- by David Straughan
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Prisoners can inherit money, and people in prison can also receive money from other sources. There is no law that prevents a prisoner from receiving money that is legally theirs.
Can prisoners get the money they inherit from a will?
Yes. A prisoner can inherit money from a will. If a prisoner’s relative dies while they are in prison, they can claim their inheritance. However, it may be difficult without help, since the estate will be opened while the prisoner is still behind bars. If a relative dies while you are in prison, someone should notify you if you are in the will. This will likely be an attorney.
Can you get money from a settlement in prison?
Yes. Not only can prisoners inherit money, but there is also no law that keeps you from getting money that someone owes you while you are in prison. Just like when prisoners inherit money, someone should notify you if you win a lawsuit. If you’re aware of a pending lawsuit that could result in money coming to you, make sure you’re connecting with an attorney or someone else on the outside who is tracking the status of it.
Can you make money from investments while you are in prison?
Yes. You can make money from your investments as a prisoner. It is completely fine to make passive income while you are in prison. This includes stocks, bonds and interest from your bank accounts. However, it can be hard to manage these things while you are in prison. You won’t have good access to the internet, it may be hard to follow financial trends and you could face difficulty getting in touch with brokers or investment advisors.
How can a prisoner make sure to get their money while they are in prison?
You can receive money while you are in prison. But it can be hard to deal with the paperwork and other issues. There are some steps you can take to make sure you get any money coming to you while you are in prison.
- Make someone your power of attorney. If someone has power of attorney, they can sign legal papers for you. They can also use your bank accounts. Essentially, power of attorney lets someone act on your behalf. This way, you won’t have to rely on prison mail to make sure you get the documents you need to sign. There is a different form for each state. You can find yours here.
- Choose someone you trust. If you can afford it, use a lawyer as your power of attorney. The law requires them to act in your best interest. If you can’t afford one, pick someone you trust. This person will have control over your money. They will also be able to make decisions for you. In addition, they can help you take care of things like child support or loan payments.
- Pick a bank account to use. Choose a bank account to use for any money that might come to you. Make sure it’s one that someone with power of attorney can access easily. Somebody might need to send this money to your commissary.
- Get money to your commissary. Your power of attorney can take money from your bank account and deposit it into your commissary account. There are several ways for them to do this.
- Seek the advice of a money manager. If you inherit a large amount of money as a prisoner, you might want to hire a money manager. This person can help you figure out a tax strategy. They can also help you put your money into accounts that can help you earn more.
The Takeaway:
Prisoners can inherit money. You can also get money from a settlement if you are in prison. In addition, you can earn money from investments while you are in prison. But it can be hard to deal with money while you are in prison. You can make someone your power of attorney. This person can help you get your money and get it to you.
Tags
- Legal Rights
- Money in prison
