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  Home >> Special Situations >> Minors  
Trying to Get Money Held in Trust for Me

I'm 20 years old I got bit by a dog when I was 10. My father sued the owner at that time. My money was kept in a CD in trust in my dad's name. The account has been there for about a decade now. I went to the bank today and they said I cannot take the money out without my father there, because both of us need to sign off. My dad won't come there with me and sign because we are not on good terms. Is there any way I can take this to court and file a petition?


It appears that the funds awarded to you in that suit were paid into an account opened for your benefit under the Uniform Transfers to Minors Act (UTMA), with your father named as custodian. Depending on the version of the UTMA in your state, the custodian would be obliged to turn the funds over to you once you reach the age for release, which can vary from state to state and in some cases based on the fact that the funds were owed to you under the court order. The range of ages is generally from 18 - 21.

If you will have reached the age of release under the UTMA of your state when the CD matures, your father should release the funds to you. If he refuses to do so, you can request and obtain a court order that would compel him to do so, or to compel the bank to turn the funds over to you directly.

Published on BankingQuestions.com 10/06/09