Asked in Banking for Michigan

Q: I have utma account that was set up for me when I was still minor. I am an adult now and want to access the money in it.

The custodian will not give me access, I am wondering if there is another way I can get the bank to give me the money from the account without having to go through the custodian. I am now 30, I've had the account ever since I was minor. Is there a way as an adult now that I can bypass the custodian in order to access the money that does technically belong to me?

Related Topics:
1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick
  • Business Law Lawyer
  • Tallahassee, FL

A: The bank is required to give you the money; or it can give the money to the person who set it up. The reason the bank said no might be because the custodian closed the account--years ago. They will not tell you because they cannot. If there was a lot of money, hire a lawyer.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.