Can I get money from a settlement early? - Accident Law Questions and Answers- LawQA.com

Free Answers to your Legal Questions by Lawyers.
ask »


Can I get money from a settlement early?

I get $9,000 dollars for a car accident that happened when I was 12. I'm supposed to get it when I'm 18 in 5 months. I don't have a job so I would like the money now. Is there anyway I could get parental consent or anything to get the money early?

Answer By Shawn P. Hooks
Deal & Hooks, LLC
Contact this Attorney Now

You can petition the probate court to release the funds early, however, the process may take close to five months from start to finish.

Answer Applies to: Ohio
Replied: 6/14/2011

Howard W. Collins, Attorney at Law
Contact this Attorney Now

In Oregon: Probably not and the process may take longer than the five months until you turn 18.

Answer Applies to: Oregon
Replied: 6/7/2011

Law Offices of Steven A. Fink
Contact this Attorney Now

First, you need to have a good reason for getting the money early. Medical need, college tuition or the like. Just wanting it is not good enough. Second, you need your parents to agree. Finally, you have to go to court and get a judge to agree and order the money released.

Answer Applies to: California
Replied: 6/7/2011

Richard E. Lewis, P.S.
Contact this Attorney Now

Probably not. If the matter was handled properly, there was a guardian ad litem, which means a guardian for a limited purpose. You would need that individual to recommend early distribution and then submit an order to the court approving the releasing the money to you. I think it would all depend on what you want the money for now. Good luck.

Answer Applies to: Washington
Replied: 6/7/2011

Answer By Paul Vames
Harris Law Firm
Contact this Attorney Now

If the money was deposited in Oregon, the answer is "probably not." In general, money cannot be removed from a minor's settlement account unless (1) the court issues an order allowing withdrawal of the deposited money, (2) the minor reaches the age of 18, or (3) the minor dies. Simply not having a job is probably not sufficient reason for the court to issue an order allowing withdrawal. If there are dire circumstances (e.g. serious financial need or a verifiable illness), you might be able to convince the court to allow withdrawal early. If that is the case, speak to an attorney and explain the circumstances of your situation.

Answer Applies to: Oregon
Replied: 6/7/2011

Law Office of Travis Prestwich, PC
Contact this Attorney Now

Unfortunately there probably is no economical way to get to the money now. Anything you could do, i.e. request it of the court, file for emancipation, etc., would cost money probably at least a third of what you are to get. So, it probably is better to wait out the five months until you are 18 and get it then. You also could apply for a loan through a bank or credit union and pledge those funds. I would not suggest any of those companies that offer you money now for rights to your settlement or a portion thereof due to the fact that these companies typically charge at least 50 percent interest.

Answer Applies to: Oregon
Replied: 6/7/2011

David F. Stoddard
Contact this Attorney Now

There are companies that will purchase your right to receive a settlement in the future. They will pay you a discounted amount now and you assign your right to receive the settlement in the future. However, I do not believe you can do this if you are a minor. One problem is that contracts with minors are unenforceable. Therefore, you assignment might not be valid. One company that advertises this service is hG or GG Wentworth, or something like that . You could always check with them or one of the other companies that does this and see if you can do it.

Answer Applies to: South Carolina
Replied: 6/7/2011

Law Offices of Earl K. Straight
Contact this Attorney Now

It depends. You didnt say where the money is now. Normally this type of case is settled by use of a friendly suit and the money is deposited into the registry of the court. Since you are still a minor, your parents would have to petition the court on your behalf for some or all of the money. Courts and judges are usually hesitant to release any funds early, so you would have to have an extraordinary reason to convince the court for an early disbursement. Its not impossible, but it is difficult.

Answer Applies to: Texas
Replied: 6/7/2011

Answer By Steven R. Kuhn
Law Offices of Steven R. Kuhn & Associates
Contact this Attorney Now

You would have to go to court and request the early release of the money. Your guardian from the lawsuit would have to agree and you would need a very good reason.

Answer Applies to: California
Replied: 6/7/2011

Law Office of William R. Falcone, Esq.
Contact this Attorney Now

I can not tell from the question what state you are in. However, I believe your settlement had to be approved by Court order and the first thing to do is review the terms of the Order. Given the relatively small amount of the settlement there was likely no requirement that the money be administered through Surrogate's Court. If that is the case, you would have to petition the court to make a request for early access to the money and make a showing of immediate need for reasons of health, education, or basic support. If not, your money is likely either in an annuity if it was a structured settlement or a simple guardianship bank account if it was a cash settlement. Annuities are promises to pay an agreed upon amount in the future and there would be a penalty for cashing it out early. You would also need the guardian named on the annuity to make the request and sign the paperwork given your age. If it was a cash settlement the guardian on the account would also have to be the one to access the money early. So you can not avoid the guardian's permission unless you petition the court and get their approval to withdraw funds early.

Answer Applies to: Colorado
Replied: 6/7/2011

© 2017 MH Sub I, LLC. All rights reserved.
Terms & Conditions | Privacy Policy | IB Cookie Policy