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Home >> Special Situations >> Minors
Transferring Ownership of Custodial Account
My minor son has a savings account for which his grandmother is the custodian, but passed away in 2005. My aunt was also a custodian on the account. The account is dormant. I am the sole beneficiary of my mom's estate. I was not aware of this account, and I am trying to get it into my son's name, but my aunt will not transfer the account to me. I feel she has been trying to keep this money since I have never been informed about it. My son is twelve, and has well over $16,000 in this account. How can I take legal action to take control of this account for my son?
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 If your aunt is a legally appointed custodian for the funds, and is maintaining the account in accordance with the laws of the state under which the account was opened, you may not be able to get control of the account from her. To do so, you would have to ask a court to remove your aunt as custodian "for cause," which means you'd have to show the court why she should no longer be the custodian.
Your aunt must have her reasons for not wanting to transfer the custodianship to you. You can be assured that, if she is called to court to answer your request that she be removed, her reasons will be aired. Think about whether the account is being properly managed for your son's benefit and whether you want a court to get involved.
Published on BankingQuestions.com 4/16/09
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