Legal Question in Family Law in Georgia
Age of majority for financial assets
My minor children were each beneficiaries of a life insurance policy of their deceased grandparent. My sibling was named custodian of the money. My sibling is being uncooperative in providing information to me or my wife as the guardians of the children. My preference is that he would relinquish his rights as custodian to me, but he refuses. My sibling is refusing to allow me to participate in the investing of the funds, particularly in a fashion that would insure the best/safest return until the children are 18 and are ready to attend college. My fear is that the money will be invested in a long term illiquid investment that would preclude the children from using it toward their college expenses. We all are residents of Georgia. 1) Do I have an ability to require my sibling to furnish bank statements or other records of transactions on the funds? (I have been provided a 1099) 2) At what age can the children require their uncle to turn over the money to them? 3) Is there any way to influence the choice of investment vehicles, so that the $ is available for college. 4) Can I force him to relinquish custody or manage the account to insure liquidity when they turn 18?
5) Can I prevent him or his company from borrowing the money?
1 Answer from Attorneys
Re: Age of majority for financial assets
You should have an attorney review the terms of the policy. Then, you should consider whether your sibling has violated his fiduciary duty to your children. Without reviewing alll the documents it is impossible to give you a reliable answer in this type of forum.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
