My father died when I was quite young and his mother set up either a custodial account or a trust of some sort in my name. I was told that it was a custodial account when I was younger, but more recently my mother has insisted the account is a trust (I think she thinks this because of my age). Relations with my grandmother have been tumultuous and there is absolutely no communication on her part about this money (and my mother encourages me not to ask questions or anything because she is afraid I will lose the money). She is very manipulative (there was an unfortunate incident with a life insurance policy after my father's death) and I suspect she used some of this money to put one of my cousins through college. I am a married woman of 30 and have questions about my rights to the money. I have always paid taxes on this money, and I get a 1099 for the accounts every year (sent to me by my grandmother). The 1099 has my grandmother's address listed, but my name and my SS# is the only one listed. We have always lived in different states.
So, here are my questions:
First, any general advice about the rights I have would be helpful, and any information regarding the legality of me being over the age of 18/21/25 and my grandmother holding this money would really clear up some of my confusion.
Since I am clearly above the age at which this money should have been turned over to me (if it is a custodial account), is there any way she could have turned this account into a trust where the money would not be turned over to me until after her death? Or could this be some other kind of account?
Do I have any right to know about the account activity?
Do I have any rights to ask the bank about the accounts?
If my name is the sole name listed on the tax information, does she have the right to continue keeping her address as the address listed?
Any help would be much appreciated. I feel quite uncomfortable to be in a situation with someone so manipulative, and now that I am married, I feel even more uncomfortable to be paying taxes on this money and be so ignorant of the accounts themselves.
Thank you!
So, here are my questions:
First, any general advice about the rights I have would be helpful, and any information regarding the legality of me being over the age of 18/21/25 and my grandmother holding this money would really clear up some of my confusion.
Since I am clearly above the age at which this money should have been turned over to me (if it is a custodial account), is there any way she could have turned this account into a trust where the money would not be turned over to me until after her death? Or could this be some other kind of account?
Do I have any right to know about the account activity?
Do I have any rights to ask the bank about the accounts?
If my name is the sole name listed on the tax information, does she have the right to continue keeping her address as the address listed?
Any help would be much appreciated. I feel quite uncomfortable to be in a situation with someone so manipulative, and now that I am married, I feel even more uncomfortable to be paying taxes on this money and be so ignorant of the accounts themselves.
Thank you!
