How to petition to remove a custodian from a custodial account?

Get Legal Help Today

 Secured with SHA-256 Encryption

How to petition to remove a custodian from a custodial account?

My father has an UTMA/529 account listing me as a beneficiary. He is mismanaging the account by putting the funds in a high risk portfolio, even when the company recommends moving it out of this mutual fund ten years before the student goes to college, let alone ten weeks. Also, he is currently in contempt of court for neglecting a court order to repay my mother. Is this enough reason to petition the court to remove him as the custodian on my UTMA/529 account under section 18 subsection f of my state’s Uniform Transfer to Minors Act? How would I file this motion in a court?

Asked on July 8, 2012 under Estate Planning, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you believe that your father is mismanaging your custodial account and you are a minor, you need to consult with an attorney experienced in custodial accounts with an adult who would file a petition with the court for the removal of your father per a court order from such account.

You will need "evidence" as well as declarations of parties demonstrating the mismanagement of the account that you are the beneficiary of by your father.


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption