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 8 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.


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