Legal Question in Wills and Trusts in New Jersey
UGMA Account
Two UGMA accounts were set up for my daughters. The one for my youngest(18)is still in existance. The one for my handicapped daughter (23) is not. Does the custodian of a UGMA account have the right to close out the account by having his unemancipated, handicapped daughter sign papers and close out the account? And if not what kind of legal recourse do I, as her guardian, have?
Asked on 2/17/04, 11:21 am
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Re: UGMA Account
In most instances the guardian has the right to deal with the account, before or after the minor attains age 21, provided the funds are given to or used for the benefit of minor. Were the guardian to close the account and use the funds for himself/herself the minor could sue for recovery when he/she becomes an adult (age 21).
Answered on 2/17/04, 11:38 am
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