What to do if I have a UTMA account that should have been transferred to me when I reached the age of majority 21 but was not?

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What to do if I have a UTMA account that should have been transferred to me when I reached the age of majority 21 but was not?

My father, the custodian, refuses to release the account to me and the bank holding the funds requires his signature to complete the transfer. Is there any way around having to sue my father? A friend mentioned getting an injunction against the bank to release the account, skipping suing my father. How would I go about that? What type of lawyer do I need for all this, or can I do it myself? What are the estimated costs for a lawyer in a “cut and dry” type case like this?

Asked on July 15, 2012 under Estate Planning, Arizona

Answers:

Anne Brady / Law Office of Anne Brady

Answered 8 years ago | Contributor

It is impossible to know just how "cut and dry" your case actually is without seeing all the paperwork on the account.  Your father may actually have some discretion in deciding when to release the funds to you, depending upon how the account is set up.  I suggest you take your paperwork to a law firm willing to do an inexpensive initial consultation ($100) to determine what would be involved in getting the funds released and what it would cost.


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