I have reason to believe that the custodian for my childs education trust fund has spent the money. What recourse do I have?

Asked over 1 year ago - Pittsburgh, PA

The fund was set up by my father. He is deceased. He appointed my sister the custodian. I have been denied access to any information about the fund by the broker and my sister. We are no longer on speaking terms due to a separate disagreement. The IRS has sent a bill for taxes on distributions from the fund. My child has not received any money from the fund.

Attorney answers (3)

  1. Steven M Zelinger

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . This "fund" is it a trust or a uniform gifts for minors account? In any event, you clearly need an attorney to either inquire or bring suit against this trustee/custodian. It is not legal and fraud to self-deal and not use the funds for the benefit of the beneficiary.

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more
  2. William Ray Pelger

    Contributor Level 14

    1

    Lawyer agrees

    Answered . if they won't respond, you will need an attorney to inquire through letter and if still no response to petition the court for an accounting.

  3. James P. Frederick

    Contributor Level 20

    Answered . I agree with Attorney Zelinger. You need an attorney to help you investigate this further.

    James Frederick

    ***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ******... more

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