Legal Question in Discrimination Law in Florida
Can a custodian take money from a minor's brokerage account without the minor gi
I am a minor and i have an online brokerage account and have someone as my custodian. is the custodian allowed to take money out of my brokerage account without my permission, because the money is in fact mine?
1 Answer from Attorneys
Re: Can a custodian take money from a minor's brokerage account without the mino
This question is not posted in the right place, and I do not handle custodian matters, but I will give you some general thoughts. A custodian usually has wide discretion to do as he/she sees fit with the custodial account, as long as it is in the best interest of the minor. Naturally, the custodian may not use the money for his or her own benefit. That would be a breach of fiduciary duty.
If you suspect that the custodian is acting improperly, you might ask for an explanation. If that is not feasible, perhaps there is another adult who could intervene and help you deal with the custodian.
If need be, you can go to court to stop the custodian from acting improperly if that is the case.
Good luck.
Jeff Sheldon
Jeffrey L. Sheldon, Esquire
The Sheldon Law Firm
17804 St. Lucia Isle Drive
Tampa, FL 33647
813.986.7580
(f) 813.986.7489
(Admitted in Fl., MD, D.C., and Pa.)
http://www.SheldonLawFirm.com
Disclaimer: This posting does not and is not intended to constitute legal advice. It is not confidential, nor is it privileged, and it does not create an attorney-client relationship. Please consult with an attorney for advice specific to the facts of your case.