What to do if I have a UGMA account which was set up and I am now 24 years old but my father does not wish to sign over the paperwork to me?
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What to do if I have a UGMA account which was set up and I am now 24 years old but my father does not wish to sign over the paperwork to me?
The investment company say this is the only way I can get the account in my name as it is their policy. I never knew about this account until I was 24 and found out it was used as a tax shelter (from my father on the phone). I don’t have the money for a lawyer but that seems to be my only option and no probono lawyers wish to work with me on this case. I’ve contacted my father but he only cares more about his money than me. What should I do? Can I file on my own?
Asked on May 19, 2012 under Estate Planning, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your situation. You could file things on your own but it may be very difficult to do so. I would first ask the court to place a freeze on the account and a restraining order against your father to prevent him from clearing out the account. As the custodian he has the ability to access the funds but under the law the funds a re technically yours and the UGMA is irrevocable. Try legal aid if no attorney will take the matter pro bono. Good luck.
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