QUESTION
Can the custodian (my mother) legally take all of the money out of a UTMA that I am the beneficiary of?
Asked on Jun 29th, 2013 on Estate Planning - Missouri
9 ANSWERS
Trusts Attorney serving Sacramento, CA
at
Law Office of Victor Waid
Update Your Profile
Sounds like you need to obtain probate conservatorship or guardianship legal counsel to investigate and determine if your mother has embezzled your account, and possibly bring a legal action against her for misappropriation.
Answered on Jul 10th, 2013 at 2:52 PM
2 Awards
Absolutely not. At James Law Group we make every effort to respond to you quickly and efficiently. This means we may be responding to you from a mobile device. As you know, responding on these devices can result in typographical errors that my otherwise not occur. In order to provide this extra service, please be aware of this and excuse any errors that may be caused by responding in this forum.
Answered on Jul 01st, 2013 at 8:01 PM
Business Planning Attorney serving Livonia, MI
at
Frederick & Frederick Attorneys at Law
Update Your Profile
You need to discuss ALL of the facts of this situation with a lawyer. Custodians ARE permitted to use UTMA funds for the child's benefit, in a number of situations. As long as she properly accounted for it, there may have been nothing done wrong.
Answered on Jul 01st, 2013 at 8:01 PM
If the money was put into an investment vehicle, bank, stock, etc. under the Uniform Gift to Minors Act than the answer would be it depends on whether the money was used for the minor or used by her personally.
Answered on Jul 01st, 2013 at 12:05 PM
3 Awards
Probably, she may move the account, etc. She could be liable to you if it is used inappropriately.
Answered on Jul 01st, 2013 at 12:05 PM
Thomas Edward Gates
It depends upon the governing documents. It will define what the money can be use for, whether a court must approve its intended use, and the role of the guardian.
Answered on Jul 01st, 2013 at 12:05 PM
The answer will depend on the purpose she made the withdrawal.
Answered on Jul 01st, 2013 at 12:05 PM
Bankruptcy Attorney serving Charleston, SC
at
Davis Law Firm
Update Your Profile
Unfortunately, the answer cannot be given without a complete review of all of the documents that were used to establish the account. The documents will control the rights of a custodian to use the money in that account. Even if the custodian is able to take the money. You need to see an attorney at once to go over the paperwork used to establish the account so that a determination can be made as to whether the monies can be taken and used by the custodian to care for your mother.
Answered on Jul 01st, 2013 at 11:47 AM
Bankruptcy Attorney serving Florissant, MO
at
Law Offices of Thomas Corcoran Phipps
Update Your Profile
She can take the money out, but it is supposed to be used for your benefit. She has a fiduciary duty to see that the money is used for you or that it is preserved until you are no longer a minor.
Answered on Jul 01st, 2013 at 9:37 AM