Can I take action against my father for closing my custodial account and using the money for his personal gain?

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Can I take action against my father for closing my custodial account and using the money for his personal gain?

My parents created a custodial count for me when I was growing up with my father listed as the custodian. However, when he remarried, bought a new house, and went on his honeymoon my senior year in high school, he closed my custodial account. I left after my senior year due to family differences, and never once saw a penny of the over $10,000 that was supposed to be saved for my college education. This was nearly 6 years ago though, and I’m just coming to the realization that he did this illegally. Can I still take action against him? Will the brokerage company still have records to help support?

Asked on June 30, 2012 under Estate Planning, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

What you are claiming here is that there was a breach of fiduciary duty on the part of your Father.  You need to speak with an attorney in your area because I, too, am worried about the time frame known as a statute of limitations (although it may have been "tolled" or extended because of your age).  Good luck.


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