Child's trust fund investment policy

[Waynesvw]

Jurisdiction

New York

I'm asking this question on the behalf of a friend of mine before she seeks legal consultation.

A few years ago the father of her child was killed by a drunk driver. The insurance payout from the driver was designated as a trust in the name of their child. The money has been sitting in Chase Bank, accruing about 1% interest per year. She's been told by the bank she's not allowed to touch/move the money, and she's wondering how she can get the funds shifted to an investment account.

She's not trying to withdraw any funds, she's simply trying to get the money in an account that will earn more money over the next 15 years than currently for her kid.

 

[justblue]

I'm asking this question on the behalf of a friend of mine before she seeks legal consultation.

A few years ago the father of her child was killed by a drunk driver. The insurance payout from the driver was designated as a trust in the name of their child. The money has been sitting in Chase Bank, accruing about 1% interest per year. She's been told by the bank she's not allowed to touch/move the money, and she's wondering how she can get the funds shifted to an investment account.

She's not trying to withdraw any funds, she's simply trying to get the money in an account that will earn more money over the next 15 years than currently for her kid.

I highly doubt that will happen. An investment account would be too risky and the child could end up with little or nothing.

 

[zddoodah]

She's been told by the bank she's not allowed to touch/move the money, and she's wondering how she can get the funds shifted to an investment account.

No one here has any insight into your friend's situation. If money is in an ITF bank account, then one would need to read the applicable court order or judgment or the account agreement to know what, if anything, can be done.

Only a local attorney who can review the relevant documentation can provide information about this.

 

[flyingron]

Is there a custodian or trustee named on the account?