Legal Question in Wills and Trusts in Pennsylvania

grandparent not turning over UTMA account when child reaches age of majority
Grandmother opened acct for grandson years ago - grandson now 24 and receives INT statement for tax purposes. Grandmother dragging feet since January when grandson found out about account and more or less is refusing to go to the bank to transfer the account. Grandson would like to just get his name off of it so he doesn't have to pay taxes or have strings attached to grandmother. Is there way to do that or can the bank simply transfer it to his name since it is under his SS#? Or are there any penalties for grandmother who is not transferring control to the adult child, and if so, what are they? Thanks very much for any help. Grandson has been waiting 4 months now, but grandmother ''too busy'' to go to the bank.

Asked on 5/06/07, 2:43 am

Glenn Brown Real World Law, P.C.

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Re: grandparent not turning over UTMA account when child reaches age of majority

Talk with the branch manager at the bank where the account is to see what they require for the 24 year old to access funds.

This is 24 y.o. money at this time w/o strings unless they were incorporated into bank documents.

Good luck to you.

Answered on 5/06/07, 12:44 pm

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