Our sons' grandfather invested money under the UTMA that fell below a minimum balance requirement and The Hartford closed the account and sent us the checks with the grandfather listed as custodian. What can we do with these checks now? We don't want the grandfather to invest the money again. We have Fidelity for the boys. Would they take these checks?
The check requires your grandfather's endorsement as custodian before it can be negotiated. Your question suggests that might be a challenge to get, but if you explain that you already have a plan for the boys, your grandfather may secretly be grateful that he won't have to manage what remains of the funds he had set aside for them.
Of course, he set up his UTMA plan with the best of intentions, and many such plans were decimated by the huge drops in the market. Hopefully, an understanding call to him will enable you to get those funds reinvested easily.
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The check requires your grandfather's 