If I have a large sum of money coming to me from a car accident settlement that I was in as a child, how doI go about getting it sooner rather than later?
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If I have a large sum of money coming to me from a car accident settlement that I was in as a child, how doI go about getting it sooner rather than later?
When I was 4 years ol I was in a severe car accident. At the time my parents chose the age of 21 for me to receive my money from the insurance. This has never been a problem with me. However I am 18 years old now, and recently found out I am going to have a baby. I am not 100% financially stable and want the best for my child. Is there anything that I can do to receive my money earlier?
Asked on June 13, 2011 under Accident Law, Delaware
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Congratulations! What probably happened when the settlement occurred is that the money was put in to what is known as a structured settlement annuity, meaning that the money was placed in to a plan that allowed it to grow until you were a certain age. One would have to read the paperwork here to be sure of the way that things happened exactly. And you would also have to do a little research on state law. Many states only allow the money to be put away until a child is 18 years old and not until they are 21. Parents often prefer 21 because they feel that the 3 years plus will allow a child to mature and not low the money on fancy cars and vacations. But you have a genuinely valid reason for needing the money now. So I would d get all the paperwork together and seek some legal consultation in your area. Good luck to you and to your baby.
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