How to petition to remove a custodian from a custodial account?
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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 11 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.
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