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Access to UGTMA
Posted by: KyleJ15, September 5, 2016 03:17PM
Hello, I am a beneficiary to a UGTMA that my grandparents opened for me when I was young. I am now 26 years old and my grandparents refuse to give access or any information on the account until I reach the age of 30. My states legal age of turnover is 18. I have spoken to the financial institution on the matter and I was told I have no legal means to the account until they turn it over to me. I have no contact with the custodian because they have drained another account in my name and I want control of this account before they do the same with it. My question is do I have legal access to this account and should I pursue a lawyer?

Re: Access to UGTMA
Posted by: Bob99, September 8, 2016 01:56AM
See the article on this site at the link below. In particular, scroll down to the last section, "Minor considerations," and "One more tip" at the very end.

[fairmark.com]


Re: Access to UGTMA
Posted by: Drewremedy, September 15, 2016 06:07PM
UGMA or UTMA...and what state...some detais might matter .

AGree with above...and tip at end ...

BTW! Sort out the steps to force custodian to make good on prior drained accounts ....it makes be a form of theft ..

Re: Access to UGTMA
Posted by: Drewremedy, September 15, 2016 06:32PM
Embezelment or fraudulent conversion , if convicted of same, can get the custodian a few years in jail ....start building the facts...posts suggest many in law enforcement will not be of much help...

Re: Access to UGTMA
Posted by: Drewremedy, September 15, 2016 06:35PM
Technically , the donor might be able to pick a slighTly older turn over age, if done up front ...but for other tax reasons it is rare to pick an age over 26 if the custodian is considerably older ...

Re: Access to UGTMA
Posted by: KyleJ15, September 15, 2016 11:13PM
UGTMA and the state is Louisiana.

Re: Access to UGTMA
Posted by: Drewremedy, September 16, 2016 01:11AM
IT is unlikely...LA adopted UTMA cira 1988....eithernway the turn over age is 18 .

BEst guess on how much is " missing" ?
Best guess on how much is being held back?

ITs not entirely rare that a custodian raids an account ..or balks about turning it over...perhaps to hide prior misconduct ......you really are better off to have a LA trusts/estate lawyer comment on how to swing a big stick in LA....you are going to need same !

MIsconduct by a custodian / fiduciary deserves harsh treatment .....

BTW consider a UTMA to be an irrevocable gift to you ...zero proper reason for custodian to raid it for his or her personal use or not turn it over ....

Re: Access to UGTMA
Posted by: Drewremedy, September 16, 2016 01:21AM
Caution..do not delay...failure to initiate prompt legal action upon discovery of the raid or refusal to turn over funds, could if you snooze at the switch too long run into a deadly problem of statute of limitations ..IE your claim for your own funds is stale ...I'm not sure how it work...I just know it's there ...

Re: Access to UGTMA
Posted by: Drewremedy, September 16, 2016 12:28PM
PS odds are there is but one named custodian on the account ....be sure to focus on named person.....

Re: Access to UGTMA
Posted by: KyleJ15, September 27, 2016 03:19AM
Just wanted to follow up. I spoke to another financial advisor with the financial institution that the account is set up with and was told I cannot get control of the account without a court order or a notarized letter from the custodian resigning ownership of the account. Is this legal? I have since turned 26 which is well past the age of majority in Louisina which is 18 since the first post.

Re: Access to UGTMA
Posted by: Drewremedy, September 27, 2016 11:48AM
read the UTMA law of the state where the UTMA is held...most likely LA.....very high odds that either custodian must sign it over or you go get equivalent court order.....from what I read, such orders are not rare.....get started . And fight like mad to get all the other funds replaced ..and seek a formal accounting for everything .....

Re: Access to UGTMA
Posted by: Drewremedy, September 27, 2016 02:41PM
it's probable that custodian is held to,a prudent investor standard of care a to funds in his or her care ...and to self deal the funds is way out of line ...and cases in other states suggest you might even recover attorney fees as well ss the missing funds..but LA can be an odd duck on many legal issues ...so get some LA legal input as to viable options .

BTW , amount how much is missing and how much is held back ?

Re: Access to UGTMA
Posted by: DJMann, May 12, 2017 12:36PM
My wife and I live in NJ. We recently obtained guardianship for our autistic son. He is 18 Yrs old. We set up an UTMA for him when he was born. He is to far in the spectrum and will not be going on to higher education. He lives with us and is anticipated always will. I am the custodian on my son's UTMA account. My question is can I withdraw the funds in my son's UTMA to pay for support expenses (food, clothes, home utilities, clothes) and my son't medical expenses (medications and hospital bills). Thank you for the help.

Re: Access to UGTMA
Posted by: Drewremedy, May 15, 2017 07:30PM
AS custodian thru age 21 and guardian after that you have pretty broad power to pay for his expenses...

A UTMA or funds in his name may not be best place to put funds if otherwise he might be entitle to some public sector benefits....You may be able to get around means testing by use of special needs trust.

Pay super keen attention to NOT graduating from HS any to early as odds are he can continue to get school services thru 21...pay attention to IEP wording ...school may try to graduate him to cut expenses..take care !!!

Re: Access to UGTMA
Posted by: Sven, July 14, 2017 04:53PM
Good advice on not rushing out of HS. Several years ago a wonderful young man in our District was probably 21 or just over that when he earned his degree. Despite what you hear about kids and bullying of certain kinds of classmates these days, each and every one of the 6 or 7 classes he passed through nurtured and supported him. Woe unto anybody who thought he was fair game because of the way God made him. There was a strong, shared culture of inclusion at the school and, from remaining involved with HS sports long after my sons all were fencers there I am proud to say the culture still is that way on all the sports teams.



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