QUESTION
As the parent/guardian, what recourse do I have to get a grandparent to close a custodial account?
Asked on Oct 16th, 2013 on Child Custody - Pennsylvania
More details to this question:
My mother in law opened a custodial account for my son in NJ. We live in PA. She intends on dictating how the funds are spent (like buying a car when he’s 16 without our approval) and she does not give us the statements for income tax purposes. At this point, I just want it closed or moved to our custodial account.
1 ANSWER
3 Awards
Not real sure I understand. Was GM awarded the fiduciary of this account? If she was, and you feel she will spend the money foolishly, you can petition the court (you need a lawyer) to direct that the funds be used for a more prudent purpose such as education.
Answered on Oct 17th, 2013 at 2:48 PM
William R. Pelger, Attorney Munhall, Pennsylvania 412-461-1900