Legal Question in Family Law in Minnesota
Control over dependent's finances
My father-in-law has anounced that he has set up some unspecified financial accounts for my infant son. When my wife and I asked that we be given copies of all records of those accounts and full access to same accounts he refused. This man has a history of hiding money from spouses and others in accounts he's set up under other family members names. I do not want this man dragging my son into his marital problems like he has done to so many others. Is there a way I can step in to ensure that accounts in my son's name are managed with his best interests in mind and not just so my father-in-law has another place to stash money for his own later use?
1 Answer from Attorneys
Re: Control over dependent's finances
Thank you for your question.
What, if anything, you can do depends on the type of accounts your father-in-law is opening. Are they UGMA accounts or passbook savings accounts, for example? Is the account actually in your son's name, opened under his SSN, or is your son merely a beneficiary? Frankly, unless your father-in-law is improperly using your son's SSN, there is probably nothing you can do to exercise control over the accounts.
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