How do you remove funds on a UTMA account if the custodian on the account refuses to release it?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How do you remove funds on a UTMA account if the custodian on the account refuses to release it?
A financial institution where my mother and father owned a CUTMA custodian account is now requiring a court order in order to close or make any changes to the account. After contacting the court in Calif where we live, I have learned that there is no such form available for filing. My mother and father refuse to release the money even if I am 20 years of age.They as well did some illegal things with the account. both my mother and father are on the account as custodians. Which I have been told was illegal. Can you tell me what I need to file with the court in order to release those funds?
Asked on March 20, 2012 under Estate Planning, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you are now an adult where you are a designated beneficiary under a UTMA account set up for you by your parents when you were a minor and they refuse to release the assets from it to you voluntarily, you option is to consiult with an attorney who practices in the area of such matters and see if a petition for the release of the money served upon your parents and the financial institution holding the assets is warranted.
Typically the filing of such a petition in the county and state where the UTMA account is located is the proper way to get a court order for the release of the money to the beneficiary where he or she is now an adult and the custodians have refused to relinquish their control over the account.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.