Legal Question in Banking Law in Virginia

Custodial Savings Account
A child lives with her mother and stepfather. The child inherited money from her biological father's mother when she passed away. Her mother helped set up a savings account for her child's money that both her and her child shared. After she turned 18 years old the money is rightfully hers since she inherited it, correct? Also, the child, now 18 years old, and the mother had a falling out and the mom, out of anger, transfered the money from the savings account to her own account so that her daughter could not have access to it. She did this without her daughter's consent. Is this legal? Also, does the amount of money make a difference as to whether it is legal or not?

Asked on 8/13/08, 12:21 am

Daniel Press Chung & Press, P.C.

0 users found helpful

0 attorneys agreed

Re: Custodial Savings Account

It is not legal. The money belongs to the child, and the amount of money does not matter.

Answered on 8/13/08, 7:22 am

Keywords

Match Any Match All

Country

State

Area of Law