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LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 3201
Experience:  Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
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Im not sure where I am going with this. My mother and I lived

Resolved Question:

I'm not sure where I am going with this. My mother and I lived in California for a while we where going to see her husband at camp Pendleton it was raining and we where hit by a big rig we ended up with a settlement and my part of it was put into a trust fund until I turned the age of 18 I am now 21 years old. And my parents don't know much about it any more I do know that the bank that my money was in closed down, is there any way I could still get my money if so how do I go abou getting it
Submitted: 8 months ago.
Category: Estate Law
Expert:  LegalGems replied 8 months ago.

LegalGems :

Hi; My goal is to provide you with great service - if you have any questions during our chat, please ask! I'll do my best to ensure your satisfaction! I am sorry to hear of this, and am glad you are making an inquiry as to how to locate the funds. Can you tell me, was the money in your name (generally it would be listed as a trust account, with an adult's name as trustee)?

Customer: My mothers name is XXXXX XXXXX now but back then it could have been Wheatley I believe. My name isXXXXX
LegalGems :

OK. And you have no idea of the bank, is that correct?

Customer: Not a clue my mother and well setp dad I guess told me it shut down shortly after we let califonia
LegalGems :

OK. A few moments please.

LegalGems :

Any unclaimed property is held by the state, in trust. You can do a search here (I would do your name, and your mom and stepdad's) https://ucpi.sco.ca.gov/UCP/Default.aspx and I'm getting another source.

Customer: Ok but regardless if the bank shut down can a trust fund go away?
LegalGems :

No. The FDIC insures the money so the shutdown would not affect the money. However, if it goes unclaimed, it should then be transferred to the estate. Also the trustees can be held liable for the money because the trustee(s) should have notified you when you reached the age of majority of the money (and if the bank shut down when you were a minor, they were obligated to take steps to access the money).

LegalGems :

Here's info on the FDIC and insurance: http://www.fdic.gov/consumers/banking/facts/

LegalGems :

Another place to check http://www2.fdic.gov/funds/index.asp

LegalGems :

Did you have any other questions on the above?

Customer: So when the bank shut down my mother was to be notified about that. And another question was she allowed to take the money if it was trusted to me?
LegalGems :

Yes, she should have been notified. And no, a trustee needs to hold the money in trust for the minor- they cannot spend it. If they need it to provide for basic necessities that can be allowed, but generally money received and held in trust is supposed to be safeguarded until the child becomes of age. The insurance from the FDIC could have been disbursed to her, as your trustee, but then the money would be in trust still.

Customer: Ok we'll this gives me some ground to work on thank you sir/ma'am
LegalGems :

You are welcome. Good luck with this. Hopefully a search will come up with the money so the issue is solved. Take care.

LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 3201
Experience: Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
LegalGems and 5 other Estate Law Specialists are ready to help you
Expert:  LegalGems replied 8 months ago.
I hope you found the information I provided useful.
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