Legal Question in Investment Law in Rhode Island

college funds

Several years ago, I invested $3000.00 in Alliance Bernstein in a college bound fund for my niece. The account is in my name under my SS#; my niece is listed as the beneficiary. My niece has decided that she doesn't want to go to college. She just turned 18 about a week ago, but I have not seen or heard from her in several years, and I have no idea where she is living. Today, I tried to withdraw the money, but I was informed I need my niece's signature in order to get my money. The last I heard, my niece was doing crack and heroin somewhere. Shouldn't I, the owner of this account, have rights to my own money. This money would have been hers at 18 IF she would have gone to college. But she decided to drop out of high school and use drugs instead. How can I get my money?


Asked on 8/22/06, 9:41 pm

1 Answer from Attorneys
H.M. Torrey The Law Offices of H.M. Torrey

Re: college funds

From the fairly limited information given so far, its hard to fully ascertain your rights/interest in the account at issue. Typically, the actual agreement you signed when you first opened the account would be legally controlling as to your and/or your neices rights to the monies at issue. You should retain an attorney to legally review your paperwork associated with opening and/or closing the account ASAP, so you have FAR better knowledge of your rights and/or the direction you need to efficiently go in at this point to claim what seemingly is rightfully yours. If you would like our Law Office's affordable, expertise in this area, contact us directly today. Warmest regards.

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Answered on 8/23/06, 3:49 pm


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