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N Cal Attorney
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My 27 year old son wants to withdraw from his UTMA account.

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My 27 year old son wants to withdraw from his UTMA account. His father is the custodian and will not allow this. I have heard there is a legal proceeding to accomplish this. How would he get access to those funds which are legally his?

Thank you for your question.

The law on this states:

"7-6.20 Termination of custodianship

The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:

(a) the minor's attainment of twenty-one years of age with respect to custodial property transferred under 7-6.4 or 7-6.5;

(b) the minor's attainment of age eighteen or other statutory age of majority of New York with respect to custodial property transferred under 7-6.6 or 7-6.7; or

(c) the minor's death."

from

http://law.justia.com/codes/new-york/2015/ept/article-7/part-6/7-6.20/

He can have an attorney file a petition for a writ of mandate against the custodian of the account

Maybe just showing the above statute to the custodian will convince him to release the funds and save everyone involved the attorneys fees that are going to be used up if the custodian fails to perform his legal obligation under the quoted statute. Sometimes a demand letter from an attorney will convince the custodian to let go of the account.

You can get a free consultation from some of the trust attorneys listed by location here.

http://nj-nywillstrustselderlawandestateplanning.com/uniform-transfer-to-minors-act-utma-in-new-york/

states:

"Some states have UTMA laws which allow a custodian to keep control of assets in the UTMA until age 25, but in New York the law is as follows:

Trusts law §§7-6.1 and following

  1. If custodian appointed in will or trust, custodianship ends at age 21.
  2. If custodian appointed by executor, transfers exceeding $50,000.00 must be authorized by court, and custodianship ends at age 18."

Please folow up on this with a local attorney.

I hope this information is helpful.

Customer: replied 1 month ago.
I can't tell if for sure if I can ask for more details without paying more. I would like to know, if possible, how complicated a process it is. Obviously this will vary from case to case. In general, would one meeting with a lawyer suffice and then the lawyer can file? This is for one account at a brokerage firm. The custodian has already refused, even though he knows the law.

Yes, you can keep asking questions until you are satisfied.

One meeting with an attorney is all it takes to retain the attorney. I still think that a demand letter from an attorney might convince the custodian to let go of the account as he is legally required to do.

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