Legal Question in Wills and Trusts in New York
Am I entitled to money in a custodial account?
My grandmother set up a custodial account when i was born, my mother was the custodian, and i was to recieve the money when i turned 18. Every month my grandmother would send money to my mother (custodian) to place in the account. Recently my grandmother told my mother to close the account and give her the money back, my mother complied. Is the money legally mine? Is it considered a trust? (as far as I know no documents were signed) Am I entitled to anything since I was lead to believe, since I was born, that I would recieve a sum of money upon attaining the age of 18? I appreciate anyones' replies.
1 Answer from Attorneys
Re: Am I entitled to money in a custodial account?
THE ANSWER DEPENDS UPON HOW THE ACCOUNT WAS CREATED. WAS IT A FORMAL CUSTODIAL ACCOUT, USING YOUR MOTHER AS CUSTODIAN, BUT WITH YOUR SOCIAL SECURITY NUMBER FOR TAX REPORTING, CREATED AS UNDER THE UNIFORM GIFTS TO MINORS ACT? IF SO, THIS WAS YOUR ACCOUNT AND COULD NOT BE CLOSED TO YOUR DETRIMENT. YOU CAN RECOVER THE MONEY FROM YOUR GRANDMOTHER AND/OR YOUR MOTHER, IF YOU ARE NOW OVER 18. HOWEVER, IF IT WAS MERELY AN ACCOUNT LISTED AS CUSTODIAL, BUT NOT COMPLYING WITH UGMA, YOU MAY NOT HAVE ANY RIGHTS. I NEED TO KNOW THE EXACT REGISTRATION, WHOSE SOCIAL SECURITY NUMBER WAS USED, AND WHO PAID THE TAXES ON ANY INTEREST, TO ADVISE YOU BETTER.
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