't provide you with satisfactory answers, a second opinion may be in order.
Good luck to you.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
