I recently found out about my utma account with my dad was the custodian. After I found out about account, he withdrew all funds. I'm 23, asked for funds numerous times, he ignored my requests. I also had a feeling that he has been using the money in that account for awhile, I'm talking about before I went to college.
A UTMA account is an outright transfer to the minor and is not meant, intended or otherwise contemplated to be used by the custodian or other donor to the account. The custodian is supposed to keep records of the account and is permitted to use the funds on, or for the behalf of, the minor during her time of minority. He is then supposed to turn the funds over upon her 21st birthday. You have indicated that you are 23 and have asked him about the funds. I would suggest starting with the bank that held the account, if you know which one that is, and proving your age to them. That should then entitle you to see the historical statements for the account.
You should then speak with an attorney who could prepare a Show Cause Order to be served upon your father requesting an accounting of the funds in the account. You can then plan your course of action based upon the outcome of these items. Be prepared that you may also need some type of court order for the bank to comply with your request for the account statements, depending upon the bank. I've seen many use their "internal policy" shields as a reason for not providing information readily. Some times for good reason, mind you, as privacy protection is a good thing.
You should also prepare yourself for a tumultous relationship with you father, and perhaps other family members, if you start any type of litigation matter against him.
You can sue your dad for the funds he withdrew. You may have a claim against the Bank as well, but you need to act quickly.
If you'd like to discuss, please feel free to call. Jeff Gold Gold, Stewart & Benes, LLP 1854 Bellmore Ave Bellmore, NY 11710 Telephone -516.512.6333 Email - [email protected]
I agree with previous reviews. You can sue your father for misuse of funds.
Law Office of Inna Fershteyn and Associates. 718-333-2394. www.advanced-legal.com
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline