banking / family law?

Question

i am no longer on speaking terms with my parents who set up an account with our bank with money supposed to be used for my education in it. i contacted the bank and they told me i was the beneficiary on this account but they could not tell me any more info about it. the bank told me to contact a lawyer to get a court ordered junction to get this money and i was wondering if someone could give me all the info possible on the legal and banking sides of this. i am 21 years old and plan to use the money to go to college. thank you

it was theirs but it was set up in an account for me but not for when they pass away. the bank was pretty insistant that i should call a lawyer and get a court junction but im also not sure how to go about that besides contacting a lawyer. also which type family law or banking law?

Answer 1

Was it your money or there's that they were going to give you? If it was their money and you're just the beneficiary on the account, you're out of luck. If you earned the money and the account was set up incorrectly, then you may have a case.

Answer 2

Legally, your parents are not responsible for your college education. No matter what they told you before, the money is theirs. Simply put, if you had a savings account in your name only, with a lot of money it and you changed your mind about what to spend it on... you have that right. The same as your parents. I'm not saying I agree with their decision, but I don't know the whole story either.
You could talk to a lawyer, but unless the money was earned by you, I don't think that you are eligable to any benefits from it.
If you are just now thinking about college, could it be that your parents thought you weren't going to attend college and spent the money elsewhere already? The bank can't legally tell you what the balance is on the account, so maybe there isn't much left in it.

Answer 3

1. type of account
2. who is the owner of the account ( only the owner can get the money out
3. if you are not the owner but merely a beneficiary, you only have the right to get the money if they give it to you, or if they die. they would still be the owners of the account.

I would say that if they don't want to now give you the money they don't have to, no matter what the plan was, they could have planed on buying you a new car at graduation, but you can not force them to.

I would say go ahead and get an attorney but don't expect much help

Answer 4

It depends on what type of ownership was set up on the account. If the bank won't give you more information, I'm betting it's joint ownership (both your parents) payable on death to you. If that is the case, you have know legal ownership in the account while your parents are alive.