withdrawing the money from a trust fund opened for me when I was a child?
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cherianne
Apprentice
Joined: 03 Jul 2004
Posts: 12
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 Posted: 02/15/10 - 05:51 Post subject: |
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| Hi all. My parents set up a trust fund for me when I was a child, basically to cover the costs of my education and similar things. Now I am a student, already over 21, and I can access the funds any time I want. So far, most of the money has been left untouched. However now I have hit some bad financial trouble. Should I access the fund, even though the expenses are not related to the foreseen purpose? |
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normy
Apprentice
Joined: 02 Dec 2007
Posts: 3
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| Posted: 03/16/10 - 21:11 Post subject: |
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| You mention that you want to use the money for something other than your study. If by that you mean, let's say, a holiday on Hawaii or a shopping spree on Bond Street, I would say - no way!!! If on the other hand you are having trouble covering your rent or bills, then I would say, why not, that's what it's for. Be careful though and minimise the withdrawals as much as you can. |
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