What to do if our father cashed out by our savings bonds forthe down payment on his car?

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What to do if our father cashed out by our savings bonds forthe down payment on his car?

I am 20 years old. My brother is 24 and my sister is 26. Every year for our birthdays, and sometimes holidays and other random events, instead of buying a present my grandmother on my dad’s side would get us all a savings bond. However, instead of handing them to us she gave them to my father to hold on to for us. His name was the secondary. Then 2 years ago he decided he would be nice enough to cash them out for us but keep the money and put a down payment on a car. Can we sue him for our money? I have receipts from them being cashed.

Asked on December 21, 2011 under Estate Planning, Rhode Island

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If your father took savings bonds that were designated for you and your siblings, cashed them out and used the money for a down payment for a car, you need to have a face to face meeting with him and your other siblings regarding why he did it. Perhaps he needed a vehicle so he could work and provide for you.

If not, and he does not have a good explanation for his use of the money belonging to you and your siblings, then he really needs to start repaying you three the money used by him for the car with interest. Yes, you can sue your father for the money taken. He might have a valid defense as to why he used the money however.


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