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  Home >> Special Situations >> Minors  
Accessing Funds Held for a Minor

When I was younger, I was hit by a car, and received an insurance settlement that will become available to me when I turn eighteen, which is this year. How would I go about getting that money?


The insurance settlement was probably paid either to a trust for your benefit or to a custodian under your state's Uniform Gifts to Minors Act or Uniform Transfers to Minors Act, depending on when the payment was made and where you live. You should know by now who is holding the funds for you. Contact the Trustee or Custodian controlling the funds and ask about obtaining direct access to the funds. It is the Trustee's or Custodian's legal responsibility to transfer the funds to your direct ownership once you reach the age for transfer.

Published on BankingQuestions.com 4/30/09