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If I don't give it back to her it's going to cause problems in my family. My uncle is helping her get things in order to change it and he is a level-headed kind of guy. Even though legally it may be my money most of my family feel she can do what she wants with it. They view it as her money. Although this money would be super helpful right now (I just bought a condo and am going to be married) I'm not in dire need of it and I feel funny fighting for money I did not earn myself.
It doesn't matter what anyone in your family thinks, the money is yours. There is nothing your uncle can help your mom do to change it, I don't care how level-headed he is. Trust me, dealing with situations like this is what I do for a living.
If you want to give it to your mom that's your business, but don't let anyone buffalo you into thinking that she has any legal claim to it.
It doesn't matter what anyone in your family thinks, the money is yours. There is nothing your uncle can help your mom do to change it, I don't care how level-headed he is. Trust me, dealing with situations like this is what I do for a living.
If you want to give it to your mom that's your business, but don't let anyone buffalo you into thinking that she has any legal claim to it.
And anyone that wants you to turn it over isn't looking out for YOUR best interests....your mom set this money aside for you, presumably for college. Sounds like you are past that stage but even so, the money belongs to you.
It doesn't matter what anyone in your family thinks, the money is yours. There is nothing your uncle can help your mom do to change it, I don't care how level-headed he is. Trust me, dealing with situations like this is what I do for a living.
If you want to give it to your mom that's your business, but don't let anyone buffalo you into thinking that she has any legal claim to it.
If I don't give it back to her it's going to cause problems in my family. My uncle is helping her get things in order to change it and he is a level-headed kind of guy. Even though legally it may be my money most of my family feel she can do what she wants with it. They view it as her money. Although this money would be super helpful right now (I just bought a condo and am going to be married) I'm not in dire need of it and I feel funny fighting for money I did not earn myself.
Hmm. Well, I'm a mom who set both of her kiddos up with UTMAs way back when, and I would feel funny trying to take it away from them now, since it is legally theirs. I agreed to that in writing when I opened the accounts. Your mom did too.
If I don't give it back to her it's going to cause problems in my family. My uncle is helping her get things in order to change it and he is a level-headed kind of guy. Even though legally it may be my money most of my family feel she can do what she wants with it. They view it as her money. Although this money would be super helpful right now (I just bought a condo and am going to be married) I'm not in dire need of it and I feel funny fighting for money I did not earn myself.
Not sure about your particular family situation, but is there a possibility your relatives are trying to claim part of your money when you voluntarily return it to her, which would explain their "view"? I said voluntarily because the money is legally yours. It is really not your relatives' business what you want to do with it.
Hmmm. As I'm reading this, I'm suspicious that Mom is facing retirement with insufficient funds, and she regrets putting the OP's inheritance into a UTMA, because now she needs the money. If that's the case, one thing you could do is invest the money and use the dividends to help support her, preserving the principle for your future needs.
Hmmm. As I'm reading this, I'm suspicious that Mom is facing retirement with insufficient funds, and she regrets putting the OP's inheritance into a UTMA, because now she needs the money. If that's the case, one thing you could do is invest the money and use the dividends to help support her, preserving the principle for your future needs.
I'm more suspicious that the UNCLE wants the money....
If I don't give it back to her it's going to cause problems in my family. My uncle is helping her get things in order to change it and he is a level-headed kind of guy. Even though legally it may be my money most of my family feel she can do what she wants with it. They view it as her money. Although this money would be super helpful right now (I just bought a condo and am going to be married) I'm not in dire need of it and I feel funny fighting for money I did not earn myself.
The minute those funds drop in a UTMA account, they are the property of the beneficiary. Please follow the advise of the other posters here and immediately convert this to an individual account under your name only. What you do with the money after that is up to you, but it will at least prevent anyone from making withdrawals from this account without your consent.
You family's opinion of who "owns" this money is irrelevent. Your late father left this money for you, and it eventually ended up in a custodial account which makes it YOURS. Save yourself a lot of grief and take ownership of the account while you can, as it will put YOU in control.
It appears everyone agrees that the money now belongs to the OP regardless of what the custodian wants. Let this be a cautionary tale for parents thinking of using a UTMA. They are irrevocable, so you'd better know what you're doing!
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