Q: My dad opened a Vangaurd Roth IRA account for me and as a minor, and even though I am 22 I cannot access it.
I worked for the money in the account. (about 3k) Usually, when you become of age you can own this type of account automatically. However, the account seems to have an error/they want to confirm the old address. The only person who can confirm the address is my Father, but he and I are not on speaking terms. Thus, despite this being my money and being of age, without my father's confirmation, this error prevents me from owning the account. This just feels wrong that my money is being withheld from me because of Vangaurd's internal confirmation needs, especially if that information is not coming from me? (Note, they were able to completely verify my identity and that it does belong to me) I don't plan to communicate with my father, even just to ask him to confirm that, so in theory, the money could just sit there forever.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (916) 704-3009
- View Profile
- Answered
A:
It’s frustrating to feel like your money is being held up by an error, especially when you've met all the requirements to take control of the account. Vanguard's need for your father’s confirmation, despite verifying your identity, feels unfair given that you are now an adult.
In this situation, you may want to contact Vanguard directly to explain your circumstances, emphasizing that you have no contact with your father and that this issue is preventing you from accessing your funds. Request to escalate the matter and ask them to provide a resolution that doesn't require your father's involvement, as this is your account and your money.
If they continue to insist on your father's confirmation, you might need to explore legal options. Consulting with a financial advisor or attorney could help you understand your rights and the steps you can take to resolve this issue.
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.
