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Escrow service needed, not real estate-related:

I have a friend who is going through some very difficult times; a few of us are helping this friend to get sorted out and back on the right track.

Our friend may come into a bit of money soon, and we want to make sure that it is ONLY used for what is necessary, e.g. paying off debts, getting counseling, heath care etc. There is a concern it could be used for alcohol or other things that won't be helpful.

Is there some time of escrow service, or similar, that can hold the money and make sure that it is only paid out to pre-selected recipients, such as IRS or legitimate, professional service providers?

We don't want to insult our friend with this suggestion. On the other hand, if our friend catches a break we don't want to risk that it be squandered. Thanks for your ideas.

mister_fusspot asked in Personal Finance 10 months ago | Report

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  • Cappa_small
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    https://secure.wikimedia.org/wikipedia/en/wiki/Trustee

    If everyone can agree on a relative, family friend, lawyer, or other trusted and trustworthy person that's appropriate, you could try to establish a trust and make that person a trustee. Often, though, trustee responsiblities are hired out to a bank's trust department.

    Let's face it, banks can be pretty douchebaggerous, but maybe you'll have better luck with a local credit union:

    http://www.becu.org/wealth-management/trust-services.aspx
    206-812-5176 or 800-233-2328, ext. 5176 or becutrust@becu.org.

    Good luck.

    capicola answered in Personal Finance 10 months ago | Report
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