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Recovering UTMA or UGMA Account (Mutual Funds)

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Recovering UTMA or UGMA Account (Mutual Funds)  Reply with quote  

Once upon a time, while I was still a minor, my mother opened some mutual funds on my behalf in the state of Washington.

I have since attained the age of 22 and would like to use some of those funds to help contribute to a down payment on a home for me and my significant other in addition to paying off other, small debts.

Unfortunately, my mother claims that she has closed the account and the funds are no longer available to me. I have done extensive research and now understand that the account--if she closed it, which I highly doubt--was closed illegally because the funds were never used for my benefit.

I've been trying to track down these funds, but naturally she won't provide me with any useful information nor will anyone else in my immediate family who would know whom the funds were invested through.

I thought the funds were invested through Solomon Smith Barney (now Morgan Stanley Smith Barney), but after visiting a branch in Tacoma and calling the Kennewick branch (my home town), it appears the funds were not invested through them. My Grandma suggested Fidelity, but after a phone call to them the only account I'm associated with there is my 401k.

From where I currently stand, without knowing for certain where the investment was done, my only option is to take legal action which has been told to me multiple times by MSSB, Fidelity and two friends who happen to be financial experts. Tragically, this isn't the first situation in which a professional has strongly urged me to take my mother to court. Much like those other situations, I absolutely do not ant to have to take my mother to court on the basis that lawyers are too damned expensive and it would only worsen relations with my mother and possibly extended members of the family, however I'm not willing to just walk away from this fight like I did the others.

Does anyone have any useful suggestions on how I may go about tracking down and recovering my mutual funds? My lifelong dream has been to own a cozy home and that dream is just out of reach without a nest egg--I'm even preapproved for a cozy loan.
Post Fri Feb 06, 2015 10:07 pm
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Withdrawal Restrictions

The custodian of an account under UTMA or UGMA statutes can initiate a withdrawal provided the expenses are for legitimate needs of the child. Contrary to popular belief, withdrawals are not restricted to only costs pertaining to college, but can also be expended to cover educational costs that are considered pre-college expenses. During the period of account management, reimbursements can made at any point for all costs beyond the normal cost of providing for the child.

You may not be elligible for the dispersion yet, have you finished college? Your plans for a house and paying off credit cards may be outside the 'educational costs' requirements?

At any rate, finding the account is not difficult, have an attorney do the 'discovery process', it's commonly done in estate closures, bankruptcy proceedings, etc. But remember, you still may not be able to get your hands on the money, the terms & conditions are what establishes that.

preapproved for a cozy loan.

What's a cozy loan?
Post Sat Feb 07, 2015 12:52 am
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Marcus Anderson
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Post Sat Jan 27, 2018 11:09 am
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